Document:

cortes Vessel Partnership MOA dated 12-21-2006

     

    
      

      

    

    
 

    

      Exhibit
        10.1

      

      
        	
                MEMORANDUM
                  OF AGREEMENT

                 

                Dated:
                  21
                  December 2006

              	
                Norwegian
                  Shipbrokers Association s Memorandum of Agreement for sale and
                  purchase of
                  ships. Adopted by The Baltic and International Maritime Council
                  (BIMCO) in
                  1956

                Code-name

                SALEFORM
                  1993

                Revised
                  1966, 1983 and 1986/87.

              

      

      

      
        	
                Cortes
                  Vessel Limited Partnership, California, USA, (The General Partner
                  of which
                  is the Cortes 

              	
                1

              
	
                Vessel
                  Inc., California.)
                  hereinafter called the Sellers, have agreed to sell, and Champion
                  Shipping, 

              	 
	
                Bergen,
                  Norway or Nominee with Messrs. Champion Shipping always to guarantee
                  their
                  nominated

              	 
	
                company's
                  performance. 

              	 
	
                hereinafter
                  called the Buyers, have agreed to buy

              	
                2

              
	
                Name:
                  Mt
                  Lion

              	
                3

              
	
                Classification
                  Society/Class: DNV

              	
                4

              
	
                Built:
                  May
                  1985

              	
                By: Boelwerf
                  Temse, Belgium 

              	
                5

              
	
                Flag:
                  Liberia

              	
                Place
                  of Registration: Monrovia

              	
                6

              
	
                Call
                  Sign:

              	
                Grt/Nrt:

              	
                7

              
	
                Register
                  Number: IMO
                  NR: 8308650

              	
                8

              
	 	 
	
                hereinafter
                  called the Vessel, on the following terms and conditions:

              	
                9

              
	 	 
	
                Definitions

              	
                10

              
	 	 
	
                "Banking
                  days" are days on which banks are open both in the country of the
                  currency

              	
                11

              
	
                stipulated
                  for the Purchase Price in Clause
                  1 and
                  in the place of closing stipulated in Clause
                  8.

              	
                12

              
	 	 
	
                "In
                  writing" or "written" means a letter handed over from the Sellers
                  to the
                  Buyers or vice versa,

              	
                13

              
	
                a
                  registered letter, telex, telefax or other modern form of written
                  communication.

              	
                14

              
	 	 
	
                "Classification
                  Society" or "Class" means the Society referred to in line
                  4.

              	
                15

              
	 	 
	
                1.

              	
                Purchase
                  Price USD 10.354.000 Mio (US dollars ten million and three hundred
                  and
                  fifty four

              	
                16

              
	
                thousand).

              	 
	 	 
	
                2.

              	
                Deposit

              	
                17

              
	 	 
	
                As
                  security for the correct fulfilment of this Agreement the Buyers
                  shall pay
                  a deposit of 10 %

              	
                18

              
	
                (ten
                  per cent) of the Purchase Price within 3
                  (Three) London
                  banking
                  days from the date of both

              	
                19

              
	
                parties
                  signing this
                  

              	 
	
                Agreement
                  on
                  fax or E-Mail .
                  This deposit shall be placed with in
                  escrow with the Sellers counsel

              	
                20

              
	
                Burke
                  & Parsons, New York, and held by them in their attorney invested
                  trust
                  account pursuant to 

              	 
	
                an
                  escrow agreement among Burke & Parsons, the Sellers and the Buyers,
                  which shall provide for 

              	 
	
                release,

              	 
	
                and
                  held by them in a joint account for the Sellers and the Buyers,
                  to be
                  released in
                  accordance

              	
                21

              
	
                with
                  joint written instructions of the Sellers and the Buyers. Interest,
                  if
                  any, to be credited to the

              	
                22

              
	
                Buyers.
                  Any fee charged for holding the said deposit shall be borne equally
                  by the
                  Sellers and the

              	
                23

              
	
                Buyers.

              	
                24

              
	 	 
	
                3.

              	
                Payment

              	
                25

              
	 	 
	
                The
                  said Purchase Price shall be paid in full free of bank charges
                  to
                  The
                  Sellers' nominated Bank

              	
                26

              
	
                on
                  delivery of the Vessel, but not later than 3 banking days after
                  the Vessel
                  is in every respect

              	
                27

              
	
                physically
                  ready for delivery in accordance with the terms and conditions
                  of this
                  Agreement and

              	
                28

              
	
                Notice
                  of Readiness has been given in accordance with Clause
                  5.

              	
                29

              
	 	 
	
                4.

              	
                Inspections

              	
                30

              
	
                a)*

              	
                The
                  Buyers have inspected and accepted the Vessel's classification
                  records.
                  The Buyers

              	
                31

              
	 	
                have
                  also Physically
                  inspected
                  the Vessel at/in New
                  Orleans, USA
                  on
                  16-17th
                  December 2006

              	
                32

              
	 	
                and
                  have accepted the Vessel following this inspection and the sale
                  is
                  outright and definite,

              	
                33

              
	 	
                subject
                  only to the terms and conditions of this Agreement.and
                  repair of shaft generator to be in

              	
                34

              
	 	
                good
                  working condition in accordance to the Vessel s technical specification.
                  (See clauses 

              	 
	 	
                11
                  and 19).

              	 
	 	 	 
	
                b)*

              	
                The
                  Buyers shall have the right to inspect the Vessel's classification
                  records
                  and declare

              	
                35

              
	 	
                whether
                  same are accepted or not within

              	
                36

              
	 	
                The
                  Sellers shall provide for inspection of the Vessel
                  at/in

              	
                37

              
	 	
                The
                  Buyers shall undertake the inspection without undue delay to the
                  Vessel.
                  Should the

              	
                38

              
	 	
                Buyers
                  cause undue delay they shall compensate the Sellers for the losses
                  thereby
                  incurred.

              	
                39

              
	 	
                The
                  Buyers shall inspect the Vessel without opening up and without
                  cost to the
                  Sellers.

              	
                40

              
	 	
                During
                  the inspection, the Vessel's deck and engine log books shall be
                  made
                  available for

              	
                41

              
	 	
                examination
                  by the Buyers. If the Vessel is accepted after such inspection,
                  the sale
                  shall

              	
                42

              
	 	
                become
                  outright and definite, subject only to the terms and conditions
                  of this
                  Agreement,

              	
                43

              
	 	
                provided
                  the Sellers receive written notice of acceptance from the Buyers
                  within 72
                  hours

              	
                44

              
	 	
                after
                  completion of such inspection.

              	
                45

              
	 	
                Should
                  notice of acceptance of the Vessel's classification records and
                  of the
                  Vessel not be

              	
                46

              
	 	
                received
                  by the Sellers as aforesaid, the deposit together with interest
                  earned
                  shall be

              	
                47

              
	 	
                released
                  immediately to the Buyers, whereafter this Agreement shall be null
                  and
                  void.

              	
                48

              
	 	 	 
	
                *

              	
                4
                  a) and 4b) are alternatives; delete whichever is not applicable.
                  In the
                  absence of deletions,

              	
                49

              
	 	
                alternative
                  4a) to apply.

              	
                50

              
	 	 	 
	
                5.

              	
                Notices,
                  time and place of delivery

              	
                51

              
	 	 	 
	
                a)

              	
                The
                  Sellers shall keep the Buyers well informed of the Vessel's itinerary
                  and
                  shall

              	
                52

              
	 	
                provide
                  the Buyers with 15,
                  7,
                  and 3days
                  notice of the estimated time of arrival at the

              	
                53

              
	 	
                intended
                  place of drydocking/underwater
                  inspection/delivery.
                  When the Vessel is at the place

              	
                54

              
	 	
                of
                  delivery and in every respect physically ready for delivery in
                  accordance
                  with this

              	
                55

              
	 	
                Agreement,
                  the Sellers shall give the Buyers a written Notice of Readiness
                  for
                  delivery.

              	
                56

              
	 	 	 
	
                b)

              	
                The
                  Vessel shall be delivered and taken over safely afloat free
                  of charter at
                  a safe and

              	
                57

              
	 	
                accessible
                  berth or

              	 
	 	
                anchorage
                  at/in upon
                  completion of upcoming voyage USG to China/Spore Range at a safe
                  

              	
                58

              
	 	
                berth
                  or anchorage in a safe port in China Range intention Tianjan or
                  Singapore
                  during 15 

              	 
	 	
                February
                  - 10 March 2007

              	 
	 	
                in
                  the Sellers' option.

              	
                59

              
	 	 	 
	 	
                Expected
                  time of delivery: 15
                  Feb - 10 March 2007

              	
                60

              
	 	 	 
	 	
                Date
                  of cancelling (see Clauses
                  5 c),
                  6
                  b) (iii)and
                  14):
                  10
                  March 2007

              	
                61

              
	 	 	 
	
                c)

              	
                If
                  the Sellers anticipate that, notwithstanding the exercise of due
                  diligence
                  by them, the

              	
                62

              
	 	
                Vessel
                  will not be ready for delivery by the cancelling date they may
                  notify the
                  Buyers in

              	
                63

              
	 	
                writing
                  stating the date when they anticipate that the Vessel will be ready
                  for
                  delivery and

              	
                64

              
	 	
                propose
                  a new cancelling date. Upon receipt of such notification the Buyers
                  shall
                  have the

              	
                65

              
	 	
                option
                  of either cancelling this Agreement in accordance with Clause
                  14 within
                  7 running

              	
                66

              
	 	
                days
                  of receipt of the notice or of accepting the new date as the new
                  cancelling date. If the

              	
                67

              
	 	
                Buyers
                  have not declared their option within 7 running days of receipt
                  of the
                  Sellers'

              	
                68

              
	 	
                notification
                  or if the Buyers accept the new date, the date proposed in the
                  Sellers'
                  notification

              	
                69

              
	 	
                shall
                  be deemed to be the new cancelling date and shall be substituted
                  for the
                  cancelling

              	
                70

              
	 	
                date
                  stipulated in line
                  61.

              	
                71

              
	 	 	 
	 	
                If
                  this Agreement is maintained with the new cancelling date all other
                  terms
                  and conditions

              	
                72

              
	 	
                hereof
                  including those contained in Clauses 5
                  a)
                  and
                  5
                  c)
                  shall
                  remain unaltered and in full

              	
                73

              
	 	
                force
                  and effect. Cancellation or failure to cancel shall be entirely
                  without
                  prejudice to any

              	
                74

              
	 	
                claim
                  for damages the Buyers may have under Clause
                  14 for
                  the Vessel not being ready by

              	
                75

              
	 	
                the
                  original cancelling date.

              	
                76

              
	 	 	 
	
                d)

              	
                Should
                  the Vessel become an actual, constructive or compromised total
                  loss before
                  delivery

              	
                77

              
	 	
                the
                  deposit together with interest earned shall be released immediately
                  to the
                  Buyers

              	
                78

              
	 	
                whereafter
                  this Agreement shall be null and void.

              	
                79

              
	 	 	 
	
                6.

              	
                Drydocking/Divers
                  Inspection

              	
                80

              
	 	 	 
	
                a)**

              	
                The
                  Sellers shall place the Vessel in drydock at the port of delivery
                  for
                  inspection by the

              	
                81

              
	 	
                Classification
                  Society of the Vessel's underwater parts below the deepest load
                  line,
                  the

              	
                82

              
	 	
                extent
                  of the inspection being in accordance with the Classification Society's
                  rules. If the

              	
                83

              
	 	
                rudder,
                  propeller, bottom or other underwater parts below the deepest load
                  line
                  are found

              	
                84

              
	 	
                broken,
                  damaged or defective so as to affect the Vessel's class, such defects
                  shall be made

              	
                85

              
	 	
                good
                  at the Sellers' expense to the satisfaction of the Classification
                  Society
                  without

              	
                86

              
	 	
                condition/recommendation*.

              	
                87

              
	 	 	 
	
                b)**

              	
                (i)
                  The Vessel is to be delivered without drydocking. However, the
                  Buyers
                  shall

              	
                88

              
	 	
                have
                  the right at their expense to arrange for an underwater inspection
                  by a
                  diver approved

              	
                89

              
	 	
                by
                  the Classification Society of
                  the underwater parts of the Vessel prior
                  to the delivery of the

              	
                90

              
	 	
                Vessel.Alternatively
                  such Divers Inspection if at all possible to take place upon passing
                  

              	 
	 	
                Panama
                  Outbound .
                  

              	 
	 	 	 
	 	
                Actual
                  cost for the Buyers account but the Sellers to allow the Buyers
                  up to max.
                  6 hours of

              	 
	 	
                daylight
                  time to perform such inspection. Inspection if at all possible
                  to take
                  place at 

              	 
	 	
                Christobal
                  where P.T. 1-2 days waiting time for Transit i.e there should be
                  no lost
                  time. 

              	 
	 	 	 
	 	
                If
                  such option is delared the Sellers to confirm in writing that the
                  Vessel
                  has not touched 

              	 
	 	
                bottom
                  or caused any damage to underwater parts after such diver s inspection
                  carried out 

              	 
	 	
                until
                  place of delivery. 

              	 
	 	 	 
	 	
                If
                  any damage is found to Rudder, Propeller, Bottom or other Underwater
                  Parts
                  which 

              	 
	 	
                affects
                  the Vessel s clean certificate of class, but which in the opinion
                  of the
                  Class 

              	 
	 	
                Surveyour
                  present, does not affect the Vessel s ability to trade until at
                  least next
                  scheduled 

              	 
	 	
                Drydocking,
                  then the Buyers and the Sellers shall agree an amount of compensation
                  to
                  be 

              	 
	 	
                deducted
                  from the Purchase Price, and the Buyers shall accept delivery of
                  the
                  Vessel 

              	 
	 	
                including
                  recommendations. 

              	 
	 	 	 
	 	
                The
                  Buyers have agreed to accept the Vessel with the conditions referred
                  to in
                  the DNV 

              	 
	 	
                Memo
                  dated 18th July 2006, and such conditions shall therefore not be
                  deemed
                  grounds for 

              	 
	 	
                the
                  Buyers to reject the Vessel or require remediation by the Sellers.
                  

              	 
	 	
                If
                  the Sellers and the Buyers cannot agree a compensation figure within
                  1
                  (one) working 

              	 
	 	
                day,
                  then the figure to apply is to be the average of quotes for estimated
                  costs of Repairs 

              	 
	 	
                obtained
                  from two (2) Reputable Shipyards at the port of delivery or nearby,
                  one
                  (1) to be 

              	 
	 	
                selected
                  by the Buyers and one (1) to be selected by the Sellers.
                  

              	 
	 	 	 
	 	
                If
                  any damage is found to Rudder, Propeller, Bottom or other Underwater
                  Parts
                  which 

              	 
	 	
                affects
                  the Vessel s Clean Certificate of Class and cannot be postponed
                  until the
                  next 

              	 
	 	
                Docking
                  as decided by the Vessel s Classification Society, then usual Drydocking
                  clause to 

              	 
	 	
                apply
                  as per NSF 93.

              	 
	 	 	 
	 	
                The
                  Sellers shall at their 

              	 
	 	
                cost
                  make the Vessel available for such inspection. The extent of the
                  inspection and the

              	
                91

              
	 	
                conditions
                  under which it is performed shall be to the satisfaction of the
                  Classification

              	
                92

              
	 	
                Society.
                  If the conditions at the port of delivery are unsuitable for such
                  inspection, the

              	
                93

              
	 	
                Sellers
                  shall make the Vessel available at a suitable alternative place
                  near to
                  the delivery

              	
                94

              
	 	
                port.

              	
                95

              
	 	 	 
	 	
                (ii)
                  If the rudder, propeller, bottom or other underwater parts below
                  the
                  deepest load line

              	
                96

              
	 	
                are
                  found broken, damaged or defective so as to affect the Vessel's
                  class,
                  then unless

              	
                97

              
	 	
                repairs
                  can be carried out afloat to the satisfaction of the Classification
                  Society, the Sellers

              	
                98

              
	 	
                shall
                  arrange for the Vessel to be drydocked at their expense for inspection
                  by
                  the

              	
                99

              
	 	
                Classification
                  Society of the Vessel's underwater parts below the deepest load
                  line,
                  the

              	
                100

              
	 	
                extent
                  of the inspection being in accordance with the Classification Society's
                  rules. If the

              	
                101

              
	 	
                rudder,
                  propeller, bottom or other underwater parts below the deepest load
                  line
                  are found

              	
                102

              
	 	
                broken,
                  damaged or defective so as to affect the Vessel's class, such defects
                  shall be made

              	
                103

              
	 	
                good
                  by the Sellers at their expense to the satisfaction of the Classification
                  Society

              	
                104

              
	 	
                without
                  condition/recommendation*. In such event the Sellers are to pay
                  also for
                  the cost of

              	
                105

              
	 	
                the
                  underwater inspection and the Classification Society's
                  attendance.

              	
                106

              
	 	 	 
	 	
                (iii)
                  If the Vessel is to be drydocked pursuant to Clause
                  6 b)
                  (ii)
                  and
                  no suitable dry-

              	
                107

              
	 	
                docking
                  facilities are available at the port of delivery, the Sellers shall
                  take
                  the Vessel

              	
                108

              
	 	
                to
                  a port where suitable drydocking facilities are available, whether
                  within
                  or outside the

              	
                109

              
	 	
                delivery
                  range as per Clause
                  5 b).
                  Once drydocking has taken place the Sellers shall deliver

              	
                110

              
	 	
                the
                  Vessel at a port within the delivery range as per Clause
                  5 b)
                  which
                  shall, for the

              	
                111

              

      

      

      
        	 	
                purpose
                  of this Clause, become the new port of delivery. In such event
                  the
                  cancelling date

              	
                112

              
	 	
                provided
                  for in Clause
                  5 b))
                  shall be extended by the additional time required for the

              	
                113

              
	 	
                drydocking
                  and extra steaming, but limited to a maximum of 14 running
                  days.

              	
                114

              
	 	 	 
	
                c)

              	
                If
                  the Vessel is drydocked pursuant to Clause 6
                  a)
                  or
                  6
                  b)
                  above

              	
                115

              
	 	 	 
	 	
                (i) the
                  Classification Society may require survey of the tailshaft system,
                  the
                  extent of

              	
                116

              
	 	
                the
                  survey being to the satisfaction of the Classification surveyor.
                  If such
                  survey is not

              	
                117

              
	 	
                required
                  by the Classification Society, the Buyers shall have the right
                  to require
                  the tailshaft

              	
                118

              
	 	
                to
                  be drawn and surveyed by the Classification Society, the extent
                  of the
                  survey being in

              	
                119

              
	 	
                accordance
                  with the Classification Society's rules for tailshaft survey and
                  consistent with

              	
                120

              
	 	
                the
                  current stage of the Vessel's survey cycle. The Buyers shall declare
                  whether they

              	
                121

              
	 	
                require
                  the tailshaft to be drawn and surveyed not later than by the completion
                  of
                  the

              	
                122

              
	 	
                inspection
                  by the Classification Society. The drawing and refitting of the
                  tailshaft
                  shall be

              	
                123

              
	 	
                arranged
                  by the Sellers. Should any parts of the tailshaft system be condemned
                  or
                  found

              	
                124

              
	 	
                defective
                  so as to affect the Vessel's class, those parts shall be renewed
                  or made
                  good at

              	
                125

              
	 	
                the
                  Sellers' expense to the satisfaction of the Classification Society
                  without

              	
                126

              
	 	
                condition/recommendation*.

              	
                127

              
	 	 	 
	 	
                (ii) the
                  expenses relating to the survey of the tailshaft system shall be
                  borne

              	
                128

              
	 	
                by
                  the Buyers unless the Classification Society requires such survey
                  to be
                  carried out, in

              	
                129

              
	 	
                which
                  case the Sellers shall pay these expenses. The Sellers shall also
                  pay the
                  expenses

              	
                130

              
	 	
                if
                  the Buyers require the survey and parts of the system are condemned
                  or
                  found defective

              	
                131

              
	 	
                or
                  broken so as to affect the Vessel's class*.

              	
                132

              
	 	 	 
	 	
                (iii) the
                  expenses in connection with putting the Vessel in and taking her
                  out
                  of

              	
                133

              
	 	
                drydock,
                  including the drydock dues and the Classification Society's fees
                  shall be
                  paid by

              	
                134

              
	 	
                the
                  Sellers if the Classification Society issues any condition/recommendation*
                  as a result

              	
                135

              
	 	
                of
                  the survey or if it requires survey of the tailshaft system. In
                  all other
                  cases the Buyers

              	
                136

              
	 	
                shall
                  pay the aforesaid expenses, dues and fees.

              	
                137

              
	 	 	 
	 	
                (iv) the
                  Buyers' representative shall have the right to be present in the
                  drydock,
                  but

              	
                138

              
	 	
                without
                  interfering with the work or decisions of the Classification
                  surveyor.

              	
                139

              
	 	 	 
	 	
                (v) the
                  Buyers shall have the right to have the underwater parts of the
                  Vessel

              	
                140

              
	 	
                cleaned
                  and painted at their risk and expense without interfering with
                  the
                  Sellers' or the

              	
                141

              
	 	
                Classification
                  surveyor's work, if any, and without affecting the Vessel's timely
                  delivery. If,

              	
                142

              
	 	
                however,
                  the Buyers' work in drydock is still in progress when the Sellers
                  have

              	
                143

              
	 	
                completed
                  the work which the Sellers are required to do, the additional docking
                  time

              	
                144

              
	 	
                needed
                  to complete the Buyers' work shall be for the Buyers' risk and
                  expense. In
                  the event

              	
                145

              
	 	
                that
                  the Buyers' work requires such additional time, the Sellers may
                  upon
                  completion of the

              	
                146

              
	 	
                Sellers'
                  work tender Notice of Readiness for delivery whilst the Vessel
                  is still in
                  drydock

              	
                147

              
	 	
                and
                  the Buyers shall be obliged to take delivery in accordance with
                  Clause
                  3,
                  whether

              	
                148

              
	 	
                the
                  Vessel is in drydock or not and irrespective of Clause
                  5 b).

              	
                149

              
	 	 	 
	
                *

              	
                Notes,
                  if any, in the surveyor's report which are accepted by the Classification
                  Society

              	
                150

              
	 	
                without
                  condition/recommendation are not to be taken into account.

              	
                151

              
	 	 	 
	
                **

              	
                6
                  a) and 6 b) are alternatives; delete whichever is not applicable.
                  In the
                  absence of deletions,

              	
                152

              
	 	
                alternative
                  6 a) to apply.

              	
                153

              
	 	 	 
	
                7.

              	
                Spares/bunkers,
                  etc.

              	
                154

              
	 	 	 
	
                The
                  Sellers shall deliver the Vessel to the Buyers with everything
                  belonging
                  to her on board and on

              	
                155

              
	
                Shore
                  and
                  on order.
                  All spare parts and spare equipment including spare tail-end shaft(s)
                  

              	 
	
                and/or
                  spare

              	
                156

              
	
                propeller(s)/propeller
                  blade(s), if any, belonging to the Vessel at the time of inspection
                  used
                  or

              	
                157

              
	
                unused,
                  whether on board or not shall become the Buyers' property,
                  but
                  spares on order are to be

              	
                158

              
	
                excluded.
                  Forwarding
                  charges, if any, shall be for the Buyers' account. The Sellers
                  are not
                  required to

              	
                159

              
	
                replace
                  spare parts including spare tail - end shaft(s) and spare
                  propeller(s)/propeller blade(s) which

              	
                160

              
	
                are
                  taken out of spare and used as replacement prior to delivery, but
                  the
                  replaced items shall be the

              	
                161

              
	
                property
                  of the Buyers. The radio installation and all
                  safety wireless navigational
                  equipment shall be 

              	 
	
                included
                  in the sale

              	
                162

              
	
                without
                  extra payment if they are the property of the Sellers. Unused stores
                  and
                  provisions shall be

              	
                163

              
	
                included
                  in the sale and be taken over by the Buyers without extra
                  payment.

              	
                164

              
	 	 
	
                The
                  Sellers have the right to take ashore crockery, plates, cutlery,
                  linen and
                  other articles bearing the

              	
                165

              
	
                Sellers'
                  flag or name, provided they replace same with similar unmarked
                  items.
                  Library, forms, etc.,

              	
                166

              
	
                exclusively
                  for use in the Sellers' vessel(s), shall be excluded without compensation.
                  Captain's,

              	
                167

              
	
                Officers'
                  and Crew's personal belongings including the slop chest are to
                  be excluded
                  from the sale,

              	
                168

              

      

      

      
        	
                as
                  well as the following additional items (including items on hire):
                  -
                  Gas Bottles and Videos.

              	
                169

              
	 	 
	
                The
                  Buyers shall take over the remaining bunkers and unused lubricating
                  oils
                  in storage
                  tanks and

              	
                170

              
	
                sealed
                  and
                  unbroached drums
                  and pay for
                  same based on the
                  Sellers
                  current
                  net
                  invoice
                  cost 

              	 
	
                market
                  price (excluding
                  barging expenses) at the port and date

              	
                171

              
	
                of
                  delivery of the Vessel.

              	
                172

              
	
                Payment
                  under this Clause shall be made at the same time and place and
                  in the same
                  currency as

              	
                173

              
	
                the
                  Purchase Price.

              	
                174

              
	 	 
	
                8.

              	
                Documentation

              	
                175

              
	 	 
	
                The
                  place of closing: Oslo,
                  Norway.

              	
                176

              
	 	 
	
                In
                  exchange for payment of the Purchase Price the Sellers shall furnish
                  the
                  Buyers with delivery

              	
                177

              
	
                documents,
                  namely:

              	
                178

              
	 	 
	
                a)

              	
                Legal
                  Bill of Sale in a form recordable in Norway
                  to NIS Flag
                  (the country in which the Buyers are

              	
                179

              
	 	
                to
                  register the Vessel), warranting that the Vessel is free from all
                  encumbrances, mortgages

              	
                180

              
	 	
                and
                  maritime liens or any other debts or claims whatsoever, duly notarially
                  attested and

              	
                181

              
	 	
                legalized
                  by the consul of such country or other competent
                  authority.

              	
                182

              
	 	 	 
	
                b)

              	
                Current
                  Certificate of Ownership issued by the competent authorities of
                  the flag
                  state of

              	
                183

              
	 	
                the
                  Vessel.

              	
                184

              
	 	 	 
	
                c)

              	
                Confirmation
                  of Class issued within 72 hours prior to delivery.

              	
                185

              
	 	 	 
	
                d)

              	
                Current
                  Certificate issued by the competent authorities stating that the
                  Vessel is
                  free from

              	
                186

              
	 	
                registered
                  encumbrances.

              	
                187

              
	 	 	 
	
                e)

              	
                Certificate
                  of Deletion of the Vessel from the Vessel's registry or other official
                  evidence of

              	
                188

              
	 	
                deletion
                  appropriate to the Vessel's registry at the time of delivery, or,
                  in the
                  event that the

              	
                189

              
	 	
                registry
                  does not as a matter of practice issue such documentation immediately,
                  a
                  written

              	
                190

              
	 	
                undertaking
                  by the Sellers to effect deletion from the Vessel's registry forthwith
                  and
                  furnish a

              	
                191

              
	 	
                Certificate
                  or other official evidence of deletion to the Buyers promptly and
                  latest
                  within 4

              	
                192

              
	 	
                (four)
                  weeks after the Purchase Price has been paid and the Vessel has
                  been
                  delivered.

              	
                193

              
	 	 	 
	
                f)

              	
                Any
                  such additional documents as may reasonably be required by the
                  competent
                  authorities

              	
                194

              
	 	
                for
                  the purpose of registering the Vessel, provided the Buyers notify
                  the
                  Sellers of any such

              	
                195

              
	 	
                documents
                  as soon as possible after the date of this Agreement.

              	
                196

              
	 	 	 
	
                At
                  the time of delivery the Buyers and Sellers shall sign and deliver
                  to each
                  other a Protocol of

              	
                197

              
	
                Delivery
                  and Acceptance confirming the date and time of delivery of the
                  Vessel from
                  the Sellers to the

              	
                198

              
	
                Buyers.

              	
                199

              
	 	 
	
                At
                  the time of delivery the Sellers shall hand to the Buyers the
                  classification certificate(s) as well as all

              	
                200

              
	
                plans
                  etc., which are on board the Vessel. Other certificates which are
                  on board
                  the Vessel shall also

              	
                201

              
	
                be
                  handed over to the Buyers unless the Sellers are required to retain
                  same,
                  in which case the

              	
                202

              
	
                Buyers
                  to have the right to take copies. Other technical documentation
                  which
                  may

              	
                203

              
	
                be
                  in the Sellers' possession shall be promptly forwarded to the Buyers
                  at
                  their expense, if they so

              	
                204

              
	
                request.
                  The Sellers may keep the Vessel's log books but the Buyers to have
                  the
                  right to take

              	
                205

              
	
                copies
                  of same. The
                  Sellers will hand over at time of Delivery all Manuals/Plans and
                  Drawings
                  

              	
                206

              
	
                onboard
                  and ashore. Prior to delivery if required by the Buyers the Sellers
                  are to
                  provide Buyers 

              	 
	
                with
                  copies of Main Plan/Manuals/Drawings. As well as copy of all Safety
                  Certificates including 

              	 
	
                attachments
                  (Form B, etc ) with cost of Copying/Forwarding for the Sellers
                  account
                  

              	 
	 	 
	
                9.

              	
                Encumbrances

              	
                207

              
	 	 
	
                The
                  Sellers warrant that the Vessel, at the time of delivery, is free
                  from all
                  charters, encumbrances,

              	
                208

              
	
                mortgages
                  and maritime liens or any other debts whatsoever. The Sellers hereby
                  undertake

              	
                209

              
	
                to
                  indemnify the Buyers against all consequences of claims made against
                  the
                  Vessel which have

              	
                210

              
	
                been
                  incurred prior to the time of delivery.

              	
                211

              
	 	 
	
                10.

              	
                Taxes,
                  etc.

              	
                212

              
	 	 	 
	
                Any
                  taxes, fees and expenses in connection with the purchase and registration
                  under the Buyers' flag

              	
                213

              
	
                shall
                  be for the Buyers' account, whereas similar charges in connection
                  with the
                  closing of the Sellers'

              	
                214

              

      

      

      
        	
                register
                  shall be for the Sellers' account.

              	
                215

              
	 	 
	
                11.

              	
                Condition
                  on delivery (See
                  Clauses 19 and 20)

              	
                216

              
	 	 	 
	
                The
                  Vessel with everything belonging to her shall be at the Sellers'
                  risk and
                  expense until she is

              	
                217

              
	
                delivered
                  to the Buyers, but subject to the terms and conditions of this
                  Agreement
                  she shall be

              	
                218

              
	
                delivered
                  and taken over as she was at the time of inspection, fair wear
                  and tear
                  excepted.

              	
                219

              
	
                However,
                  the Vessel shall be delivered with her class maintained without
                  condition/recommendation*,

              	 
	
                Other
                  than the recommendation as per DNV memo of July 18th
                  2006.

              	
                220

              
	
                free
                  of average damage affecting the Vessel's class, and with her
                  classification certificates and

              	
                221

              
	
                national
                  certificates, as well as all other certificates the Vessel had
                  at the time
                  of inspection, valid and

              	
                222

              
	
                unextended
                  without condition/recommendation* by Class or the relevant authorities
                  at
                  the time of

              	
                223

              
	
                delivery.

              	
                224

              
	
                "Inspection"
                  in this Clause 11, shall mean the Buyers' inspection according
                  to Clause
                  4
                  a) or
                  4
                  b),
                  if

              	
                225

              
	
                applicable,
                  or the Buyers' inspection prior to the signing of this Agreement.
                  If the
                  Vessel is taken over

              	
                226

              
	
                without
                  inspection, the date of this Agreement shall be the relevant
                  date.

              	
                227

              
	 	 
	
                *

              	
                Notes,
                  if any, in the surveyor's report which are accepted by the Classification
                  Society

              	
                228

              
	 	
                without
                  condition/recommendation are not to be taken into account.

              	
                229

              
	 	 
	
                12.

              	
                Name/markings

              	
                230

              
	 	 
	
                Upon
                  delivery the Buyers undertake to change the name of the Vessel
                  and alter
                  funnel markings.

              	
                231

              
	 	 
	
                13.

              	
                Buyers'
                  default

              	
                232

              
	 	 
	
                Should
                  the deposit not be paid in accordance with Clause
                  2,
                  the Sellers have the right to cancel this

              	
                233

              
	
                Agreement,
                  and they shall be entitled to claim compensation for their losses
                  and for
                  all expenses

              	
                234

              
	
                incurred
                  together with interest.

              	
                235

              
	
                Should
                  the Purchase Price not be paid in accordance with Clause
                  3,
                  the Sellers have the right to

              	
                236

              
	
                cancel
                  the Agreement, in which case the deposit together with interest
                  earned
                  shall be released to the

              	
                237

              
	
                Sellers.
                  If the deposit does not cover their loss, the Sellers shall be
                  entitled to
                  claim further

              	
                238

              
	
                compensation
                  for their losses and for all expenses incurred together with
                  interest.

              	
                239

              
	 	 
	
                14.

              	
                Sellers'
                  default

              	
                240

              
	 	 	 
	
                Should
                  the Sellers fail to give Notice of Readiness in accordance with
                  Clause
                  5
                  a)or
                  fail to be ready

              	
                241

              
	
                to
                  validly complete a legal transfer by the date stipulated in line
                  61 the
                  Buyers shall have

              	
                242

              
	
                the
                  option of cancelling this Agreement provided always that the Sellers
                  shall
                  be granted a

              	
                243

              
	
                maximum
                  of 3 banking days after Notice of Readiness has been given to make
                  arrangements

              	
                244

              
	
                for
                  the documentation set out in Clause
                  8.
                  If after Notice of Readiness has been given but before

              	
                245

              
	
                the
                  Buyers have taken delivery, the Vessel ceases to be physically
                  ready for
                  delivery and is not

              	
                246

              
	
                made
                  physically ready again in every respect by the date stipulated
                  in
                  line
                  61 and
                  new Notice of

              	
                247

              
	
                Readiness
                  given, the Buyers shall retain their option to cancel. In the event
                  that
                  the Buyers elect

              	
                248

              
	
                to
                  cancel this Agreement the deposit together with interest earned
                  shall be
                  released to them

              	
                249

              
	
                immediately.

              	
                250

              
	
                Should
                  the Sellers fail to give Notice of Readiness by the date stipulated
                  in
                  line
                  61 or
                  fail to be ready

              	
                251

              
	
                to
                  validly complete a legal transfer as aforesaid they shall make
                  due
                  compensation to the Buyers for

              	
                252

              
	
                their
                  loss and for all expenses together with interest if their failure
                  is due
                  to proven

              	
                253

              
	
                negligence
                  and whether or not the Buyers cancel this Agreement.

              	
                254

              
	 	 
	
                15.

              	
                Buyers'
                  representatives

              	
                255

              
	 	 	 
	
                After
                  this Agreement has been signed by both parties and the deposit
                  has been
                  lodged, the Buyers

              	
                256

              
	
                have
                  the right to place two representatives on board the Vessel at their
                  sole
                  risk and expense upon

              	
                257

              
	
                arrival
                  at Intention
                  upon passing Panama Outbound on
                  or about

              	
                258

              
	
                These
                  representatives are on board for the purpose of familiarisation
                  and in the
                  capacity of

              	
                259

              
	
                observers
                  only, and they shall not interfere in any respect with the operation
                  of
                  the Vessel. The

              	
                260

              
	
                Buyers'
                  representatives shall sign the Sellers' letter of indemnity prior
                  to their
                  embarkation.

              	
                261

              
	 	 
	
                16.

              	
                Arbitration

              	
                262

              
	 	 	 
	
                a)*

              	
                This
                  Agreement shall be governed by and construed in accordance with
                  English
                  law and

              	
                263

              
	 	
                any
                  dispute arising out of this Agreement shall be referred to arbitration
                  in
                  London in

              	
                264

              
	 	
                accordance
                  with the Arbitration Acts 1950 and 1979 or any statutory modification
                  or

              	
                265

              
	 	
                re-enactment
                  thereof for the time being in force, one arbitrator being appointed
                  by
                  each

              	
                266

              
	 	
                party.
                  On the receipt by one party of the nomination in writing of the
                  other
                  party's arbitrator,

              	
                267

              
	 	
                that
                  party shall appoint their arbitrator within fourteen days, failing
                  which
                  the decision of the

              	
                268

              
	 	
                single
                  arbitrator appointed shall apply. If two arbitrators properly appointed
                  shall not agree

              	
                269

              
	 	
                they
                  shall appoint an umpire whose decision shall be final.

              	
                270

              
	 	 	 
	
                b)*

              	
                This
                  Agreement shall be governed by and construed in accordance with
                  Title 9 of
                  the

              	
                271

              
	 	
                United
                  States Code and the Law of the State of New York and should any
                  dispute
                  arise out of

              	
                272

              
	 	
                this
                  Agreement, the matter in dispute shall be referred to three persons
                  at New
                  York, one to

              	
                273

              
	 	
                be
                  appointed by each of the parties hereto, and the third by the two
                  so
                  chosen; their

              	
                274

              
	 	
                decision
                  or that of any two of them shall be final, and for purpose of enforcing
                  any award, this

              	
                275

              
	 	
                Agreement
                  may be made a rule of the Court.

              	
                276

              
	 	
                The
                  proceedings shall be conducted in accordance with the rules of
                  the Society
                  of Maritime

              	
                277

              
	 	
                Arbitrators,
                  Inc. New York.

              	
                278

              
	 	 	 
	
                c)*

              	
                Any
                  dispute arising out of this Agreement shall be referred to arbitration
                  at

              	
                279

              
	 	
                ,
                  subject to the procedures applicable there.

              	
                280

              
	 	
                The
                  laws of      
                  shall govern this Agreement.

              	
                281

              
	 	 	 
	
                *

              	
                16
                  a), 16 b) and 16 c) are alternatives; delete whichever is not applicable.
                  In the absence of

              	
                282

              
	 	
                deletions,
                  alternative 16 a) to apply.

              	
                283

              
	 	 	 
	
                17.

              	
                To
                  the best of the Sellers knowledge, the Vessel is not boycotted
                  by the Arab
                  Boycott League,

              	 
	
                Damascus.

              	 
	 	 	 
	
                18.

              	
                This
                  Sale/Negotiation shall be kept strictly private and confidential
                  by all
                  parties concerned.

              	 
	 	 	 
	
                19.

              	
                The
                  Vessel to be delivered with next special survey due not earlier
                  than 1
                  May, 2007.

              	 
	 	 	 
	
                20.

              	
                The
                  Vessel to be delivered with all Cargo Tanks Cleaned and free for
                  Man
                  entry. The Vessel to be

              
	
                delivered
                  free of slops.

              	 
	 	 	 
	
                21.

              	
                Cortes
                  Vessel Limited Partnership by its general partner Cortes Vessel,
                  Inc.

              	 

      

      

      

      
        	
                The
                  Sellers:

              	
                The
                  Buyers: 

              
	 	 
	 	 
	
                ____________

              	
                ___________
                  

              
	
                Name:

              	
                Name:
                  

              
	
                Title:

              	
                Title:

              

      

      

      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers Association. Any insertion or deletion to the form
        must be
        clearly visible. In the event of any modification made to the pre-printed
        text
        of this document which is not clearly visible, the text of the original approved
        document shall apply. BIMCO and the Norwegian Shipbrokers Association assume
        no
        responsibility for any loss, damage or expense as a result of discrepancies
        between the original approved document and this computer generated
        document.
.Unassociated Document

    BEAR
      STEARNS ASSET BACKED SECURITIES I LLC

     

    Depositor

     

    EMC
      MORTGAGE CORPORATION

     

    Seller,
      Master Servicer and Company

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION

     

    Securities
      Administrator

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

     

    Trustee

     

    ____________________

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of January 1, 2007

     

    ________________________________________

     

    BEAR
      STEARNS ASSET BACKED SECURITIES I TRUST 2007-AC1

     

    ASSET-BACKED
      CERTIFICATES, SERIES 2007-AC1

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    

    
      	
              ARTICLE
                I 

              DEFINITIONS

               

            
	
              Section
                1.01

            	
              Defined
                Terms.

            
	
              Section
                1.02

            	
              Allocation
                of Certain Interest Shortfalls.

               

            
	
              ARTICLE
                II 

              CONVEYANCE
                OF TRUST FUND REPRESENTATIONS AND WARRANTIES

               

            
	
              Section
                2.01

            	
              Conveyance
                of Trust Fund.

            
	
              Section
                2.02

            	
              Acceptance
                of the Mortgage Loans.

            
	
              Section
                2.03

            	
              Representations,
                Warranties and Covenants of the Company, the Master Servicer, the
                Securities Administrator and the Seller.

            
	
              Section
                2.04

            	
              Representations
                and Warranties of the Depositor.

            
	
              Section
                2.05

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

            
	
              Section
                2.06

            	
              Countersignature
                and Delivery of Certificates.

            
	
              Section
                2.07

            	
              Purposes
                and Powers of the Trust.

               

            
	
              ARTICLE
                III 

              ADMINISTRATION
                AND SERVICING OF EMC MORTGAGE LOANS BY COMPANY

               

            
	
              Section
                3.01

            	
              The
                Company.

            
	
              Section
                3.02

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            
	
              Section
                3.03

            	
              Subservicers.

            
	
              Section
                3.04

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

            
	
              Section
                3.05

            	
              Maintenance
                of Hazard Insurance.

            
	
              Section
                3.06

            	
              Presentment
                of Claims and Collection of Proceeds.

            
	
              Section
                3.07

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            
	
              Section
                3.08

            	
              Fidelity
                Bond, Errors and Omissions Insurance.

            
	
              Section
                3.09

            	
              Realization
                Upon Defaulted Mortgage Loans; Determination of Excess Liquidation
                Proceeds and Realized Losses; Repurchases of Certain Mortgage
                Loans.

            
	
              Section
                3.10

            	
              Servicing
                Compensation.

            
	
              Section
                3.11

            	
              REO
                Property.

            
	
              Section
                3.12

            	
              Liquidation
                Reports.

            
	
              Section
                3.13

            	
              Books
                and Records.

               

            
	
              ARTICLE
                IV 

              ADMINISTRATION
                AND MASTER SERVICING OF MORTGAGE LOANS BY MASTER SERVICER

               

            
	
              Section
                4.01

            	
              Master
                Servicer.

            
	
              Section
                4.02

            	
              REMIC-Related
                Covenants.

            
	
              Section
                4.03

            	
              Monitoring
                of Company and Servicer.

            
	
              Section
                4.04

            	
              Fidelity
                Bond.

            
	
              Section
                4.05

            	
              Power
                to Act; Procedures.

            
	
              Section
                4.06

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            
	
              Section
                4.07

            	
              Release
                of Mortgage Files.

            
	
              Section
                4.08

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

            
	
              Section
                4.09

            	
              Standard
                Hazard Insurance and Flood Insurance Policies.

            
	
              Section
                4.10

            	
              Presentment
                of Claims and Collection of Proceeds.

            
	
              Section
                4.11

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            
	
              Section
                4.12

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and
                Documents.

            
	
              Section
                4.13

            	
              Realization
                Upon Defaulted Mortgage Loans.

            
	
              Section
                4.14

            	
              Compensation
                for the Master Servicer.

            
	
              Section
                4.15

            	
              REO
                Property.

            
	
              Section
                4.16

            	
              Annual
                Statement as to Compliance.

            
	
              Section
                4.17

            	
              Assessments
                of Compliance and Attestation Reports.

            
	
              Section
                4.18

            	
              Reports
                Filed with Securities and Exchange Commission.

            
	
              Section
                4.19

            	
              Intention
                of the Parties and Interpretation.

            
	
              Section
                4.20

            	
              UCC.

            
	
              Section
                4.21

            	
              Optional
                Purchase of Certain Mortgage Loans.

               

            
	
              ARTICLE
                V 

              ACCOUNTS

               

            
	
              Section
                5.01

            	
              Collection
                of Mortgage Loan Payments; Protected Account.

            
	
              Section
                5.02

            	
              Permitted
                Withdrawals From the Protected Account.

            
	
              Section
                5.03

            	
              Reports
                to Master Servicer.

            
	
              Section
                5.04

            	
              Collection
                of Taxes; Assessments and Similar Items; Escrow
                Accounts.

            
	
              Section
                5.05

            	
              Servicer
                Protected Accounts.

            
	
              Section
                5.06

            	
              Master
                Servicer Collection Account.

            
	
              Section
                5.07

            	
              Permitted
                Withdrawals From the Master Servicer Collection
                Account.

            
	
              Section
                5.08

            	
              Distribution
                Account.

            
	
              Section
                5.09

            	
              Permitted
                Withdrawals and Transfers from the Distribution Account.

               

            
	
              ARTICLE
                VI 

              DISTRIBUTIONS
                AND ADVANCES

               

            
	
              Section
                6.01

            	
              Advances.

            
	
              Section
                6.02

            	
              Compensating
                Interest Payments.

            
	
              Section
                6.03

            	
              REMIC
                Distributions.

            
	
              Section
                6.04

            	
              Distributions.

            
	
              Section
                6.05

            	
              Allocation
                of Realized Losses.

            
	
              Section
                6.06

            	
              Monthly
                Statements to Certificateholders.

            
	
              Section
                6.07

            	
              REMIC
                Designations and REMIC Distributions.

            
	
              Section
                6.08

            	
              Reserve
                Fund.

            
	
              Section
                6.09

            	
              Class
                P Certificate Account.

               

            
	
              ARTICLE
                VII 

              THE
                CERTIFICATES

               

            
	
              Section
                7.01

            	
              The
                Certificates.

            
	
              Section
                7.02

            	
              Certificate
                Register; Registration of Transfer and Exchange of
                Certificates.

            
	
              Section
                7.03

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            
	
              Section
                7.04

            	
              Persons
                Deemed Owners.

            
	
              Section
                7.05

            	
              Access
                to List of Certificateholders’ Names and Addresses.

            
	
              Section
                7.06

            	
              Book-Entry
                Certificates.

            
	
              Section
                7.07

            	
              Notices
                to Depository.

            
	
              Section
                7.08

            	
              Definitive
                Certificates.

            
	
              Section
                7.09

            	
              Maintenance
                of Office or Agency.

               

            
	
              ARTICLE
                VIII 

              THE
                COMPANY AND THE MASTER SERVICER

               

            
	
              Section
                8.01

            	
              Liabilities
                of the Depositor, the Company and the Master Servicer.

            
	
              Section
                8.02

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

            
	
              Section
                8.03

            	
              Indemnification
                of the Trustee and the Master Servicer.

            
	
              Section
                8.04

            	
              Limitations
                on Liability of the Depositor, the Company, the Master Servicer and
                Others.

            
	
              Section
                8.05

            	
              Master
                Servicer and Company Not to Resign.

            
	
              Section
                8.06

            	
              Successor
                Master Servicer.

            
	
              Section
                8.07

            	
              Sale
                and Assignment of Master Servicing.

               

            
	
              ARTICLE
                IX 

              DEFAULT;
                TERMINATION OF MASTER SERVICER; TERMINATION
                OF COMPANY

               

            
	
              Section
                9.01

            	
              Events
                of Default.

            
	
              Section
                9.02

            	
              Trustee
                to Act; Appointment of Successor.

            
	
              Section
                9.03

            	
              Notification
                to Certificateholders and Rating Agencies.

            
	
              Section
                9.04

            	
              Waiver
                of Defaults.

            
	
              Section
                9.05

            	
              Company
                Default.

            
	
              Section
                9.06

            	
              Waiver
                of Company Defaults.

               

            
	
              ARTICLE
                X 

              CONCERNING
                THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

               

            
	
              Section
                10.01

            	
              Duties
                of Trustee and Securities Administrator.

            
	
              Section
                10.02

            	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator.

            
	
              Section
                10.03

            	
              Trustee
                and Securities Administrator Not Liable for Certificates or Mortgage
                Loans.

            
	
              Section
                10.04

            	
              Trustee
                and Securities Administrator May Own Certificates.

            
	
              Section
                10.05

            	
              Trustee’s
                and Securities Administrator’s Fees and Expenses.

            
	
              Section
                10.06

            	
              Eligibility
                Requirements for Trustee and Securities Administrator.

            
	
              Section
                10.07

            	
              Insurance.

            
	
              Section
                10.08

            	
              Resignation
                and Removal of Trustee and Securities Administrator.

            
	
              Section
                10.09

            	
              Successor
                Trustee or Securities Administrator.

            
	
              Section
                10.10

            	
              Merger
                or Consolidation of Trustee or Securities
                Administrator.

            
	
              Section
                10.11

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            
	
              Section
                10.12

            	
              Tax
                Matters.

            
	
              Section
                10.13

            	
              Indemnification
                of the Securities Administrator.

            
	
              Section
                10.14

            	
              Limitations
                on Liability of the Securities Administrator.

               

            
	
              ARTICLE
                XI 

              TERMINATION

               

            
	
              Section
                11.01

            	
              Termination
                upon Liquidation or Repurchase of all Mortgage Loans.

            
	
              Section
                11.02

            	
              Final
                Distribution on the Certificates.

            
	
              Section
                11.03

            	
              Additional
                Termination Requirements.

               

            
	
              ARTICLE
                XII 

              MISCELLANEOUS
                PROVISIONS

               

            
	
              Section
                12.01

            	
              Amendment.

            
	
              Section
                12.02

            	
              Recordation
                of Agreement; Counterparts.

            
	
              Section
                12.03

            	
              Governing
                Law.

            
	
              Section
                12.04

            	
              Intention
                of Parties.

            
	
              Section
                12.05

            	
              Notices.

            
	
              Section
                12.06

            	
              Severability
                of Provisions.

            
	
              Section
                12.07

            	
              Assignment.

            
	
              Section
                12.08

            	
              Limitation
                on Rights of Certificateholders.

            
	
              Section
                12.09

            	
              Inspection
                and Audit Rights.

            
	
              Section
                12.10

            	
              Certificates
                Nonassessable and Fully Paid.

               

            
	 	 
	
              EXHIBITS

               

            
	
              Exhibit
                A-1

            	
              Form
                of Class A Certificates 

            
	
              Exhibit
                A-2

            	
              Form
                of Class X Certificates

            
	
              Exhibit
                A-3

            	
              Form
                of Class M Certificates

            
	
              Exhibit
                A-4

            	
              Form
                of Class B Certificates

            
	
              Exhibit
                A-5

            	
              Form
                of Class C Certificates

            
	
              Exhibit
                A-6

            	
              Form
                of Class P Certificates

            
	
              Exhibit
                A-7

            	
              Form
                of Class R Certificates

            
	
              Exhibit
                B

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                C

            	
              Form
                of Transfer Affidavit

            
	
              Exhibit
                D

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                E

            	
              Form
                of Investment Letter (Non-Rule 144A)

            
	
              Exhibit
                F

            	
              Form
                of Rule 144A and Related Matters Certificate

            
	
              Exhibit
                G

            	
              Form
                of Request for Release

            
	
              Exhibit
                H

            	
              DTC
                Letter of Representations

            
	
              Exhibit
                I

            	
              Schedule
                of Mortgage Loans with Lost Notes

            
	
              Exhibit
                J

            	
              Form
                of Custodial Agreement

            
	
              Exhibit
                K

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

            
	
              Exhibit
                L

            	
              Form
                of Mortgage Loan Purchase Agreement

            
	
              Exhibit
                M

            	
              [Reserved]

            
	
              Exhibit
                N

            	
              Servicing
                Criteria to Be Addressed in Assessment of Compliance

            
	
              Exhibit
                O

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

            
	
              Exhibit
                P

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                Q-1 

            	
              American
                Home Servicing Agreement

            
	
              Exhibit
                Q-2 

            	
              Greenpoint
                Servicing Agreement

            
	
              Exhibit
                Q-3 

            	
              Wells
                Fargo Servicing Agreement

            
	
              Exhibit
                R-1 

            	
              American
                Home Assignment, Assumption and Recognition Agreement

            
	
              Exhibit
                R-2 

            	
              Greenpoint
                Assignment, Assumption and Recognition Agreement

            
	
              Exhibit
                R-3 

            	
              Wells
                Fargo Assignment, Assumption and Recognition Agreement

            
	
              Exhibit
                S-1

            	
              Remittance
                Overview Report

            
	
              Exhibit
                S-2

            	
              Remittance
                Summary Report

            
	
              Exhibit
                T

            	
              Default
                Detail Report 

            
	
              Exhibit
                U

            	
              Calculation
                of Gain/Loss

            
	
              Exhibit
                V

            	
              Claims
                Submitted

            
	
              Exhibit
                W

            	
              EMC
                Master Servicing Asset Authority Levels

            
	
              Exhibit
                X

            	
              Delinquency
                Summary Report

            
	
              Exhibit
                Y

            	
              Loss
                Severity Summary Report

            
	
              Exhibit
                Z

            	
              Modified
                Loans

            
	
              Exhibit
                AA

            	
              Form
                of Certification to be Provided by the Securities Administrator to
                Depositor

            

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    POOLING
      AND SERVICING AGREEMENT, dated as of January 1, 2007, among BEAR STEARNS ASSET
      BACKED SECURITIES I LLC, a Delaware limited liability company, as depositor
      (the
“Depositor”), EMC MORTGAGE CORPORATION, a Delaware corporation, as seller (in
      such capacity, the “Seller”), as master servicer (in such capacity, the “Master
      Servicer”) and as company (in such capacity, the “Company”), WELLS FARGO BANK,
      NATIONAL ASSOCIATION, a national banking association, as securities
      administrator (in such capacity, the “Securities Administrator”), and U.S. BANK
      NATIONAL ASSOCIATION, a national banking association, as trustee (the
“Trustee”).

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
      in return for the Certificates.

     

    REMIC
      I

     

    As
      provided herein, the Securities Administrator on behalf of the Trustee shall
      elect to treat the segregated pool of assets consisting of the Mortgage Loans
      and certain other related assets subject to this Agreement (other than the
      Reserve Fund and any Prepayment Charge Waiver Amounts) as a REMIC (as defined
      herein) for federal income tax purposes, and such segregated pool of assets
      will
      be designated as “REMIC I”. The Class R-1 Certificates will represent the sole
      class of Residual Interests (as defined herein) in REMIC I for purposes of
      the
      REMIC Provisions (as defined herein). The following table irrevocably sets
      forth
      the designation, the Uncertificated REMIC I Pass-Through Rate, the initial
      Uncertificated Principal Balance and, for purposes of satisfying Treasury
      Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      each of the REMIC I Regular Interests (as defined herein). None of the REMIC
      I
      Regular Interests will be certificated.

    
      	
               

               

              Designation

            	 	 	 	
               

              Initial
                Uncertificated Principal Balance

            	 	 	 	
              Uncertificated
                REMIC I

              Pass-Through
                Rate

            	 	 	 	
               

              Latest
                Possible Maturity Date(1)

            
	
              AA

            	 	 	 	
              $

            	
              446,659,782.08

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              A-1

            	 	 	 	
              $

            	
              3,570,100.00

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              A-2

            	 	 	 	
              $

            	
              218,270.00

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              A-3

            	 	 	 	
              $

            	
              443,500.00

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              M-1

            	 	 	 	
              $

            	
              102,550.00

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              M-2

            	 	 	 	
              $

            	
              31,900.00

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              M-3

            	 	 	 	
              $

            	
              22,790.00

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              M-4

            	 	 	 	
              $

            	
              22,790.00

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              B-1

            	 	 	 	
              $

            	
              22,790.00

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              B-2

            	 	 	 	
              $

            	
              22,790.00

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              B-3

            	 	 	 	
              $

            	
              22,790.00

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              B-4

            	 	 	 	
              $

            	
              36,460.00

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              ZZ

            	 	 	 	
              $

            	
              4,598,775.76

            	 	 	 	
              Variable(2)

            	 	 	 	 	
              February
                25, 2037

            
	
              P

            	 	 	 	
              $

            	
              100.00

            	 	 	 	
              0.00

            	
              %

            	 	 	 	
              February
                25, 2037

            

    

    ___________________________

    
      	
              (1)

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

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “Uncertificated REMIC I Pass-Through
                Rate” herein.

            

    

    

    REMIC
      II

     

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

     

    
      	
              Designation

            	 	 	 	
              Initial
                Uncertificated

              Principal
                Balance

            	 	 	 	
              Uncertificated
                REMIC II

              Pass-Through
                Rate

            	 	 	 	
              Latest
                Possible Maturity Date(1)

            
	
              A-1

            	 	 	 	
              $

            	
              357,010,000.00

            	 	 	 	
              (2)

            	 	 	 	 	
              February
                25, 2037

            
	
              A-2

            	 	 	 	
              $

            	
              21,827,000.00

            	 	 	 	
              (2)

            	 	 	 	 	
              February
                25, 2037

            
	
              A-3

            	 	 	 	
              $

            	
              44,350,000.00

            	 	 	 	
              (2)

            	 	 	 	 	
              February
                25, 2037

            
	
              M-1

            	 	 	 	
              $

            	
              10,255,000.00

            	 	 	 	
              (2)

            	 	 	 	 	
              February
                25, 2037

            
	
              M-2

            	 	 	 	
              $

            	
              3,190,000.00

            	 	 	 	
              (2)

            	 	 	 	 	
              February
                25, 2037

            
	
              M-3
                

            	 	 	 	
              $

            	
              2,279,000.00

            	 	 	 	
              (2)

            	 	 	 	 	
              February
                25, 2037

            
	
              M-4

            	 	 	 	
              $

            	
              2,279,000.00

            	 	 	 	
              (2)

            	 	 	 	 	
              February
                25, 2037

            
	
              B-1

            	 	 	 	
              $

            	
              2,279,000.00

            	 	 	 	
              (2)

            	 	 	 	 	
              February
                25, 2037

            
	
              B-2

            	 	 	 	
              $

            	
              2,279,000.00

            	 	 	 	
              (2)

            	 	 	 	 	
              February
                25, 2037

            
	
              B-3

            	 	 	 	
              $

            	
              2,279,000.00

            	 	 	 	
              (2)

            	 	 	 	 	
              February
                25, 2037

            
	
              B-4

            	 	 	 	
              $

            	
              3,646,000.00

            	 	 	 	
              (2)

            	 	 	 	 	
              February
                25, 2037

            
	
              C

            	 	 	 	
              $

            	
              4,102,287.84

            	 	 	 	
              (2)
                (3)

            	 	 	 	 	
              February
                25, 2037

            
	
              P

            	 	 	 	
              $

            	
              100.00

            	 	 	 	
              0.00

            	
              %

            	 	 	 	
              February
                25, 2037

            

    

    ___________________________

    
      	
              (1)

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

            
	
              (2)

            	
              Calculated
                in accordance with the definition of “Uncertificated REMIC II Pass-Through
                Rate” herein.

            
	
              (3)

            	
              REMIC
                II Regular Interest C will not accrue interest on its Uncertificated
                Principal Balance, but will accrue interest at the related Uncertificated
                REMIC II Pass-Through Rate on its Uncertificated Notional Amount
                (as
                defined herein) which shall equal the aggregate Uncertificated Principal
                Balance of the REMIC I Regular Interests (other than REMIC I Regular
                Interest P).

            

    

    

    REMIC
      III

     

    As
      provided herein, the Securities Administrator on behalf of the Trustee shall
      elect to treat the segregated pool of assets consisting of the REMIC II Regular
      Interests as a REMIC for federal income tax purposes, and such segregated pool
      of assets will be designated as “REMIC III”. The Class R-3 Certificates will
      represent the sole class of Residual Interests in REMIC III for purposes of
      the
      REMIC Provisions.

     

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

     

    
      	
               

               

              Designation

            	 	 	 	
              Initial
                Certificate or Uncertificated

              Principal
                Balance

            	 	 	 	
               

               

              Pass-Through
                Rate

            	 	 	 	
               

              Latest
                Possible Maturity Date(1)

            
	
              A-1

            	 	 	 	
              $

            	
              357,010,000.00

            	 	 	 	
              Class
                A-1 Pass-Through Rate

            	 	 	 	 	
              February
                25, 2037

            
	
              A-2

            	 	 	 	
              $

            	
              21,827,000.00

            	 	 	 	
              Class
                A-2 Pass-Through Rate

            	 	 	 	 	
              February
                25, 2037

            
	
              A-3

            	 	 	 	
              $

            	
              44,350,000.00

            	 	 	 	
              Class
                A-3 Pass-Through Rate

            	 	 	 	 	
              February
                25, 2037

            
	
              X

            	 	 	 	 	
              (2)

            	 	 	 	
              Class
                X Pass-Through Rate

            	 	 	 	 	
              February
                25, 2037

            
	
              M-1

            	 	 	 	
              $

            	
              10,225,000.00

            	 	 	 	
              Class
                M-1 Pass-Through Rate

            	 	 	 	 	
              February
                25, 2037

            
	
              M-2

            	 	 	 	
              $

            	
              3,190,000.00

            	 	 	 	
              Class
                M-2 Pass-Through Rate

            	 	 	 	 	
              February
                25, 2037

            
	
              M-3
                

            	 	 	 	
              $

            	
              2,279,000.00

            	 	 	 	
              Class
                M-3 Pass-Through Rate

            	 	 	 	 	
              February
                25, 2037

            
	
              M-4
                

            	 	 	 	
              $

            	
              2,279,000.00

            	 	 	 	
              Class
                M-4 Pass-Through Rate

            	 	 	 	 	
              February
                25, 2037

            
	
              B-1

            	 	 	 	
              $

            	
              2,279,000.00

            	 	 	 	
              Class
                B-1 Pass-Through Rate

            	 	 	 	 	
              February
                25, 2037

            
	
              B-2
                

            	 	 	 	
              $

            	
              2,279,000.00

            	 	 	 	
              Class
                B-2 Pass-Through Rate

            	 	 	 	 	
              February
                25, 2037

            
	
              B-3
                

            	 	 	 	
              $

            	
              2,279,000.00

            	 	 	 	
              Class
                B-3 Pass-Through Rate

            	 	 	 	 	
              February
                25, 2037

            
	
              B-4

            	 	 	 	
              $

            	
              3,646,000.00

            	 	 	 	
              Class
                B-4 Pass-Through Rate

            	 	 	 	 	
              February
                25, 2037

            
	
              Class
                C Interest

            	 	 	 	
              $

            	
              455,775,287.84
                

            	 	 	 	
              (3)

            	 	 	 	 	
              February
                25, 2037

            
	
              Class
                P Interest

            	 	 	 	
              $

            	
              100.00

            	 	 	 	
              0.00

            	
              %

            	 	 	 	
              February
                25, 2037

            

    

    ___________________

    
      	
              (1)

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

            
	
              (2)

            	
              The
                Class X Certificates do not have a principal balance but will accrue
                interest on a Notional Amount equal to the Certificate Principal
                Balance
                of the Class A-3 Certificates. 

            
	
              (3)

            	
              The
                Class C Interest will not accrue interest on its Uncertificated Principal
                Balance, but will be entitled to 100% of the amounts distributed
                on REMIC
                II Regular Interest C.

            

    

    

    REMIC
      IV

     

    As
      provided herein, the Securities Administrator on behalf of the Trustee shall
      elect to treat the segregated pool of assets consisting of the Class C Interest
      as a REMIC for federal income tax purposes, and such segregated pool of assets
      will be designated as “REMIC IV”. The Class R-4 Interest will represent the sole
      class of Residual Interests in REMIC III for purposes of the REMIC
      Provisions.

     

    The
      following table sets forth the Class designation, Pass-Through Rate, Initial
      Certificate Principal Balance and, for purposes of satisfying Treasury
      Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      the indicated Class of Certificates that represents a Regular Interest in REMIC
      IV created hereunder:

     

    
      	
               

              Class
                Designation

            	
               

              Pass-Through
                Rate

            	
              Initial
                Certificate Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              C

            	
              (2)

            	
              $455,775,287.84

            	
              February
                25, 2037

            

    

    _______________

    
      	
              (1)

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

            
	
              (2)

            	
              The
                Class C Certificates will receive 100% of the amounts received in
                respect
                of the Class C Interest.

            

    

     

     

    REMIC
      V

     

    As
      provided herein, the Securities Administrator on behalf of the Trustee shall
      elect to treat the segregated pool of assets consisting of the Class P Interest
      as a REMIC for federal income tax purposes, and such segregated pool of assets
      will be designated as “REMIC V”. The Class R-5 Interest will represent the sole
      class of Residual Interests in REMIC V for purposes of the REMIC
      Provisions.

     

    The
      following table sets forth the Class designation, Pass-Through Rate, Initial
      Certificate Principal Balance and, for purposes of satisfying Treasury
      Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      the indicated Class of Certificates that represents a Regular Interest in REMIC
      V created hereunder:

     

    
      	
               

              Class
                Designation

            	
               

              Pass-Through
                Rate

            	
              Initial
                Certificate Principal Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              P

            	
              0.00%

            	
              $
                100.00

            	
              February
                25, 2037

            

    

    _______________

    
      	
              (1)

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

            
	
              (2)

            	
              The
                Class P Certificates will receive 100% of the amounts received in
                respect
                of the Class P Interest.

            

    

     

     

    The
      Trust
      Fund shall be named, and may be referred to as, the “Bear Stearns Asset Backed
      Securities I Trust 2007-AC1.” The Certificates issued hereunder may be referred
      to as “Asset-Backed Certificates Series 2007-AC1” (including for purposes of any
      endorsement or assignment of a Mortgage Note or Mortgage).

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Master Servicer, the Securities Administrator, the Seller, the Company and
      the
      Trustee 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 meanings:

     

    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
      or the Master Servicer (except in its capacity as successor to
      Servicer).

     

    Accepted
      Servicing Practices:
      With
      respect to each EMC Mortgage Loan, those mortgage servicing practices (including
      collection procedures) that are in accordance with all applicable statutes,
      regulations and prudent mortgage banking practices for similar mortgage
      loans.

     

    Account:
      The
      Distribution Account, the Master Servicer Collection Account, the Reserve Fund
      and any Protected Account.

     

    Additional
      Disclosure:
      As
      defined in Section 4.18. 

     

    Additional
      Form 10-D Disclosure:
      As
      defined in Section 4.18. 

     

    Additional
      Form 10-K Disclosure:
      As
      defined in Section 4.18. 

     

    Adjustable
      Rate Mortgage Loan:
      Each of
      the Mortgage Loans identified in the Mortgage Loan Schedule as having a Mortgage
      Rate that is subject to adjustment.

     

    Adjustment
      Date:
      With
      respect to each Adjustable Rate Mortgage Loan, the first day of the month in
      which the Mortgage Rate of an Adjustable Rate Mortgage Loan changes pursuant
      to
      the related Mortgage Note. The first Adjustment Date following the Cut-off
      Date
      as to each Adjustable Rate Mortgage Loan is set forth in the Mortgage Loan
      Schedule.

     

    Advance:
      An
      advance of delinquent payments of principal or interest in respect of a Mortgage
      Loan required to be made by the Company as provided in Section 6.01(a) hereof,
      by the related Servicer in accordance with the related Servicing Agreement
      or by
      the Master Servicer as provided in Section 6.01(b) hereof.

     

    Agreement:
      This
      Pooling and Servicing Agreement and any and all amendments or supplements hereto
      made in accordance with the terms herein.

     

    American
      Home:
      American Home Mortgage Corp.

     

    American
      Home Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of January 30, 2007,
      by and among the Seller, American Home and the Trustee evidencing the assignment
      of the American Home Servicing Agreement to the Trust, attached hereto as
      Exhibit R-1.

     

    American
      Home Servicing Agreement:
      The
      Purchase, Warranties and Servicing Agreement, dated as of March 1, 2006, between
      the Seller and American Home, attached hereto as Exhibit Q-1, as modified by
      the
      American Home Assignment Agreement.

     

    Amount
      Held for Future Distribution:
      As to
      any Distribution Date, the aggregate amount held in the Company’s or the related
      Servicer’s Protected Accounts at the close of business on the immediately
      preceding Remittance Date on account of (i) all Scheduled Payments or portions
      thereof received in respect of the Mortgage Loans due after the related Due
      Period and (ii) Principal Prepayments received in respect of such Mortgage
      Loans
      after the last day of the related Prepayment Period, (iii) Liquidation Proceeds
      and Insurance Proceeds received in respect of such Mortgage Loans after the
      last
      day of the related calendar month immediately preceding such Distribution
      Date.

     

    Annual
      Statement of Compliance:
      As
      defined in Section 4.16.

     

    Applied
      Realized Loss Amount:
      With
      respect to any Distribution Date and a Class of Class A, Class M and Class
      B
      Certificates, the sum of the Realized Losses with respect to the Mortgage Loans
      which have been applied in reduction of the Certificate Principal Balance of
      a
      Class of Certificates pursuant to Section 6.05 of this Agreement which have
      not
      previously been reimbursed or reduced by any Subsequent Recoveries applied
      to
      such Applied Realized Loss Amount.

     

    Appraised
      Value:
      With
      respect to any Mortgage Loan originated in connection with a refinancing, the
      appraised value of the Mortgaged Property based upon the appraisal made at
      the
      time of such refinancing or, with respect to any other Mortgage Loan, the lesser
      of (x) the appraised value of the Mortgaged Property based upon the appraisal
      made by a fee appraiser at the time of the origination of the related Mortgage
      Loan, and (y) the sales price of the Mortgaged Property at the time of such
      origination.

     

    Assignment
      Agreement:
      Shall
      mean any of the American Home Assignment Agreement, Greenpoint Assignment
      Agreement or the Wells Fargo Assignment Agreement.

     

    Assessment
      of Compliance:
      As
      defined in Section 4.17.

     

    Attesting
      Party:
      As
      defined in Section 4.17.

     

    Attestation
      Report:
      As
      defined in Section 4.17.

     

    Bankruptcy
      Code:
      Title
      11 of the United States Code.

     

    Basis
      Risk Shortfall Carry Forward Amount:
      With
      respect to any Distribution Date and any Class of Class A, Class M and Class
      B
      Certificates, an amount equal to the sum of (A) if the Pass-Through Rate for
      such Class for such Distribution Date is limited to the related Net Rate Cap,
      the excess, if any, of (a) the amount of Current Interest that such Class would
      have been entitled to receive on such Distribution Date had the Pass-Though
      Rate
      applicable to such Class not been reduced by the applicable Net Rate Cap on
      such
      Distribution Date, over (b) the amount of Current Interest that such Class
      received on such Distribution Date and (B) the Basis Risk Shortfall Carry
      Forward Amount for the previous Distribution Date not previously paid, together
      with interest thereon at a rate equal to the related Pass-Through Rate for
      the
      current Distribution Date.

     

    Book-Entry
      Certificates:
      Any of
      the Certificates that shall be registered in the name of the Depository or
      its
      nominee, the ownership of which is reflected on the books of the Depository
      or
      on the books of a person maintaining an account with the Depository (directly,
      as a “Depository Participant”, or indirectly, as an indirect participant in
      accordance with the rules of the Depository and as described in Section 7.06).
      As of the Closing Date, each Class of Offered Certificates constitutes a Class
      of Book-Entry Certificates.

     

    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday, or (ii) a day on which banking
      institutions in The City of New York, New York, Columbia, Maryland, Minneapolis,
      Minnesota or the city in which the Corporate Trust Office of the Trustee or
      the
      Securities Administrator or the principal office of the Company or the Master
      Servicer is located are authorized or obligated by law or executive order to
      be
      closed.

     

    Certificate:
      Any one
      of the certificates of any Class executed and authenticated by the Securities
      Administrator in substantially the forms attached hereto as Exhibits A-1 through
      A-6.

     

    Certificateholder
      or Holder:
      The
      person in whose name a Certificate is registered in the Certificate Register
      (initially, Cede & Co., as nominee for the Depository, in the case of any
      Book-Entry Certificates).

     

    Certificate
      Owner:
      With
      respect to a Book-Entry Certificate, the Person that is the beneficial owner
      of
      such Book-Entry Certificate.

     

    Certificate
      Principal Balance:
      As to
      any Certificate (other than the Class C Certificates or Class R Certificates)
      and as of any Distribution Date, the Initial Certificate Principal Balance
      of
      such Certificate plus any Subsequent Recoveries added to the Certificate
      Principal Balance of such Certificate pursuant to Section 5.04(b), less the
      sum
      of (i) all amounts distributed with respect to such Certificate in reduction
      of
      the Certificate Principal Balance thereof on previous Distribution Dates
      pursuant to Section 5.04, and (ii) any Applied Realized Loss Amounts allocated
      to such Certificate on previous Distribution Dates. As to the Class C
      Certificates and as of any Distribution Date, an amount equal to the
      Uncertificated Principal Balance of the Class C Interest.

     

    Certificate
      Register:
      The
      register maintained pursuant to Section 7.02 hereof.

     

    Class:
      All
      Certificates bearing the same Class designation as set forth in Section 7.01
      hereof.

     

    Class
      A Certificate:
      Any of
      the Class A-1, Class A-2 and Class A-3 Certificates.

     

    Class
      A Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the Principal
      Distribution Amount for such Distribution Date and (y) the greater of (A) the
      excess, if any, of (i) the aggregate Certificate Principal Balance of the Class
      A Certificates immediately prior to such Distribution Date, over (ii) the lesser
      of (a) the product of (1) 85.70% and (2) the aggregate Stated Principal Balance
      of the Mortgage Loans as of the last day of the related Due Period (after giving
      effect to scheduled payments of principal due during the related Due Period,
      to
      the extent received or advanced, and unscheduled collections of principal
      received during the related Prepayment Period, and after reduction for Realized
      Losses incurred during the prior calendar month), and (b) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month)
      minus $2,278,876, and (B) the lesser of (I) $1,000, and (II) the aggregate
      Certificate Principal Balance of the Class A Certificates on such Distribution
      Date prior to principal distributions on such Certificates.

     

    Class
      A-1 Certificate:
      Any
      Certificate designated as a “Class A-1 Certificate” on the face thereof, in the
      form of Exhibit A-1 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class A-1 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Basis Risk Shortfall Carry Forward Amounts.

     

    Class
      A-1 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, 6.25% per annum, subject to the applicable Net Rate Cap and
      (ii) for each Distribution Date thereafter 6.75% per annum, subject to the
      applicable Net Rate Cap.

     

    Class
      A-2 Certificate:
      Any
      Certificate designated as a “Class A-2 Certificate” on the face thereof, in the
      form of Exhibit A-1 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class A-2 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Basis Risk Shortfall Carry Forward Amounts.

     

    Class
      A-2 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, 6.25% per annum, subject to the applicable Net Rate Cap and
      (ii) for each Distribution Date thereafter 6.75% per annum, subject to the
      applicable Net Rate Cap.

     

    Class
      A-3 Certificate:
      Any
      Certificate designated as a “Class A-3 Certificate” on the face thereof, in the
      form of Exhibit A-1 hereto, representing the right to the Percentage Interest
      of
      distributions provided for the Class A-2 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Basis Risk Shortfall Carry Forward Amounts.

     

    Class
      A-3 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, 6.05% per annum, subject to the applicable Net Rate Cap and
      (ii) for each Distribution Date thereafter 6.55% per annum, subject to the
      applicable Net Rate Cap.

     

    Class
      B Certificates:
      Any of
      the Class B-1, Class B-2, Class B-3 and Class B-4 Certificates.

     

    Class
      B-1 Certificate:
      Any
      Certificate designated as a “Class B-1 Certificate” on the face thereof, in the
      form of Exhibit A-3 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class B-1 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Basis Risk Shortfall Carry Forward Amounts.

     

    Class
      B-1 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (1) One-Month LIBOR plus 1.000% per annum and
      (2) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser
      of (1) One-Month LIBOR plus 1.500% per annum and (2) 11.00% per annum, in each
      case subject to a cap equal to the related Net Rate Cap for such Distribution
      Date.

     

    Class
      B-1 Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the remaining Principal
      Distribution Amount for such Distribution Date after distribution of the Class
      A
      Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
      the
      Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution
      Amount and the Class M-4 Principal Distribution Amount and (y) the excess,
      if
      any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (2) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (3) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (4) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (5) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (6) the Certificate Principal Balance of the Class B-1 Certificates
      immediately prior to such Distribution Date, over (b) the lesser of (1) the
      product of (x) 94.60% and (y) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period, and after reduction for Realized Losses
      incurred during the prior calendar month), and (2) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month)
      minus $2,278,876.

     

    Class
      B-2 Certificate:
      Any
      Certificate designated as a “Class B-2 Certificate” on the face thereof, in the
      form of Exhibit A-3 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class B-2 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Basis Risk Shortfall Carry Forward Amounts.

     

    Class
      B-2 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (1) One-Month LIBOR plus 1.500% per annum and
      (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser
      of (1) One-Month LIBOR plus 2.250% per annum and (ii) 11.00% per annum, in
      each
      case subject to a cap equal to the related Net Rate Cap for such Distribution
      Date.

     

    Class
      B-2 Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the remaining Principal
      Distribution Amount for such Distribution Date after distribution of the Class
      A
      Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
      the
      Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution
      Amount and the Class M-4 Principal Distribution Amount and (y) the excess,
      if
      any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (2) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (3) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (4) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (5) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (6) the Certificate Principal Balance of the Class B-1 Certificates
      (after taking into account the payment of the Class B-1 Principal Distribution
      Amount on such Distribution Date) and (7) the Certificate Principal Balance
      of
      the Class B-2 Certificates immediately prior to such Distribution Date, over
      (b)
      the lesser of (1) the product of (x) 95.60% and (y) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month),
      and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period, and after reduction for Realized Losses incurred during the prior
      calendar month) minus $2,278,876.

     

    Class
      B-3 Certificate:
      Any
      Certificate designated as a “Class B-3 Certificate” on the face thereof, in the
      form of Exhibit A-3 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class B-3 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Basis Risk Shortfall Carry Forward Amounts.

     

    Class
      B-3 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (1) One-Month LIBOR plus 1.800% per annum and
      (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser
      of (1) One-Month LIBOR plus 2.700% per annum and (ii) 11.00% per annum, in
      each
      case subject to a cap equal to the related Net Rate Cap for such Distribution
      Date.

     

    Class
      B-3 Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the remaining Principal
      Distribution Amount for such Distribution Date after distribution of the Class
      A
      Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
      the
      Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution
      Amount and the Class M-4 Principal Distribution Amount and (y) the excess,
      if
      any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (2) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (3) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (4) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (5) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (6) the Certificate Principal Balance of the Class B-1 Certificates
      (after taking into account the payment of the Class B-1 Principal Distribution
      Amount on such Distribution Date), (7) the Certificate Principal Balance of
      the
      Class B-2 Certificates (after taking into account the payment of the Class
      B-2
      Principal Distribution Amount on such Distribution Date) and (8) the Certificate
      Principal Balance of the Class B-3 Certificates immediately prior to such
      Distribution Date, over (b) the lesser of (1) the product of (x) 96.60% and
      (y)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period (after giving effect to scheduled payments of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period, and after reduction for Realized Losses incurred during the prior
      calendar month), and (2) the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period (after giving effect to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period, and after reduction for Realized Losses incurred
      during the prior calendar month) minus $2,278,876.

     

    Class
      B-4 Certificate:
      Any
      Certificate designated as a “Class B-4 Certificate” on the face thereof, in the
      form of Exhibit A-3 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class B-4 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Basis Risk Shortfall Carry Forward Amounts.

     

    Class
      B-4 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (1) One-Month LIBOR plus 1.800% per annum and
      (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser
      of (1) One-Month LIBOR plus 2.700% per annum and (ii) 11.00% per annum, in
      each
      case subject to a cap equal to the related Net Rate Cap for such Distribution
      Date.

     

    Class
      B-4 Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the remaining Principal
      Distribution Amount for such Distribution Date after distribution of the Class
      A
      Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
      the
      Class M-2 Principal Distribution Amount, the Class M-3 Principal Distribution
      Amount and the Class M-4 Principal Distribution Amount and (y) the excess,
      if
      any, of (a) the sum of (1) the aggregate Certificate Principal Balance of the
      Class A Certificates (after taking into account the distribution of the Class
      A
      Principal Distribution Amount on such Distribution Date), (2) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (3) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (4) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account the payment of the Class
      M-3
      Principal Distribution Amount on such Distribution Date), (5) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      the
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date), (6) the Certificate Principal Balance of the Class B-1 Certificates
      (after taking into account the payment of the Class B-1 Principal Distribution
      Amount on such Distribution Date), (7) the Certificate Principal Balance of
      the
      Class B-2 Certificates (after taking into account the payment of the Class
      B-2
      Principal Distribution Amount on such Distribution Date), (8) the Certificate
      Principal Balance of the Class B-3 Certificates (after taking into account
      the
      payment of the Class B-3 Principal Distribution Amount on such Distribution
      Date) and (9) the Certificate Principal Balance of the Class B-4 Certificates
      immediately prior to such Distribution Date, over (b) the lesser of (1) the
      product of (x) 98.20% and (y) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period (after giving effect
      to scheduled payments of principal due during the related Due Period, to the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period, and after reduction for Realized Losses
      incurred during the prior calendar month), and (2) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month)
      minus $2,278,876.

     

    Class
      C Certificate:
      Any
      Certificate designated as a “Class C Certificate” on the face thereof, in the
      form of Exhibit A-4 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class C Certificates herein and evidencing (i)
      a
      Regular Interest in REMIC IV and (ii) the obligation to pay Basis Risk Shortfall
      Carry Forward Amounts.

     

    Class
      C Distribution Amount:
      With
      respect to any Distribution Date, the sum of (i) the Current Interest for the
      Class C Interest for such Distribution Date, (ii) any Overcollateralization
      Release Amount for such Distribution Date and (iii) without duplication, any
      Subsequent Recoveries not distributed to the Class A, Class M and Class B
      Certificates on such Distribution Date; provided, however that on any
      Distribution Date after the Distribution Date on which the Certificate Principal
      Balances of the Class A, Class M and Class B Certificates have been reduced
      to
      zero, the Class C Distribution Amount shall include the Overcollateralization
      Amount. For federal income tax purposes, the Class C Distribution Amount for
      any
      Distribution Date shall be an amount equal to 100% of the amounts distributed
      in
      respect of REMIC II Regular Interest C on such Distribution Date.

     

    Class
      C Interest:
      An
      uncertificated interest in the Trust Fund held by the Trustee on behalf of
      the
      Holders of the Class C Certificates, evidencing a Regular Interest in REMIC
      III
      for purposes of the REMIC Provisions.

     

    Class
      M Certificates:
      Any of
      the Class M-1, Class M-2, Class M-3 and Class M-4 Certificates.

     

    Class
      M-1 Certificate:
      Any
      Certificate designated as a “Class M-1 Certificate” on the face thereof, in the
      form of Exhibit A-2 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class M-1 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Basis Risk Shortfall Carry Forward Amounts.

     

    Class
      M-1 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (1) One-Month LIBOR plus 0.320% per annum and
      (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser
      of (1) One-Month LIBOR plus 0.480% per annum and (ii) 11.00% per annum, in
      each
      case subject to a cap equal to the related Net Rate Cap for such Distribution
      Date.

     

    Class
      M-1 Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the remaining Principal
      Distribution Amount for such Distribution Date after distribution of the Class
      A
      Principal Distribution Amount and (y) the excess, if any, of (a) the sum of
      (1)
      the aggregate Certificate Principal Balance of the Class A Certificates (after
      taking into account the distribution of the Class A Principal Distribution
      Amount on such Distribution Date) and (2) the Certificate Principal Balance
      of
      the Class M-1 Certificates immediately prior to such Distribution Date, over
      (b)
      the lesser of (1) the product of (x) 90.20% and (y) the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month),
      and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period, and after reduction for Realized Losses incurred during the prior
      calendar month) minus $2,278,876.

     

    Class
      M-2 Certificate:
      Any
      Certificate designated as a “Class M-2 Certificate” on the face thereof, in the
      form of Exhibit A-2 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class M-2 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Basis Risk Shortfall Carry Forward Amounts.

     

    Class
      M-2 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (1) One-Month LIBOR plus 0.400% per annum and
      (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser
      of (1) One-Month LIBOR plus 0.600% per annum and (ii) 11.00% per annum, in
      each
      case subject to a cap equal to the related Net Rate Cap for such Distribution
      Date.

     

    Class
      M-2 Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the remaining Principal
      Distribution Amount for such Distribution Date after distribution of the Class
      A
      Principal Distribution Amount and the Class M-1 Principal Distribution Amount
      and (y) the excess, if any, of (a) the sum of (1) the aggregate Certificate
      Principal Balance of the Class A Certificates (after taking into account the
      distribution of the Class A Principal Distribution Amount on such Distribution
      Date), (2) the Certificate Principal Balance of the Class M-1 Certificates
      (after taking into account the distribution of the Class M-1 Principal
      Distribution Amount on such Distribution Date) and (3) the Certificate Principal
      Balance of the Class M-2 Certificates immediately prior to such Distribution
      Date, over (b) the lesser of (1) the product of (x) 91.60% and (y) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month),
      and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period, and after reduction for Realized Losses incurred during the prior
      calendar month) minus $2,278,876.

     

    Class
      M-3 Certificate:
      Any
      Certificate designated as a “Class M-3 Certificate” on the face thereof, in the
      form of Exhibit A-2 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class M-3 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Basis Risk Shortfall Carry Forward Amounts.

     

    Class
      M-3 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (1) One-Month LIBOR plus 0.440% per annum and
      (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser
      of (1) One-Month LIBOR plus 0.660% per annum and (ii) 11.00% per annum, in
      each
      case subject to a cap equal to the related Net Rate Cap for such Distribution
      Date.

     

    Class
      M-3 Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the remaining Principal
      Distribution Amount for such Distribution Date after distribution of the Class
      A
      Principal Distribution Amount, the Class M-1 Principal Distribution Amount
      and
      the Class M-2 Principal Distribution Amount and (y) the excess, if any, of
      (a)
      the sum of (1) the aggregate Certificate Principal Balance of the Class A
      Certificates (after taking into account the distribution of the Class A
      Principal Distribution Amount on such Distribution Date), (2) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      the
      distribution of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (3) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account the distribution of the Class M-2 Principal
      Distribution Amount on such Distribution Date) and (4) the Certificate Principal
      Balance of the Class M-3 Certificates immediately prior to such Distribution
      Date, over (b) the lesser of (1) the product of (x) 92.60% and (y) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month),
      and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period, and after reduction for Realized Losses incurred during the prior
      calendar month) minus $2,278,876.

     

    Class
      M-4 Certificate:
      Any
      Certificate designated as a “Class M-4 Certificate” on the face thereof, in the
      form of Exhibit A-2 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class M-4 Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC III and (ii) the right to receive
      Basis Risk Shortfall Carry Forward Amounts.

     

    Class
      M-4 Pass-Through Rate:
      Shall
      mean (i) on any Distribution Date which occurs on or prior to the Optional
      Termination Date, the lesser of (1) One-Month LIBOR plus 0.480% per annum and
      (ii) 11.00% per annum and (ii) for each Distribution Date thereafter, the lesser
      of (1) One-Month LIBOR plus 0.720% per annum and (ii) 11.00% per annum, in
      each
      case subject to a cap equal to the related Net Rate Cap for such Distribution
      Date.

     

    Class
      M-4 Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to the lesser of (x) the remaining Principal
      Distribution Amount for such Distribution Date after distribution of the Class
      A
      Principal Distribution Amount, the Class M-1 Principal Distribution Amount,
      the
      Class M-2 Principal Distribution Amount and the Class M-3 Principal Distribution
      Amount and (y) the excess, if any, of (a) the sum of (1) the aggregate
      Certificate Principal Balance of the Class A Certificates (after taking into
      account the distribution of the Class A Principal Distribution Amount on such
      Distribution Date), (2) the Certificate Principal Balance of the Class M-1
      Certificates (after taking into account the distribution of the Class M-1
      Principal Distribution Amount on such Distribution Date), (3) the Certificate
      Principal Balance of the Class M-2 Certificates (after taking into account
      the
      distribution of the Class M-2 Principal Distribution Amount on such Distribution
      Date), (4) the Certificate Principal Balance of the Class M-3 Certificates
      (after taking into account the distribution of the Class M-3 Principal
      Distribution Amount on such Distribution Date) and (5) the Certificate Principal
      Balance of the Class M-4 Certificates immediately prior to such Distribution
      Date, over (b) the lesser of (1) the product of (x) 93.60% and (y) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period (after giving effect to scheduled payments of principal due during
      the related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month),
      and (2) the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      last day of the related Due Period (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period, and after reduction for Realized Losses incurred during the prior
      calendar month) minus $2,278,876.

     

    Class
      P Certificate:
      Any
      Certificate designated as a “Class P Certificate” on the face thereof, in the
      form of Exhibit A-5 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class P Certificates as set forth herein and
      evidencing (i) a Regular Interest in REMIC V and (ii) the right to receive
      any
      Prepayment Charge Waiver Amounts.

     

    Class
      P Certificate Account:
      The
      account established and maintained by the Securities Administrator pursuant
      to
      Section 6.09 hereof.

     

    Class
      P Interest:
      An
      uncertificated interest in the Trust Fund held by the Trustee on behalf of
      the
      Holders of the Class P Certificates, evidencing a Regular Interest in REMIC
      III
      for purposes of the REMIC Provisions.

     

    Class
      R Certificate:
      Any of
      the Class R-1, Class R-2, Class R-3 or Class RX Certificates.

     

    Class
      R-1 Certificate:
      Any
      Certificate designated a “Class R-1 Certificate” on the face thereof, in the
      form set forth in Exhibit A-6 hereto, evidencing the Residual Interest in REMIC
      I and representing the right to the Percentage Interest of distributions
      provided for the Class R-1 Certificates as set forth herein.

     

    Class
      R-2 Certificate:
      Any
      Certificate designated a “Class R-2 Certificate” on the face thereof, in the
      form set forth in Exhibit A-6 hereto, evidencing the Residual Interest in REMIC
      II and representing the right to the Percentage Interest of distributions
      provided for the Class R-2 Certificates as set forth herein.

     

    Class
      R-3 Certificate:
      Any
      Certificate designated a “Class R-3 Certificate” on the face thereof, in the
      form set forth in Exhibit A-6 hereto, evidencing the Residual Interest in REMIC
      III and representing the right to the Percentage Interest of distributions
      provided for the Class R-3 Certificates as set forth herein.

     

    Class
      R-4 Interest:
      The
      uncertificated Residual Interest in REMIC IV.

     

    Class
      R-5 Interest:
      The
      uncertificated Residual Interest in REMIC V.

     

    Class
      RX Certificate:
      Any
      Certificate designated a “Class RX Certificate” on the face thereof, in the form
      set forth in Exhibit A-6 hereto, evidencing the ownership of the Class R-4
      Interest and Class R-5 Interest and representing the right to the Percentage
      Interest of distributions provided for the Class RX Certificates as set forth
      herein.

     

    Class
      X Certificate:
      Any
      Certificate designated as a “Class X Certificate” on the face thereof, in the
      form of Exhibit A-1 hereto, representing the right to its Percentage Interest
      of
      distributions provided for the Class X Certificates as set forth herein and
      evidencing a Regular Interest in REMIC III.

     

    Class
      X Pass-Through Rate:
      Shall
      mean on any Distribution Date, 0.20% per annum. 

     

    Closing
      Date:
      January
      30, 2007.

     

    Code:
      The
      Internal Revenue Code of 1986, including any successor or amendatory
      provisions.

     

    Company:
      EMC.

     

    Company
      Information:
      As
      defined in Section 4.18(b).

     

    Compensating
      Interest:
      An
      amount, not to exceed the Servicing Fee, to be deposited in the Distribution
      Account by the Company or the related Servicer with respect to the payment
      of a
      Prepayment Interest Shortfall on a Mortgage Loan subject to this
      Agreement.

     

    Corporate
      Trust Office:
      With
      respect to the Trustee, the designated corporate trust office of the Trustee
      where at any particular time its corporate trust business with respect to this
      Agreement shall be administered, which office at the date of the execution
      of
      this agreement is located at U.S. Bank National Association, One Federal Street,
      3rd
      Floor,
      Boston, Massachusetts 02110, Attention: Corporate Trust Services/BSABS 2007-AC1,
      or such other address as the Trustee may designate from time to time, and (ii)
      with respect to the Securities Administrator, the designated office of the
      Securities Administrator at which at any particular time its corporate trust
      business with respect to this Agreement shall be administered, which office
      at
      the date of the execution of this Agreement is located at 9062 Old Annapolis
      Road, Columbia, MD 21045, Attention: Corporate Trust Services, BSABS 2007-AC1
      except for purposes of certificate transfer purposes, such term shall mean
      the
      office or agency of the Securities Administrator located at Wells Fargo Bank,
      N.A., Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
      Attention: Corporate Trust Services, BSABS 2007-AC1.

     

    Corresponding
      Certificate:
      With
      respect to each REMIC II Regular Interest (other than REMIC II Regular Interests
      C and P), the Certificate with the corresponding designation.

     

    Corresponding
      Interest:
      With
      respect to each REMIC I Regular Interest (other than REMIC I Regular Interests
      AA and ZZ), the REMIC II Regular Interest with the corresponding
      designation.

     

    Current
      Interest:
      As of
      any Distribution Date, with respect to the Certificates and interests of each
      class (other than the Class P Interest, the Class P Certificates, the Residual
      Interests and the Residual Certificates), (i) the interest accrued on the
      Certificate Principal Balance or Notional Amount or Uncertificated Notional
      Amount, as applicable, during the related Interest Accrual Period at the
      applicable Pass-Through Rate, plus any amount previously distributed with
      respect to interest for such Certificate or interest that has been recovered
      as
      a voidable preference by a trustee in bankruptcy minus (ii) the sum of (a)
      any
      Prepayment Interest Shortfall for such Distribution Date, to the extent not
      covered by Compensating Interest and (b) any Relief Act Interest Shortfalls
      during the related Due Period, provided, however, that for purposes of
      calculating Current Interest for any such class, amounts specified in clause
      (ii) hereof for any such Distribution Date shall be allocated first to the
      Class
      C Certificates and the Class C Interest in reduction of amounts otherwise
      distributable to such Certificates and interest on such Distribution Date and
      then any excess shall be allocated to each Class of Class A, Class X, Class
      M
      and Class B Certificates pro
      rata
      based on
      the respective amounts of interest accrued pursuant to clause (i) hereof for
      each such Class on such Distribution Date.

     

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

     

    Current
      Specified Enhancement Percentage:
      With
      respect to any Distribution Date, the percentage obtained by dividing (x) the
      sum of (i) the aggregate Certificate Principal Balance of the Class M
      Certificates and Class B Certificates and (ii) the Overcollateralization Amount,
      in each case prior to the distribution of the Principal Distribution Amount
      on
      such Distribution Date, by (y) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the end of the related Due Period (after giving effect
      to
      scheduled payments of principal due during the related Due Period, to the extent
      received or advanced, and unscheduled collections of principal received during
      the related Prepayment Period, and after reduction for Realized Losses incurred
      during the prior calendar month).

     

    Custodial
      Agreement:
      An
      agreement, dated as of January 30, 2007, among the Depositor, the Company as
      a
      Seller, Master Funding as a Seller, the Trustee, the Master Servicer, the
      Securities Administrator and the Custodian in substantially the form of Exhibit
      J hereto.

     

    Custodian:
      Wells
      Fargo Bank, National Association, or any successor custodian appointed pursuant
      to the provisions hereof and the Custodial Agreement.

     

    Cut-off
      Date:
      The
      close of business on January 1, 2007.

     

    Cut-off
      Date Principal Balance:
      As to
      any Mortgage Loan, the unpaid principal balance thereof as of the close of
      business on the Cut-off Date after application of all Principal Prepayments
      received prior to the Cut-off Date and scheduled payments of principal due
      on or
      before the Cut-off Date, whether or not received, but without giving effect
      to
      any installments of principal received in respect of Due Dates after the Cut-off
      Date. The aggregate Cut-off Date Principal Balance of the Mortgage Loans is
      $455,775,287.84.

     

    Debt
      Service Reduction:
      With
      respect to any Mortgage Loan, a reduction by a court of competent jurisdiction
      in a proceeding under the Bankruptcy Code in the Scheduled Payment for such
      Mortgage Loan that became final and non-appealable, except such a reduction
      resulting from a Deficient Valuation or any other reduction that results in
      a
      permanent forgiveness of principal.

     

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, a valuation by a court of competent jurisdiction
      of the Mortgaged Property in an amount less than the then outstanding
      indebtedness under such Mortgage Loan, or any reduction in the amount of
      principal to be paid in connection with any Scheduled Payment that results
      in a
      permanent forgiveness of principal, which valuation or reduction results from
      an
      order of such court that is final and non-appealable in a proceeding under
      the
      Bankruptcy Code.

     

    Definitive
      Certificates:
      As
      defined in Section 7.06.

     

    Deleted
      Mortgage Loan:
      A
      Mortgage Loan replaced or to be replaced by a Replacement Mortgage
      Loan.

     

    Delinquency
      Event:
      A
      Delinquency Event shall have occurred and be continuing if at any time, (x)
      the
      percent equivalent of a fraction, the numerator of which is the aggregate Stated
      Principal Balance of the Mortgage Loans that are 60 days or more Delinquent
      (including for this purpose any such Mortgage Loans in bankruptcy or foreclosure
      and Mortgage Loans with respect to which the related Mortgaged Property is
      REO
      Property), and the denominator of which is the aggregate Stated Principal
      Balance of all of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month)
      exceeds (y) 48.95% of the Current Specified Enhancement Percentage.

     

    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 “30 days delinquent” if such payment
      has not been received by the close of business on the corresponding day of
      the
      month immediately succeeding the month in which such payment was due, or, if
      there is no such corresponding day (e.g., as when a 30-day month follows a
      31-day month in which a payment was due on the 31st day of such month), then
      on
      the last day of such immediately succeeding month. Similarly for “60 days
      delinquent,” “90 days delinquent” and so on. This method of determining
      delinquencies is also referred to as the OTS method.

     

    Denomination:
      With
      respect to each Certificate, the amount set forth on the face thereof as the
      “Initial Principal Balance or initial notional amount of this
      Certificate”.

     

    Depositor:
      Bear
      Stearns Asset Backed Securities I LLC, a Delaware limited liability company,
      or
      its successor in interest.

     

    Depositor
      Information:
      As
      defined in Section 4.18(b). 

     

    Depository:
      The
      initial Depository shall be The Depository Trust Company (“DTC”), the nominee of
      which is Cede & Co., or any other organization registered as a “clearing
      agency” pursuant to Section 17A of the Securities Exchange Act of 1934, as
      amended. The Depository shall initially be the registered Holder of the
      Book-Entry Certificates. The Depository shall at all times be a “clearing
      corporation” as defined in Section 8-102(a)(5) of the Uniform Commercial Code of
      the State of New York.

     

    Depository
      Agreement:
      With
      respect to the Class of Book-Entry Certificates, the agreement between the
      Issuing Entity and the initial Depository, dated as of the Closing Date,
      substantially in the form of Exhibit H.

     

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

     

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

     

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

     

    Distribution
      Account:
      The
      separate Eligible Account created and maintained by the Securities Administrator
      pursuant to Section 5.08 in the name of the Trustee for the benefit of the
      Certificateholders and designated “U.S. Bank National Association, in trust for
      registered Holders of Bear Stearns Asset Backed Securities I LLC, Asset-Backed
      Certificates, Series 2007-AC1” shall be held in trust for the Certificateholders
      for the uses and purposes set forth in this Agreement.

     

    Distribution
      Date:
      The
      25th day of each calendar month after the initial issuance of the Certificates,
      or if such 25th day is not a Business Day, the next succeeding Business Day,
      commencing in February 2007.

     

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

     

    Due
      Date:
      As to
      any Mortgage Loan, the date in each month on which the related Scheduled Payment
      is due, as set forth in the related Mortgage Note.

     

    Due
      Period:
      With
      respect to any Distribution Date, the period from the second day of the calendar
      month preceding the calendar month in which such Distribution Date occurs
      through close of business on the first day of the calendar month in which such
      Distribution Date occurs.

     

    EDGAR:
      As
      defined in Section 4.18.

     

    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, or (ii) an account or
      accounts in a depository institution or trust company in which such accounts
      are
      insured by the FDIC (to the limits established by the FDIC) and the uninsured
      deposits in which accounts are otherwise secured such that, as evidenced by
      an
      Opinion of Counsel delivered to the Trustee and to each Rating Agency, the
      Certificateholders have a claim with respect to the funds in such account or
      a
      perfected first priority security interest against any collateral (which shall
      be limited to Permitted Investments) securing such funds that is superior to
      claims of any other depositors or creditors of the depository institution or
      trust company in which such account is maintained, or (iii) 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 (iv) any other
      account acceptable to the Rating Agencies. Eligible Accounts may bear interest,
      and may include, if otherwise qualified under this definition, accounts
      maintained with the Trustee.

     

    EMC:
      EMC
      Mortgage Corporation, a Delaware corporation, and its successors and
      assigns.

     

    EMC
      Flow Loans:
      The
      Mortgage Loans purchased by EMC pursuant to a flow loan purchase
      agreement.

     

    EMC
      Mortgage Loans:
      Those
      Mortgage Loans serviced by the Company pursuant to the terms of this
      Agreement.

     

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

     

    ERISA
      Restricted Certificates:
      Any of
      the Class C, Class P and Residual Certificates.

     

    Event
      of Default:
      As
      defined in Section 9.01 hereof.

     

    Excess
      Cashflow:
      With
      respect to any Distribution Date, an amount, if any, equal to the sum of (a)
      the
      Remaining Excess Spread for such Distribution Date and (b) the
      Overcollateralization Release Amount for such Distribution Date.

     

    Excess
      Liquidation Proceeds:
      To the
      extent not required by law to be paid to the related Mortgagor, the excess,
      if
      any, of any Liquidation Proceeds with respect to a Mortgage Loan over the Stated
      Principal Balance of such Mortgage Loan and accrued and unpaid interest at
      the
      related Mortgage Rate through the last day of the month in which the Mortgage
      Loan has been liquidated.

     

    Excess
      Spread:
      With
      respect to any Distribution Date, the excess, if any, of (i) the Interest Funds
      for such Distribution Date over (ii) the sum of the Current Interest on the
      Class A, Class X, Class M and Class B Certificates and Interest Carry Forward
      Amounts on the Class A Certificates and the Class X Certificates (other than
      Interest Carry Forward Amounts paid pursuant to Section 6.04(a)(3)(A)), in
      each
      case for such Distribution Date.

     

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

     

    Exchange
      Act Reports:
      Any
      reports required to be filed pursuant to Section 4.18 of this
      Agreement.

     

    Exemption:
      Prohibited Transaction Exemption 90-30, as amended from time to
      time.

     

    Extra
      Principal Distribution Amount:
      With
      respect to any Distribution Date, the lesser of (i) the excess, if any, of
      the
      Overcollateralization Target Amount for such Distribution Date, over the
      Overcollateralization Amount for such Distribution Date (after giving effect
      to
      distributions of principal on the Certificates other than any Extra Principal
      Distribution Amount) and (ii) the Excess Spread for such Distribution
      Date.

     

    Fannie
      Mae:
      Fannie
      Mae (formally, Federal National Mortgage Association), or any successor
      thereto.

     

    FDIC:
      The
      Federal Deposit Insurance Corporation, or any successor thereto.

     

    Final
      Recovery Determination:
      With
      respect to any defaulted Mortgage Loan or any REO Property (other than a
      Mortgage Loan or REO Property purchased by EMC (on its own behalf as a Seller
      and on behalf of Master Funding) pursuant to or as contemplated by Section
      2.03(f) or Section 11.01), a determination made by the Company pursuant to
      this
      Agreement or the applicable Servicer pursuant to the related Servicing Agreement
      that all Insurance Proceeds, Liquidation Proceeds and other payments or
      recoveries which the Company or such Servicer, in its reasonable good faith
      judgment, expects to be finally recoverable in respect thereof have been so
      recovered. The Master Servicer shall maintain records, based solely on
      information provided by the Company and each Servicer, of each Final Recovery
      Determination made thereby.

     

    Final
      Scheduled Distribution Date:
      With
      respect to the Certificates, February 25, 2037.

     

    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 to November 30, as applicable.

     

    Form
      8-K Disclosure Information:
      As
      defined in Section 4.18(a)(ii)(A).

     

    Freddie
      Mac:
      Freddie
      Mac (formally, 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).

     

    Greenpoint:
      GreenPoint Mortgage Funding, Inc.

     

    Greenpoint
      Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of January 30, 2007,
      by and among the Seller, Greenpoint and the Trustee evidencing the assignment
      of
      the Greenpoint Servicing Agreement to the Trust, attached hereto as Exhibit
      R-2.

     

    Greenpoint
      Servicing Agreement:
      The
      Purchase, Warranties and Servicing Agreement, dated as of September 1, 2003,
      between the Seller and Greenpoint, as amended by Amendment Number One, dated
      as
      of January 1, 2006, attached hereto as Exhibit Q-2, as modified by the
      Greenpoint Assignment Agreement.

     

    Gross
      Margin:
      With
      respect to each Adjustable Rate Mortgage Loan, the fixed percentage set forth
      in
      the related Mortgage Note that is added to the Index on each Adjustment Date
      in
      accordance with the terms of the related Mortgage Note used to determine the
      Mortgage Rate for such Mortgage Loan.

     

    Indemnified
      Persons:
      The
      Trustee, the Master Servicer, the Company, the Trust Fund and the Securities
      Administrator and their officers, directors, agents and employees and, with
      respect to the Trustee, any separate co-trustee and its officers, directors,
      agents and employees.

     

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

     

    Initial
      Certificate Principal Balance:
      With
      respect to any Certificate, the Certificate Principal Balance of such
      Certificate or any predecessor Certificate on the Closing Date.

     

    Insurance
      Policy:
      With
      respect to any Mortgage Loan included in the Trust Fund, any insurance policy
      or
      LPMI Policy, including all riders and endorsements thereto in effect with
      respect to such Mortgage Loan, including any replacement policy or policies
      for
      any Insurance Policies.

     

    Insurance
      Proceeds:
      Proceeds paid in respect of the Mortgage Loans pursuant to any Insurance Policy
      or any other insurance policy covering a Mortgage Loan, to the extent such
      proceeds are payable to the mortgagee under the Mortgage, the Company, the
      related Servicer or the Trustee under the deed of trust and are not applied
      to
      the restoration of the related Mortgaged Property or released to the Mortgagor
      in accordance with the procedures that the Company or the related Servicer
      would
      follow in servicing mortgage loans held for its own account, in each case other
      than any amount included in such Insurance Proceeds in respect of Insured
      Expenses.

     

    Insured
      Expenses:
      Expenses covered by an Insurance Policy or any other insurance policy with
      respect to the Mortgage Loans.

     

    Interest
      Accrual Period:
      With
      respect to the Certificates (other than the Class A, Class X, Class C, Class
      P
      Certificates and the Residual Certificates) and any Distribution Date, the
      period from and including the 25th day of the calendar month preceding the
      month
      in which such Distribution Date occurs (or with respect to the Class M
      Certificates and Class B Certificates and the first Interest Accrual Period,
      the
      Closing Date) to and including the 24th
      day of
      the calendar month in which such Distribution Date occurs. The Class R
      Certificates and Class P Certificates are not entitled to distributions of
      interest and do not have an Interest Accrual Period. With respect to the Class
      A, Class X, Class C Certificates and the Class C Interest and any Distribution
      Date, the calendar month immediately preceding such Distribution Date. All
      calculations of interest on the Class A, Class X and Class C Certificates and
      the Class C Interest will be made on the basis of a 360-day year consisting
      of
      twelve 30-day months. All calculations of interest on the Class M Certificates
      and Class B Certificates will be made on the basis of the actual number of
      days
      elapsed in the related Interest Accrual Period.

     

    Interest
      Carry Forward Amount:
      As of
      any Distribution Date and with respect to each Class of Certificates (other
      than
      the Class C, Class P and Residual Certificates), the sum of (i) the excess
      of
      (a) the Current Interest for such Class with respect to such Distribution Date
      and any prior Distribution Dates over (b) the amount actually distributed to
      such Class of Certificates with respect to interest on such Distribution Dates
      and (ii) interest thereon (to the extent permitted by applicable law) at the
      applicable Pass-Through Rate for such Class for the related Interest Accrual
      Period including the Interest Accrual Period relating to such Distribution
      Date.

     

    Interest
      Determination Date:
      Shall
      mean the second LIBOR Business Day preceding the commencement of each Interest
      Accrual Period.

     

    Interest
      Funds:
      For any
      Distribution Date, (i) the sum, without duplication, of (a) all scheduled
      interest during the related Due Period with respect to the related Mortgage
      Loans less the Servicing Fee, the Securities Administrator Fee and the LPMI
      Fee,
      if any, (b) all Advances relating to interest with respect to the related
      Mortgage Loans remitted by the related Servicer, the Company or Master Servicer,
      as applicable, on or prior to the related Remittance Date, (c) all Compensating
      Interest with respect to the related Mortgage Loans required to be remitted
      by
      the Company pursuant to this Agreement or the related Servicer pursuant to
      the
      related Servicing Agreement with respect to such Distribution Date, (d)
      Liquidation Proceeds and Subsequent Recoveries with respect to the related
      Mortgage Loans collected during the prior calendar month (to the extent such
      Liquidation Proceeds and Subsequent Recoveries relate to interest), (e) all
      amounts relating to interest with respect to each Mortgage Loan repurchased
      by
      the Seller pursuant to Sections 2.02 and 2.03 and by EMC (on its own behalf
      as a
      Seller and on behalf of Master Funding) pursuant to Section 4.21, (f) all
      amounts in respect of interest paid by the Master Servicer pursuant to Section
      11.01, in each case to the extent remitted by the Company or the related
      Servicer, as applicable, to the Master Servicer Collection Account pursuant
      to
      this Agreement or the related Servicing Agreement and (g) the interest portion
      of any proceeds received from the exercise of an Optional Termination pursuant
      to Section 11.01 minus (ii) all amounts required to be reimbursed pursuant
      to
      Sections 5.02, 5.05, 5.07 and 5.09 or as otherwise set forth in this
      Agreement.

     

    Issuing
      Entity:
      Bear
      Stearns Asset Backed Securities I Trust 2007-AC1.

     

    Latest
      Possible Maturity Date:
      February 25, 2037, which is the Distribution Date in the month following the
      final scheduled maturity date of the Mortgage Loan in the Trust Fund having
      the
      latest scheduled maturity date as of the Cut-off Date. For purposes of the
      Treasury regulations under Sections 860A through 860G of the Code, the latest
      possible maturity date of each Regular Interest issued by REMIC I, REMIC II,
      REMIC III, REMIC IV and REMIC V shall be the Latest Possible Maturity
      Date.

     

    LIBOR
      Business Day:
      Shall
      mean a day on which banks are open for dealing in foreign currency and exchange
      in London and New York City.

     

    LIBOR
      Certificates:
      Any of
      the Class M Certificates and Class B Certificates.

     

    Liquidated
      Loan:
      With
      respect to any Distribution Date, a defaulted Mortgage Loan that has been
      liquidated through deed-in-lieu of foreclosure, foreclosure sale, trustee’s sale
      or other realization as provided by applicable law governing the real property
      subject to the related Mortgage and any security agreements and as to which
      the
      Company or the related Servicer has made a Final Recovery Determination with
      respect thereto.

     

    Liquidation
      Proceeds:
      Amounts, other than Insurance Proceeds, received in connection with the partial
      or complete liquidation of a Mortgage Loan, whether through trustee’s sale,
      foreclosure sale or otherwise, or in connection with any condemnation or partial
      release of a Mortgaged Property and any other proceeds received with respect
      to
      an REO Property, less the sum of related unreimbursed Advances, Servicing Fees
      and Servicing Advances and all expenses of liquidation, including property
      protection expenses and foreclosure and sale costs, including court and
      reasonable attorneys fees.

     

    Loan-to-Value
      Ratio:
      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 Appraised Value of the related Mortgaged Property.

     

    Loss
      Allocation Limitation:
      The
      meaning specified in Section 6.05(c) hereof.

     

    LPMI
      Fee:
      Shall
      mean the fee payable to the insurer for each Mortgage Loan subject to an LPMI
      Policy as set forth in such LPMI Policy and on the Mortgage Loan
      Schedule.

     

    LPMI
      Policy:
      A
      policy of mortgage guaranty insurance issued by an insurer meeting the
      requirements of Fannie Mae and Freddie Mac in which the Company or the related
      Servicer of the related Mortgage Loan is responsible for the payment of the
      LPMI
      Fee thereunder from collections on the related Mortgage Loan.

     

    Majority
      Class C Certificateholder:
      Shall
      mean the Holder of a 50.01% or greater Percentage Interest in the Class C
      Certificates.

     

    Marker
      Rate:
      With
      respect to REMIC II Regular Interest C and any Distribution Date, a per annum
      rate equal to two (2) times the weighted average of the Uncertificated REMIC
      I
      Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular
      Interests AA and P), with the rate on each such REMIC I Regular Interest (other
      than REMIC I Regular Interest ZZ) subject to a cap equal to the Uncertificated
      REMIC II Pass-Through Rate for the Corresponding Interest for the purpose of
      this calculation for such Distribution Date, and with the rate on REMIC I
      Regular Interest ZZ subject to a cap of zero for the purpose of this
      calculation; provided, however, that solely for this purpose, the related cap
      with respect to each REMIC I Regular Interest (other than REMIC I Regular
      Interests AA, A-1, A-2, A-3, P and ZZ) shall be multiplied by a fraction, the
      numerator of which is 30 and the denominator of which is the actual number
      of
      days in the related Interest Accrual Period.

     

    Master
      Funding:
      Master
      Funding LLC, a Delaware limited liability company, and its successors and
      assigns, in its capacity as the seller of the Master Funding Mortgage Loans
      to
      the Depositor.

     

    Master
      Funding Mortgage Loans:
      The
      Mortgage Loans identified as such on the Mortgage Loan Schedule for which Master
      Funding is the applicable Seller.

     

    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 5.01,
      which
      shall be denominated “EMC Mortgage Corporation, as Master Servicer for the
      benefit of the U.S. Bank National Association acting as Trustee, in trust for
      registered Holders of Bear Stearns Asset Backed Securities I LLC, Asset-Backed
      Certificates, Series 2007-AC1 - Master Servicer Collection Account.” The Master
      Servicer Collection Account shall be an Eligible Account.

     

    Master
      Servicer Information:
      As
      defined in Section 4.18(b).

     

    Master
      Servicing Compensation:
      For any
      Distribution Date, any amounts earned on the investment of funds on deposit
      in
      the Master Servicer Collection Account.

     

    Maximum
      Mortgage Rate:
      With
      respect to each Adjustable Rate Mortgage Loan, the percentage set forth in
      the
      related Mortgage Note as the maximum Mortgage Rate thereunder.

     

    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
      Mortgage Rate:
      With
      respect to each Adjustable Rate Mortgage Loan, the percentage set forth in
      the
      related Mortgage Note as the minimum Mortgage Rate thereunder.

     

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

     

    Monthly
      Statement:
      The
      statement delivered pursuant to Section 6.06.

     

    Moody’s:
      Moody’s
      Investors Service, Inc., and any successor thereto.

     

    Mortgage:
      The
      mortgage, deed of trust or other instrument creating a first lien on or first
      priority ownership interest in an estate in fee simple in real property securing
      a Mortgage Note.

     

    Mortgage
      File:
      The
      mortgage documents listed in Section 2.01 hereof pertaining to a particular
      Mortgage Loan and any additional documents delivered to the Trustee or Custodian
      on its behalf to be added to the Mortgage File pursuant to this
      Agreement.

     

    Mortgage
      Loans:
      Such of
      the Mortgage Loans transferred and assigned to the Trustee pursuant to the
      provisions hereof, as from time to time are held as a part of the Trust Fund
      (including any REO Property), the mortgage loans so held being identified in
      the
      Mortgage Loan Schedule, notwithstanding foreclosure or other acquisition of
      title of the related Mortgaged Property. Any mortgage loan that was intended
      by
      the parties hereto to be transferred to the Trust Fund as indicated by such
      Mortgage Loan Schedule which is in fact not so transferred for any reason
      including, without limitation, a breach of the representation contained in
      Section 2.03(b)(v) hereof, shall continue to be a Mortgage Loan hereunder until
      the Purchase Price with respect thereto has been paid to the Trust
      Fund.

     

    Mortgage
      Loan Purchase Agreement:
      Shall
      mean the Mortgage Loan Purchase Agreement, dated as of January 30, 2007, among
      EMC, as a seller, Master Funding, as a seller and the Depositor, as purchaser
      in
      the form attached hereto as Exhibit L.

     

    Mortgage
      Loan Purchase Price:
      The
      price, calculated as set forth in Section 11.01, to be paid in connection with
      the repurchase of the Mortgage Loans pursuant to Section 11.01.

     

    Mortgage
      Loan Schedule:
      The
      list of Mortgage Loans (as from time to time amended by the Seller to reflect
      the deletion of Deleted Mortgage Loans and the addition of Replacement 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,
      the
      initial Mortgage Loan Schedule being attached hereto as Exhibit B, 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
      Securities Administrator Fee Rate;

     

    (f)  the
      LPMI
      Fee, if applicable;

     

    (g)  the
      Trustee Fee Rate, if applicable;

     

    (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; and

     

    (gg)  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
      Note:
      The
      original executed note or other evidence of indebtedness of a Mortgagor under
      a
      Mortgage Loan.

     

    Mortgage
      Rate:
      The
      annual rate of interest borne by a Mortgage Note.

     

    Mortgaged
      Property:
      The
      underlying property securing a Mortgage Loan.

     

    Mortgagor:
      The
      obligors on a Mortgage Note.

     

    Net
      Mortgage Rate:
      As to
      each Mortgage Loan, and at any time, the per annum rate equal to the Mortgage
      Rate less the sum of (i) the Servicing Fee Rate, (ii) the Securities
      Administrator Fee Rate and (iii) the rate at which the LPMI Fee is calculated,
      if any.

     

    Net
      Rate Cap:
      With
      respect to the Class A-1 Certificates and the Class A-2 Certificates and any
      Distribution Date, a per annum rate equal to the weighted average of the Net
      Mortgage Rates on the Mortgage Loans as of the first day of the related Due
      Period. With respect to the Class A-3 Certificates and any Distribution Date,
      a
      per annum rate equal to the weighted average of the Net Mortgage Rates on the
      Mortgage Loans as of the first day of the related Due Period, minus 0.20% per
      annum.

     

    With
      respect to the Class M Certificates and Class B Certificates and any
      Distribution Date, a per annum rate equal to the weighted average of the Net
      Mortgage Rates on the Mortgage Loans as of the first day of the related Due
      Period, adjusted for the actual numbers of days elapsed in the Interest Accrual
      Period.

     

    For
      federal income tax purposes, the Net Rate Cap with respect to each of the Class
      A-1, Class A-2, Class M and Class B Certificates and any Distribution Date
      shall
      be equal to a per annum rate equal to the weighted average (adjusted for the
      actual number of days elapsed in the related Intrest Accrual Period, in the
      case
      of the Class M Certificates and Class B Certificates) of the Uncertificated
      REMIC II Pass-Through Rate for such Distribution Date for the REMIC II Regular
      Interest for which such Certificate is the Corresponding Certificate, weighted
      on the basis of the Uncertificated Principal Balance of such REMIC II Regular
      Interest immediately prior to such Distribution Date. For federal income tax
      purposes, the Net Rate Cap with respect to the Class A-3 Certificates and any
      Distribution Date shall be equal to a per annum rate equal to the weighted
      average of clause (i)(b) or (ii)(b), as applicable, of the Uncertificated REMIC
      II Pass-Through Rate for such Distribution Date for the REMIC II Regular
      Interest for which such Certificate is the Corresponding Certificate, weighted
      on the basis of the Uncertificated Principal Balance of such REMIC II Regular
      Interest immediately prior to such Distribution Date, minus 0.20% per
      annum.

     

    Non-Book-Entry
      Certificate:
      Any
      Certificate other than a Book-Entry Certificate.

     

    Nonrecoverable
      Advance:
      Any
      portion of an Advance previously made or proposed to be made by the Company
      or
      the Master Servicer pursuant to this Agreement or the related Servicer pursuant
      to the related Servicing Agreement, that, in the good faith judgment of the
      Company, the Master Servicer or the related Servicer, will not or, in the case
      of a proposed advance, would not, be ultimately recoverable by it from the
      related Mortgagor, related Liquidation Proceeds, Insurance Proceeds or
      otherwise.

     

    Notional
      Amount:
      With
      respect to the Class X Certificates and any Distribution Date, an amount equal
      to the aggregate Certificate Principal Balance of the Class A-3 Certificates
      for
      such Distribution Date. For federal income tax purposes, the Class X
      Certificates will have a Notional Amount on any Distribution Date equal to
      the
      Uncertificated Principal Balance of REMIC II Regular Interest A-3 for such
      Distribution Date. With respect to the Class C Certificates and any Distribution
      Date, an amount equal to the aggregate Stated Principal Balance of the Mortgage
      Loans. The initial Notional Amount of the Class C Certificates shall be
      $455,775,287.84. For federal income tax purposes, the Class C Certificates
      will
      have a Notional Amount equal to the Uncertificated Notional Amount of the Class
      C Interest.

     

    Offered
      Certificates:
      Any of
      the Class A-1, Class A-2, Class A-3, Class X, Class M-1, Class M-2, Class M-3,
      Class M-4, Class B-1, Class B-2 and Class B-3 Certificates. 

     

    Officer’s
      Certificate:
      A
      certificate (i) signed by the Chairman of the Board, the Vice Chairman of the
      Board, the President, a Vice President (however denominated), an Assistant
      Vice
      President, the Treasurer, the Secretary, or one of the assistant treasurers
      or
      assistant secretaries of the Depositor, the Seller, any Servicer or the Master
      Servicer (or any other officer customarily performing functions similar to
      those
      performed by any of the above designated officers and also to whom, with respect
      to a particular matter, such matter is referred because of such officer’s
      knowledge of and familiarity with a particular subject) or (ii), if provided
      for
      in this Agreement, signed by a Servicing Officer, as the case may be, and
      delivered to the Depositor, the Seller, Master Funding, the Securities
      Administrator, the Master Servicer and/or the Trustee, as the case may be,
      as
      required by this Agreement.

     

    One-Month
      LIBOR:
      With
      respect to any Interest Accrual Period and the LIBOR Certificates, the rate
      determined by the Securities Administrator on the related Interest Determination
      Date on the basis of the rate for U.S. dollar deposits for one month that
      appears on Telerate Screen Page 3750 as of 11:00 a.m. (London time) on such
      Interest Determination Date. If
      such
      rate does not appear on such page (or such other page as may replace that page
      on that service, or if such service is no longer offered, such other service
      for
      displaying One-Month LIBOR or comparable rates as may be reasonably selected
      by
      the Securities Administrator), One-Month LIBOR for the applicable Interest
      Accrual Period will be the Reference Bank Rate. If no such quotations can be
      obtained by the Securities Administrator and no Reference Bank Rate is
      available, One-Month LIBOR shall be One-Month LIBOR applicable to the preceding
      Interest Accrual Period. The establishment of One-Month LIBOR on each Interest
      Determination Date by the Securities Administrator and the Securities
      Administrator’s calculation of the rate of interest applicable to the LIBOR
      Certificates for the related Interest Accrual Period shall, in the absence
      of
      manifest error, be final and binding. One-Month LIBOR for the Class M
      Certificates and Class B Certificates and any Interest Accrual Period shall
      be
      calculated as described above.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, who may be counsel for the Seller, the Depositor,
      the Company, the Securities Administrator or the Master Servicer, reasonably
      acceptable to each addressee of such opinion; provided that with respect to
      Section 2.05, 8.05, 8.07 or 12.01, or the interpretation or application of
      the
      REMIC Provisions, such counsel must (i) in fact be independent of the Seller,
      the Depositor, the Company, the Securities Administrator and the Master
      Servicer, (ii) not have any direct financial interest in the Seller, Depositor,
      the Company, the Securities Administrator or the Master Servicer or in any
      affiliate of either, and (iii) not be connected with the Seller, Depositor,
      the
      Company, the Securities Administrator or the Master Servicer as an officer,
      employee, promoter, underwriter, trustee, partner, director or person performing
      similar functions.

     

    Optional
      Termination:
      The
      termination of the Trust created hereunder as a result of the purchase of all
      of
      the assets of the Trust and any related REO Property pursuant to Section
      11.01.

     

    Optional
      Termination Date:
      The
      Distribution Date on which the Stated Principal Balance of all of the Mortgage
      Loans is equal to or less than 10% of the Stated Principal Balance of all of
      the
      Mortgage Loans as of the Cut-off Date.

     

    Original
      Value:
      The
      value of the property underlying a Mortgage Loan based, in the case of the
      purchase of the underlying Mortgaged Property, on the lower of an appraisal
      or
      the sales price of such property or, in the case of a refinancing, on an
      appraisal.

     

    Originator:
      With
      respect to each Mortgage Loan, shall mean the originator set forth in the
      Mortgage Loan Schedule for such Mortgage Loan.

     

    OTS:
      The
      Office of Thrift Supervision.

     

    Outstanding:
      With
      respect to the Certificates as of any date of determination, all Certificates
      theretofore executed and authenticated under this Agreement except:

     

    (a) Certificates
      theretofore canceled by the Securities Administrator or delivered to the
      Securities Administrator for cancellation; and

     

    (b) Certificates
      in exchange for which or in lieu of which other Certificates have been executed
      and delivered by the Securities Administrator pursuant to this
      Agreement.

     

    Outstanding
      Mortgage Loan:
      As of
      any date of determination, a Mortgage Loan with a Stated Principal Balance
      greater than zero that was not the subject of a Principal Prepayment in full,
      and that did not become a Liquidated Loan, prior to the end of the related
      Prepayment Period.

     

    Overcollateralization
      Amount:
      With
      respect to any Distribution Date, the excess, if any, of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related Due
      Period (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period, and
      after reduction for Realized Losses incurred during the prior calendar month)
      over the aggregate Certificate Principal Balance of the Certificates (other
      than
      the Class C Certificates and the Class P Certificates) on such Distribution
      Date
      (after taking into account the payment of principal other than any Extra
      Principal Distribution Amount on such Certificates).

     

    Overcollateralization
      Release Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Funds for
      such
      Distribution Date and (y) the excess, if any, of (i) the Overcollateralization
      Amount for such Distribution Date (assuming that 100% of the Principal Funds
      are
      applied as a principal payment on such Distribution Date), over (ii) the
      Overcollateralization Target Amount for such Distribution Date (with the amount
      pursuant to clause (y) deemed to be $0 if the Overcollateralization Amount
      is
      less than or equal to the Overcollateralization Target Amount on that
      Distribution Date).

     

    Overcollateralization
      Target Amount:
      With
      respect to any Distribution Date (a) prior to the Stepdown Date, 0.90% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date,
      (b) on or after the Stepdown Date and if a Trigger Event is not in effect,
      the
      greater of (i) the lesser of (1) 0.90% of the aggregate Stated Principal Balance
      of the Mortgage Loans as of the Cut-off Date and (2) 1.80% of the then current
      aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period (after giving effect to scheduled payments of principal
      due during the related Due Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period, and after reduction for Realized Losses incurred during the prior
      calendar month) and (ii) $2,278,876 or (c) on or after the Stepdown Date and
      if
      a Trigger Event is in effect, the Overcollateralization Target Amount for the
      immediately preceding Distribution Date.

     

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

     

    Pass-Through
      Transfer:
      Any
      transaction involving either (1) a sale or other transfer of 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.

     

    Pass-Through
      Rate:
      With
      respect to each Class of Certificates (other than the Class C Certificates)
      and
      the Class C Interest, the Class A-1 Pass-Through Rate, Class A-2 Pass-Through
      Rate, Class A-3 Pass-Through Rate, the Class X Pass-Through Rate, Class M-1
      Pass-Through Rate, Class M-2 Pass-Through Rate, Class M-3 Pass-Through Rate,
      Class M-4 Pass-Through Rate, Class B-1 Pass-Through Rate, Class B-2 Pass-Through
      Rate, Class B-3 Pass-Through Rate or Class B-4 Pass-Through Rate, as
      applicable.

     

    With
      respect to the Class C Interest, the Class C Interest shall not have a
      Pass-Through Rate, but the Current Interest for such interest and each
      Distribution Date shall be an amount equal to 100% of the interest distributable
      to REMIC II Regular Interest C.

     

    With
      respect to the Class C Certificate,
      the
      Class C Certificate shall not have a Pass-Through Rate, but Current Interest
      for
      such Certificate and each Distribution Date shall be an amount equal to 100%
      of
      the amounts distributable to the Class C Interest for such Distribution
      Date.

     

    With
      respect to the Class P Certificate and the Class P Interest, 0.00% per
      annum.

     

    Paying
      Agent:
      The
      Securities Administrator, in its capacity as paying agent, and its successors
      and assigns.

     

    Percentage
      Interest:
      With
      respect to any Certificate of a specified Class, the Percentage Interest set
      forth on the face thereof or the percentage obtained by dividing the
      Denomination of such Certificate by the aggregate of the Denominations of all
      Certificates of the such Class.

     

    Periodic
      Rate Cap:
      With
      respect to each Adjustable Rate Mortgage Loan and any Adjustment Date therefor,
      the fixed percentage set forth in the related Mortgage Note, which is the
      maximum amount by which the Mortgage Rate for such Mortgage Loan may increase
      or
      decrease (without regard to the Maximum Mortgage Rate or the Minimum Mortgage
      Rate) on such Adjustment Date from the Mortgage Rate in effect immediately
      prior
      to such Adjustment Date.

     

    Permitted
      Investments:
      At any
      time, any one or more of the following obligations and securities:

     

    (i)  obligations
      of the United States or any agency thereof, provided such obligations are backed
      by the full faith and credit of the United States;

     

    (ii)  general
      obligations of or obligations guaranteed by any state of the United States
      or
      the District of Columbia receiving the highest long-term debt rating of each
      Rating Agency, 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;

     

    (iii)  commercial
      or finance company paper which is then receiving the highest commercial or
      finance company paper rating of each Rating Agency, 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;

     

    (iv)  certificates
      of deposit, demand or time deposits, or bankers’ acceptances issued by any
      depository institution or trust company incorporated under the laws of the
      United States or of any state thereof and subject to supervision and examination
      by federal and/or state banking authorities (including the Trustee and the
      Securities Administrator in its commercial banking capacity), provided that
      the
      commercial paper and/or long term unsecured debt obligations of such depository
      institution or trust company are then rated one of the two highest long-term
      and
      the highest short-term ratings of each such Rating Agency for such securities,
      or such lower ratings as will not result in the downgrading or withdrawal of
      the
      rating then assigned to the Certificates by any Rating Agency;

     

    (v)  demand
      or
      time deposits or certificates of deposit issued by any bank or trust company
      or
      savings institution to the extent that such deposits are fully insured by the
      FDIC;

     

    (vi)  guaranteed
      reinvestment agreements issued by any bank, insurance company or other
      corporation containing, at the time of the issuance of such agreements, such
      terms and conditions as will not result in the downgrading or withdrawal of
      the
      rating then assigned to the Certificates by any such Rating Agency;

     

    (vii)  repurchase
      obligations with respect to any security described in clauses (i) and (ii)
      above, in either case entered into with a depository institution or trust
      company (acting as principal) described in clause (iv) above;

     

    (viii)  securities
      (other than stripped bonds, stripped coupons or instruments sold at a purchase
      price in excess of 115% of the face amount thereof) bearing interest or sold
      at
      a discount issued by any corporation incorporated under the laws of the United
      States or any state thereof which, at the time of such investment, have one
      of
      the two highest long term ratings of each Rating Agency (except if the Rating
      Agency is Moody’s, such rating shall be the highest commercial paper rating of
      Moody’s for any such securities), or such lower rating as will not result in the
      downgrading or withdrawal of the rating then assigned to the Certificates by
      any
      Rating Agency, as evidenced by a signed writing delivered by each Rating
      Agency;

     

    (ix)  interests
      in any money market fund (including any such fund managed or advised by the
      Trustee or Securities Administrator 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 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;

     

    (x)  short
      term investment funds sponsored by any trust company or banking association
      incorporated under the laws of the United States or any state thereof (including
      any such fund managed or advised by the Trustee, the Securities Administrator
      or
      any affiliate thereof) which on the date of acquisition has been rated by each
      Rating Agency in their respective highest applicable rating category 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; and

     

    (xi)  such
      other investments having a specified stated maturity and bearing interest or
      sold at a discount acceptable to each Rating Agency as will not result in the
      downgrading or withdrawal of the rating then assigned to the Certificates by
      any
      Rating Agency, as evidenced by a signed writing delivered by each Rating
      Agency;

     

    provided,
      that no such instrument shall be a Permitted Investment if such instrument
      (i)
      evidences the right to receive interest only payments with respect to the
      obligations underlying such instrument, (ii) is purchased at a premium or (iii)
      is purchased at a deep discount; provided further that no such instrument shall
      be a Permitted Investment (A) if such instrument evidences principal and
      interest payments derived from obligations underlying such instrument and the
      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, or (B) if it may be redeemed at a price below the purchase price
      (the foregoing clause (B) not to apply to investments in units of money market
      funds pursuant to clause (vi) above); provided further that no amount
      beneficially owned by any REMIC may be invested in investments (other than
      money
      market funds) treated as equity interests for federal income tax purposes,
      unless the Securities Administrator shall receive an Opinion of Counsel, at
      the
      expense of the Securities Administrator, to the effect that such investment
      will
      not adversely affect the status of any such REMIC as a REMIC under the Code
      or
      result in imposition of a tax on any such REMIC. Permitted Investments that
      are
      subject to prepayment or call may not be purchased at a price in excess of
      par.

     

    Permitted
      Transferee:
      Any
      Person (x) other than (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, (ii) a foreign government, International Organization
      or
      any agency or instrumentality of either of the foregoing, (iii) an organization
      (except certain farmers’ cooperatives described in Section 521 of the Code) that
      is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed
      by Section 511 of the Code on unrelated business taxable income) on any excess
      inclusions (as defined in Section 860E(c)(1) of the Code) with respect to any
      Residual Certificate, (iv) rural electric and telephone cooperatives described
      in Section 1381(a)(2)(C) of the Code or (v) an electing large partnership within
      the meaning of Section 775(a) of the Code, (y) that is a citizen or resident
      of
      the United States, a corporation, partnership (other than a partnership that
      has
      any direct or indirect foreign partners) or other entity (treated as a
      corporation or a partnership for federal income tax purposes), created or
      organized in or under the laws of the United States, any State thereof or the
      District of Columbia, an estate whose income from sources without the United
      States is includible in gross income for United States federal income tax
      purposes regardless of its connection with the conduct of a trade or business
      within the United States, 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 United States persons have authority to control all substantial decisions
      of the trust or if it has a valid election in effect under applicable U.S.
      Treasury regulations to be treated as a United States person and (z) other
      than
      any other Person so designated by the Trustee or Securities Administrator based
      upon an Opinion of Counsel addressed to the Trustee or Securities Administrator
      (which shall not be an expense of the Trustee or Securities Administrator)
      that
      states that the Transfer of an Ownership Interest in a Residual Certificate
      to
      such Person may cause REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V to
      fail
      to qualify as a REMIC at any time that any Certificates are Outstanding. The
      terms “United States,” “State” and “International Organization” shall have the
      meanings set forth in Section 7701 of the Code or successor provisions. A
      corporation will not be treated as an instrumentality of the United States
      or of
      any State or political subdivision thereof for these purposes if all of its
      activities are subject to tax and, with the exception of Freddie Mac, a majority
      of its board of directors is not selected by such government unit.

     

    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
      Assumption:
      The
      applicable rate of prepayment, as described in the Prospectus
      Supplement.

     

    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
      Charge Waiver Amount:
      Any
      amount paid by the Company or related Servicer to the Master Servicer in respect
      of waived Prepayment Charges pursuant to Section 5.01(a).

     

    Prepayment
      Interest Excess:
      With
      respect to any Distribution Date, for each EMC Mortgage Loan that was the
      subject of a Principal Prepayment in full during the portion of the related
      Prepayment Period occurring between the first day of the calendar month in
      which
      such Distribution Date occurs and the Determination Date of the calendar month
      in which such Distribution Date occurs, an amount equal to interest (to the
      extent received) at the applicable Net Mortgage 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 Distribution Date occurs and ending on the last
      date through which interest is collected from the related
      Mortgagor.

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date, for each Mortgage Loan that was the subject
      of
      a partial Principal Prepayment during the related Prepayment Period, or a
      Principal Prepayment in full during the related Prepayment Period, or that
      became a Liquidated Loan during the prior calendar month, (other than a
      Principal Prepayment in full resulting from the purchase of a Mortgage Loan
      pursuant to Section 2.02, 2.03, 4.21 or 11.01 hereof), the amount, if any,
      by
      which (i) one month’s interest at the applicable Net Mortgage Rate on the Stated
      Principal Balance of such Mortgage Loan immediately prior to such prepayment
      (or
      liquidation) or in the case of a partial Principal Prepayment on the amount
      of
      such prepayment (or liquidation proceeds) exceeds (ii) the amount of interest
      paid or collected in connection with such Principal Prepayment or such
      liquidation proceeds less the sum of (a) the related Servicing Fee, (b) the
      Securities Administrator Fee Rate and (c) the LPMI Fee, if any.

     

    Prepayment
      Period:
      As to
      any Distribution Date (except the first Distribution Date) and each EMC Mortgage
      Loan, for each Principal Prepayment in full, the period commencing on the 16th
      day of the month prior to the month in which the related Distribution Date
      occurs and ending on the 15th day of the month in which such Distribution Date
      occurs (as to the first Distribution Date and any Mortgage Loan, the period
      commencing on the Cut-off Date and ending on the 15th day of the month in which
      such Distribution Date occurs) and for each partial Principal Prepayment, the
      calendar month prior to the month in which such Distribution Date occurs. As
      to
      any Distribution Date and each Mortgage Loan that is not an EMC Mortgage Loan,
      in accordance with 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
      Distribution Amount:
      With
      respect to each Distribution Date, an amount equal to (x) the Principal Funds
      for such Distribution Date plus (y) any Extra Principal Distribution Amount
      for
      such Distribution Date, less (z) any Overcollateralization Release
      Amount.

     

    Principal
      Funds:
      With
      respect to any Distribution Date, (i) the sum, without duplication, of (a)
      all
      scheduled principal collected on the Mortgage Loans during the related Due
      Period, (b) all Advances relating to principal made with respect to the Mortgage
      Loans remitted by the related Servicer or Master Servicer, as applicable, on
      or
      prior to the Remittance Date, (c) Principal Prepayments with respect to the
      Mortgage Loans exclusive of Prepayment Charges or penalties collected during
      the
      related Prepayment Period, (d) the Stated Principal Balance of each Mortgage
      Loan that was repurchased by the Seller pursuant to Sections 2.02 or 2.03 or
      by
      EMC (on its own behalf as a Seller and on behalf of Master Funding) pursuant
      to
      Section 4.21, (e) the aggregate of all Substitution Adjustment Amounts with
      respect to the Mortgage Loans for the related Determination Date in connection
      with the substitution of related Mortgage Loans pursuant to Section 2.03(f),
      (f)
      all Liquidation Proceeds and Subsequent Recoveries with respect to the Mortgage
      Loans collected during the prior calendar month (to the extent such Liquidation
      Proceeds and Subsequent Recoveries relate to principal) and remitted by the
      Company or the related Servicer to the Master Servicer Collection Account
      pursuant to this Agreement or the related Servicing Agreement and (g) amounts
      in
      respect of principal paid by the Majority Class C Certificateholder pursuant
      to
      Section 11.01 minus (ii) all related amounts required to be reimbursed pursuant
      to Sections 5.02, 5.05, 5.07 and 5.09 or as otherwise set forth in this
      Agreement.

     

    Principal
      Prepayment:
      Any
      Mortgagor payment or other recovery of (or proceeds with respect to) principal
      on a Mortgage Loan (including loans purchased or repurchased under Sections
      2.02, 2.03, 4.21 and 11.01 hereof) that is received in advance of its scheduled
      Due Date and 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. Partial Principal Prepayments shall be applied by
      the
      Company or the related Servicer, as appropriate, in accordance with the terms
      of
      the related Mortgage Note.

     

    Private
      Certificates:
      Any of
      the Class B-4, Class C, Class P and Class R Certificates.

     

    Prospectus
      Supplement:
      The
      Prospectus Supplement dated January 29, 2007 relating to the public offering
      of
      the Offered Certificates.

     

    Protected
      Account:
      Each
      account established and maintained by the Company with respect to receipts
      on
      the Mortgage Loans and REO Property in accordance with Section 5.01 hereof
      or by
      the related Servicer in accordance with the related Servicing
      Agreement.

     

    PUD:
      A
      Planned Unit Development.

     

    Purchase
      Price:
      With
      respect to any Mortgage Loan (x) to be purchased pursuant to the applicable
      provisions of this Agreement or (y) that EMC has a right to purchase pursuant
      to
      Section 4.21 hereof, an amount equal to the sum of (i) 100% of the outstanding
      principal balance of the Mortgage Loan as of the date of such purchase plus
      (ii)
      accrued interest thereon at the applicable Mortgage Rate through the first
      day
      of the month in which the Purchase Price is to be distributed to
      Certificateholders, reduced by any portion of the Servicing Fee, Servicing
      Advances and Advances payable to the purchaser of the Mortgage Loan (iii)
      amounts advanced by the Company or the related Servicer in respect of such
      repurchased Mortgage Loan which are being held in the Master Servicer Collection
      Account for remittance to the Securities Administrator and (iii) any costs
      and
      damages (if any) incurred by the Trust in connection with any violation of
      such
      Mortgage Loan of any predatory lending laws.

     

    Rating
      Agency:
      Each of
      Moody’s and S&P. If any such organization or its successor is no longer in
      existence, “Rating Agency” shall be a nationally recognized statistical rating
      organization, or other comparable Person, designated by the Depositor, notice
      of
      which designation shall be given to the Trustee. References herein to a given
      rating category of a Rating Agency shall mean such rating category without
      giving effect to any modifiers.

     

    Realized
      Loss:
      With
      respect to each Mortgage Loan as to which a Final Recovery Determination has
      been made, an amount (not less than zero) equal to (i) the unpaid principal
      balance of such Mortgage Loan as of the commencement of the calendar month
      in
      which the Final Recovery Determination was made, plus (ii) accrued interest
      from
      the Due Date as to which interest was last paid by the Mortgagor or advanced
      through the end of the calendar month in which such Final Recovery Determination
      was made, calculated in the case of each calendar month during such period
      (A)
      at an annual rate equal to the annual rate at which interest was then accruing
      on such Mortgage Loan and (B) on a principal amount equal to the Stated
      Principal Balance of such Mortgage Loan as of the close of business on the
      Distribution Date during such calendar month, minus (iii) the proceeds, if
      any,
      received in respect of such Mortgage Loan during the calendar month in which
      such Final Recovery Determination was made, net of amounts that are payable
      therefrom to the Master Servicer pursuant to this Agreement which have not
      been
      previously reimbursed. With respect to each Mortgage Loan which is the subject
      of a Servicing Modification, (a)(1) the amount by which the interest portion
      of
      a monthly payment or the principal balance of such Mortgage Loan was reduced
      or
      (2) the sum of any other amounts owing under the Mortgage Loan that were
      forgiven and that constitute Servicing Advances that are reimbursable to the
      Master Servicer, and (b) any such amount with respect to a monthly payment
      that
      was or would have been due in the month immediately following the month in
      which
      a Principal Prepayment or the Purchase Price of such Mortgage Loan is received
      or is deemed to have been received and not paid due to a Servicing Modification.
      In addition, to the extent the Master Servicer 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
      distributed to any Class of Certificates or applied to increase Excess Spread
      on
      any Distribution Date.

     

    With
      respect to any REO Property as to which a Final Recovery Determination has
      been
      made, an amount (not less than zero) equal to (i) the unpaid principal balance
      of the related Mortgage Loan as of the date of acquisition of such REO Property
      on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to which
      interest was last paid by the Mortgagor in respect of the related Mortgage
      Loan
      through the end of the calendar month immediately preceding the calendar month
      in which such REO Property was acquired, calculated in the case of each calendar
      month during such period (A) at an annual rate equal to the annual rate at
      which
      interest was then accruing on the related Mortgage Loan and (B) on a principal
      amount equal to the Stated Principal Balance of the related Mortgage Loan as
      of
      the close of business on the Distribution Date during such calendar month,
      plus
      (iii) REO Imputed Interest for such REO Property for each calendar month
      commencing with the calendar month in which such REO Property was acquired
      and
      ending with the calendar month in which such Final Recovery Determination was
      made, minus (iv) the aggregate of all unreimbursed Advances and Servicing
      Advances.

     

    With
      respect to each Mortgage Loan which has become the subject of a Deficient
      Valuation, the difference between the principal balance of the Mortgage Loan
      outstanding immediately prior to such Deficient Valuation and the principal
      balance of the Mortgage Loan as reduced by the Deficient Valuation.

     

    With
      respect to each Mortgage Loan which has become the subject of a Debt Service
      Reduction, the portion, if any, of the reduction in each affected Monthly
      Payment attributable to a reduction in the Mortgage Rate imposed by a court
      of
      competent jurisdiction. Each such Realized Loss shall be deemed to have been
      incurred on the Due Date for each affected Monthly Payment.

     

    Record
      Date:
      With
      respect to any Distribution Date and the Certificates (other than the Class
      A,
      Class X, Class C, Class P and Residual Certificates), so long as such Classes
      of
      Certificates are Book-Entry Certificates, the Business Day preceding such
      Distribution Date, and otherwise, the close of business on the last Business
      Day
      of the month preceding the month in which such Distribution Date occurs. With
      respect to the Class A, Class X, Class C, Class P Certificates and Residual
      Certificates, the close of business on the last Business Day of the month
      preceding the month in which such Distribution Date occurs.

     

    Reference
      Banks:
      Shall
      mean leading banks selected by the Securities Administrator and engaged in
      transactions in Eurodollar deposits in the international Eurocurrency market
      (i)
      with an established place of business in London, (ii) which have been designated
      as such by the Securities Administrator and (iii) which are not controlling,
      controlled by, or under common control with, the Depositor, the Seller or the
      Securities Administrator.

     

    Reference
      Bank Rate:
      With
      respect to any Interest Accrual Period shall mean the arithmetic mean, rounded
      upwards, if necessary, to the nearest whole multiple of 0.03125%, of the offered
      rates for United States dollar deposits for one month that are quoted by the
      Reference Banks as of 11:00 a.m., New York City time, on the related Interest
      Determination Date to prime banks in the London interbank market for a period
      of
      one month in an amount approximately equal to the aggregate Certificate
      Principal Balance of the LIBOR Certificates for such Interest Accrual Period,
      provided that at least two such Reference Banks provide such rate. If fewer
      than
      two offered rates appear, the Reference Bank Rate will be the arithmetic mean,
      rounded upwards, if necessary, to the nearest whole multiple of 0.03125%, of
      the
      rates quoted by one or more major banks in New York City, selected by the
      Securities Administrator, as of 11:00 a.m., New York City time, on such date
      for
      loans in United States dollars to leading European banks for a period of one
      month in amounts approximately equal to the aggregate Certificate Principal
      Balance of the LIBOR Certificates for such Interest Accrual Period.

     

    Regular
      Certificate:
      Any
      Certificate other than a Residual Certificate.

     

    Regular
      Interest:
      A
“regular interest” in a REMIC within the meaning of Section 860G(a)(1) of the
      Code.

     

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

     

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

     

    Relief
      Act Interest Shortfall:
      With
      respect to any Distribution Date and any Mortgage Loan, any reduction in the
      amount of interest collectible on such Mortgage Loan for the most recently
      ended
      Due Period as a result of the application of the Relief Act.

     

    Remaining
      Excess Spread:
      With
      respect to any Distribution Date, the Excess Spread less any Extra Principal
      Distribution Amount, in each case for such Distribution Date.

     

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

     

    REMIC
      I:
      The
      segregated pool of assets described in the Preliminary Statement and Section
      6.07(a).

     

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

     

    REMIC
      I Interest Loss Allocation Amount:
      With
      respect to any Distribution Date, an amount equal to (a) the product of (i)
      the
      aggregate Stated Principal Balance of the Mortgage Loans and REO Properties
      then
      outstanding and (ii) the Uncertificated REMIC I Pass-Through Rate for REMIC
      I
      Regular Interest AA minus the Marker Rate, divided by (b) 12.

     

    REMIC
      I Overcollateralization Amount:
      With
      respect to any date of determination, (i) 1.00% of the aggregate Uncertificated
      Principal Balance of the REMIC I Regular Interests (other than REMIC I Regular
      Interest P) minus (ii) the aggregate Uncertificated Principal Balance of each
      REMIC I Regular Interest (other than REMIC I Regular Interest P) for which
      a
      REMIC II Regular Interest is a Corresponding Interest, in each case, as of
      such
      date of determination.

     

    REMIC
      I Overcollateralization Target Amount:
      1.00%
      of the Overcollateralization Target Amount.

     

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

     

    REMIC
      I Regular Interest ZZ Maximum Interest Deferral Amount:
      With
      respect to any Distribution Date, the excess of (i) accrued interest at the
      Uncertificated REMIC I Pass-Through Rate applicable to REMIC I Regular Interest
      ZZ for such Distribution Date on a balance equal to the Uncertificated Principal
      Balance of REMIC I Regular Interest ZZ minus the REMIC I Overcollateralization
      Amount, in each case for such Distribution Date, over (ii) the Uncertificated
      Accrued Interest on each REMIC I Regular Interest (other than REMIC I Regular
      Interest P) for which a REMIC II Regular Interest is a Corresponding Interest
      for the purpose of this calculation for such Distribution Date, with the rate
      on
      each such REMIC I Regular Interest subject to a cap equal to the Uncertificated
      REMIC II Pass-Through Rate for the Corresponding Interest; provided, however,
      that solely for this purpose, the related cap with respect to each REMIC I
      Regular Interest (other than REMIC I Regular Interests A-1, A-2, A-3 and P)
      for
      which a REMIC II Regular Interest is a Corresponding Interest shall be
      multiplied by a fraction, the numerator of which is 30 and the denominator
      of
      which is the actual number of days in the related Interest Accrual
      Period.

     

    REMIC
      II:
      The
      segregated pool of assets described in the Preliminary Statement consisting
      of
      the REMIC I Regular Interests.

     

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

     

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

     

    REMIC
      III:
      The
      segregated pool of assets described in the Preliminary Statement consisting
      of
      the REMIC II Regular Interests.

     

    REMIC
      IV:
      The
      segregated pool of assets consisting of the Class C Interest conveyed in trust
      to the Trustee, for the benefit of the Holders of the Class C Certificates
      and
      the Class RX Certificates (in respect of the Class R-4 Interest), with respect
      to which a separate REMIC election is to be made.

     

    REMIC
      V:
      The
      segregated pool of assets consisting of the Class P Interest conveyed in trust
      to the Trustee, for the benefit of the Holders of the Class P Certificates
      and
      the Class RX Certificates (in respect of the Class R-5 Interest), with respect
      to which a separate REMIC election is to be made.

     

    REMIC
      Opinion:
      Shall
      mean an Opinion of Counsel to the effect that the proposed action will not
      have
      an adverse effect on any REMIC created hereunder.

     

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

     

    REMIC
      Regular Interests:
      The
      REMIC I Regular Interests and REMIC II Regular Interests.

     

    Remittance
      Date:
      Shall
      mean (i) with respect to the Company, 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, and
      (ii) with respect to any other Servicer, the date specified in the related
      Servicing Agreement. 

     

    Remittance
      Report:
      As
      defined in Section 6.04(c).

     

    REO
      Imputed Interest:
      As to
      any REO Property, for any calendar month during which such REO Property was
      at
      any time part of REMIC I, one month’s interest at the applicable Net Mortgage
      Rate on the Stated Principal Balance of such REO Property (or, in the case
      of
      the first such calendar month, of the related Mortgage Loan, if appropriate)
      as
      of the close of business on the Distribution Date in such calendar
      month.

     

    REO
      Property:
      A
      Mortgaged Property acquired by the Company or the related Servicer through
      foreclosure or deed-in-lieu of foreclosure in connection with a defaulted
      Mortgage Loan.

     

    Replacement
      Mortgage Loan:
      A
      Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller
      for a
      Deleted Mortgage Loan, which must, on the date of such substitution, as
      confirmed in a Request for Release, (i) have a Stated Principal Balance, after
      deduction of the principal portion of the Scheduled Payment due in the month
      of
      substitution, not in excess of, and not less than 90% of, the Stated Principal
      Balance of the Deleted Mortgage Loan; (ii) have a fixed Mortgage Rate not less
      than or more than 1% per annum higher than the Mortgage Rate of the Deleted
      Mortgage Loan; (iii) have the same or higher credit quality characteristics
      than
      that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher
      than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity
      no
      greater than (and not more than one year less than) that of the Deleted Mortgage
      Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to
      a
      variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan;
      (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be
      owner occupied; and (ix) comply with each representation and warranty set forth
      in Section 2.03 hereof.

     

    Reportable
      Event:
      As
      defined in Section 4.18.

     

    Request
      for Release:
      The
      Request for Release to be submitted by the Seller, the Company, the related
      Servicer or the Master Servicer to the Custodian substantially in the form
      of
      Exhibit G. Each Request for Release furnished to the Custodian by the Seller,
      the Company, the related Servicer or the Master Servicer shall be in duplicate
      and shall be executed by an officer of such Person or a Servicing Officer (or,
      if furnished electronically to the Custodian, shall be deemed to have been
      sent
      and executed by an officer of such Person or a Servicing Officer) of the Company
      or the related Servicer, as applicable.

     

    Required
      Insurance Policy:
      With
      respect to any Mortgage Loan, any insurance policy that is required to be
      maintained from time to time under this Agreement or the related Servicing
      Agreement.

     

    Reserve
      Fund:
      Shall
      mean the separate trust account created and maintained by the Securities
      Administrator pursuant to Section 6.08 hereof.

     

    Reserve
      Fund Deposit:
      With
      respect to the Reserve Fund, an amount equal to $5,000, which the Depositor
      shall initially deposit into the Reserve Fund pursuant to Section 6.08
      hereof.

     

    Residual
      Certificates:
      The
      Class R-1, Class R-2, Class R-3 and Class RX Certificates, each evidencing
      the
      sole class of Residual Interests in the related REMIC.

     

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

     

    Responsible
      Officer:
      With
      respect to the Trustee, any Vice President, any Assistant Vice President, the
      Secretary, any Assistant Secretary, or any Trust Officer with specific
      responsibility for the transactions contemplated hereby, any other officer
      customarily performing functions similar to those performed by any of the above
      designated officers or other officers of the Trustee specified by the Trustee,
      as to whom, with respect to a particular matter, such matter is referred because
      of such officer’s knowledge of and familiarity with the particular
      subject.

     

    S&P:
      Standard & Poor’s, a division of The McGraw-Hill Companies,
      Inc.

     

    Scheduled
      Payment:
      The
      scheduled monthly payment on a Mortgage Loan due on any Due Date allocable
      to
      principal and/or interest on such Mortgage Loan.

     

    Securities
      Act:
      The
      Securities Act of 1933, as amended, and the rules and regulations
      thereunder.

     

    Securities
      Administrator:
      Wells
      Fargo Bank, National Association, in its capacity as securities administrator,
      transfer agent and paying agent hereunder, and its successors and
      assigns.

     

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

     

    Securities
      Administrator Fee Rate:
      0.012%
      per annum. 

     

    Securities
      Administrator Information:
      As
      defined in Section 4.18(b).

     

    Seller:
      EMC or
      Master Funding, in each case in its capacity as seller of the Mortgage Loans
      to
      the Depositor.

     

    Senior
      Certificates:
      Any of
      the Class A-1, Class A-2, Class A-3 and Class X Certificates

     

    Servicer:
      Any of
      American Home, EMC, Greenpoint and Wells Fargo and their successors and
      assigns.

     

    Servicing
      Advances:
      All
      customary, reasonable and necessary “out of pocket” costs and expenses
      (including reasonable legal fees) incurred in the performance by the Company
      or
      the related Servicer of its servicing obligations hereunder or under the related
      Servicing Agreement, including, but not limited to, the cost of (i) the
      preservation, restoration and protection of a Mortgaged Property, (ii) any
      enforcement or judicial proceedings, including foreclosures, and including
      any
      expenses incurred in relation to any such proceedings that result from the
      Mortgage Loan being registered in the MERS® System, (iii) the management and
      liquidation of any REO Property (including, without limitation, realtor’s
      commissions) and (iv) compliance with any obligations under Section 3.07 hereof
      to cause insurance to be maintained.

     

    Servicing
      Agreement:
      Any of
      the American Home Servicing Agreement, Greenpoint Servicing Agreement or the
      Wells Fargo 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 N.

     

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

     

    Servicing
      Fee Rate:
      0.25%
      per annum.

     

    Servicing
      Modification:
      With
      respect to any Mortgage Loan that is in default or, in the reasonable judgment
      of the Company or the related Servicer, as to which default is reasonably
      foreseeable, any modification which is effected by the Company or the related
      Servicer in accordance with the terms of this Agreement or the related Servicing
      Agreement which results in any change in the outstanding Stated Principal
      Balance, any change in the Mortgage Rate or any extension of the term of such
      Mortgage Loan.

     

    Servicing
      Officer:
      Any
      officer of the Company or the related Servicer involved in, or responsible
      for,
      the administration and servicing of the Mortgage Loans (i) in the case of the
      Company, whose name and facsimile signature appear on a list of servicing
      officers furnished to the Trustee by the Company on the Closing Date pursuant
      to
      this Agreement, as such list may from time to time be amended and (ii) in the
      case of the related Servicer, as to which evidence reasonably acceptable to
      the
      Trustee, as applicable, of due authorization, by such party has been furnished
      from time to time to the Trustee.

     

    Sponsor:
      EMC
      Mortgage Corporation, a Delaware corporation, and its successors and assigns,
      in
      its capacity as sponsor.

     

    Startup
      Day:
      The
      Startup Day for each REMIC formed hereunder shall be the Closing
      Date.

     

    Stated
      Principal Balance:
      With
      respect to any Mortgage Loan or related REO Property and any Distribution Date,
      the Cut-off Date Principal Balance thereof minus the sum of (i) the principal
      portion of the Scheduled Payments due with respect to such Mortgage Loan during
      each Due Period ending prior to such Distribution Date (and irrespective of
      any
      delinquency in their payment), (ii) all Principal Prepayments with respect
      to
      such Mortgage Loan received prior to or during the related Prepayment Period,
      and all Liquidation Proceeds to the extent applied by the Company or the related
      Servicer as recoveries of principal in accordance with Section 3.09 or the
      related Servicing Agreement with respect to such Mortgage Loan, that were
      received by the Company or the related Servicer as of the close of business
      on
      the last day of the calendar month immedediately preceding such Distribution
      Date and (iii) any Realized Losses on such Mortgage Loan incurred during the
      prior calendar month. The Stated Principal Balance of a Liquidated Loan equals
      zero.

     

    Stepdown
      Date:
      The
      later to occur of (a) the Distribution Date in February 2010 and (b) the first
      Distribution Date on which the Current Specified Enhancement Percentage is
      greater than or equal to 14.30%.

     

    Subordinated
      Certificates:
      The
      Class M, Class B, Class C and Residual Certificates.

     

    Subsequent
      Recoveries:
      As of
      any Distribution Date, amounts received by the Master Servicer or any Servicer
      (net of any related expenses permitted to be reimbursed pursuant to Section
      6.05) or surplus amounts held by the Master Servicer and the related 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 Mortgage Loan that
      was the subject of a liquidation or final disposition of any REO Property as
      of
      the end of the prior calendar month that resulted in a Realized
      Loss.

     

    Subservicing
      Agreement:
      Any
      agreement entered into between the Company and a subservicer with respect to
      the
      subservicing of any Mortgage Loan hereunder by such subservicer.

     

    Substitution
      Adjustment Amount:
      The
      meaning ascribed to such term pursuant to Section 2.03(f).

     

    Successor
      Master Servicer:
      The
      meaning ascribed to such term pursuant to Section 9.01.

     

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

     

    Transfer
      Affidavit:
      As
      defined in Section 7.02(c).

     

    Transfer:
      Any
      direct or indirect transfer or sale of any Ownership Interest in a
      Certificate.

     

    Trigger
      Event:
      With
      respect to any Distribution Date, a Trigger Event exists if (i) a Delinquency
      Event shall have occurred and be continuing or (ii) the aggregate amount of
      Realized Losses on the Mortgage Loans since the Cut-off Date as a percentage
      of
      the aggregate Cut-off Date Principal Balance of the Mortgage Loans exceeds
      the
      applicable percentages set forth below with respect to such Distribution
      Date:

     

    
      	
              Distribution
                Date

            	
              Percentage

            
	
              February
                2010 to January
                2011

            	
              0.60%
                with respect to February 2010, plus an additional 1/12th of the difference
                between 1.05% and 0.60% for each month thereafter 

            
	
              February
                2011 to January 2012

            	
              1.05%
                with respect to February 2011, plus an additional 1/12th of the difference
                between 1.45% and 1.05% for each month thereafter 

            
	
              February
                2012 to January 2013

            	
              1.45%
                with respect to February 2012, plus an additional 1/12th of the difference
                between 1.75% and 1.45% for each month thereafter 

            
	
              February
                2013 and thereafter

            	
              1.75%
                

            

    

     

    Trust
      or Trust Fund:
      The
      corpus of the trust created hereunder consisting of (i) the Mortgage Loans
      and
      all interest accruing and principal due with respect thereto after the Cut-off
      Date to the extent not applied in computing the Cut-off Date Principal Balance
      thereof; (ii) the Class P Certificate Account, the Reserve Fund, the
      Distribution Account maintained by the Securities Administrator, the Master
      Servicer Collection Account maintained by the Master Servicer and the Protected
      Accounts maintained by the Company and the Servicers and all amounts deposited
      therein pursuant to the applicable provisions of this Agreement and the
      Servicing Agreements; (iii) property that secured a Mortgage Loan and has been
      acquired by foreclosure, deed in lieu of foreclosure or otherwise; (iv) the
      mortgagee’s rights under the Insurance Policies with respect to the Mortgage
      Loans; (v) the Servicing Agreements and the Assignment Agreements; (vi) the
      rights under the Mortgage Loan Purchase Agreement; and (vii) all proceeds of
      the
      foregoing, including proceeds of conversion, voluntary or involuntary, of any
      of
      the foregoing into cash or other liquid property. The Reserve Fund and
      Prepayment Charge Waiver Amounts shall not be included in REMIC I, REMIC II,
      REMIC III, REMIC IV or REMIC V.

     

    Trustee:
      U.S.
      Bank National Association, a national banking association, as trustee for the
      benefit of the Certificateholders under this Agreement, and any successor
      thereto, and any corporation or national banking association resulting from
      or
      surviving any consolidation or merger to which it or its successors may be
      a
      party and any successor trustee as may from time to time be serving as successor
      trustee hereunder.

     

    Uncertificated
      Accrued Interest:
      With
      respect to each REMIC Regular Interest on each Distribution Date, an amount
      equal to one month’s interest at the related Uncertificated REMIC I Pass-Through
      Rate or Uncertificated REMIC II Pass-Through Rate on the Uncertificated
      Principal Balance or Uncertificated Notional Amount, as applicable, of such
      REMIC Regular Interest. In each case, Uncertificated Accrued Interest will
      be
      reduced by any Prepayment Interest Shortfalls and Relief Act Interest Shortfalls
      (allocated to such REMIC Regular Interests as set forth in Section
      1.02).

     

    Uncertificated
      Notional Amount:
      With
      respect to REMIC II Regular Interest C and any Distribution Date, an amount
      equal to the aggregate Uncertificated Principal Balance of the REMIC I Regular
      Interests (other than REMIC I Regular Interest P) for such Distribution
      Date.

     

    With
      respect to the Class C Interest and any Distribution Date, an amount equal
      to
      the Uncertificated Notional Amount of the REMIC II Regular Interest C for such
      Distribution Date.

     

    Uncertificated
      Principal Balance:
      With
      respect to each REMIC Regular Interest, the Class C Interest and the Class
      P
      Interest, the principal amount of such REMIC Regular Interest, Class C Interest
      and Class P Interest outstanding as of any date of determination. As of the
      Closing Date, the Uncertificated Principal Balance of each REMIC Regular
      Interest, Class C Interest and Class P Interest shall equal the amount set
      forth
      in the Preliminary Statement hereto as its initial uncertificated principal
      balance. On each Distribution Date, the Uncertificated Principal Balance of
      the
      REMIC Regular Interests and Class P Interest shall be reduced by all
      distributions of principal made on such REMIC Regular Interests and Class P
      Interest on such Distribution Date pursuant to Section 6.07 and, if and to
      the
      extent necessary and appropriate, shall be further reduced on such Distribution
      Date by Realized Losses as provided in Section 6.05, and the Uncertificated
      Principal Balance of REMIC I Regular Interest ZZ shall be increased by interest
      deferrals as provided in Section 6.07(b)(i). The Uncertificated Principal
      Balance of each REMIC Regular Interest, Class P Interest and Class C Interest
      shall never be less than zero. With respect to REMIC II Regular Interest C
      as of
      any date of determination, an amount equal to the excess, if any, of (A) the
      then aggregate Uncertificated Principal Balance of the REMIC I Regular Interests
      over (B) the then aggregate Certificate Principal Balance of the Class A, Class
      M, Class B and Class P Certificates then outstanding. With respect to the Class
      C Interest as of any date of determination, an amount equal to the
      Uncertificated Principal Balance of REMIC II Regular Interest C.

     

    Uncertificated
      REMIC I Pass-Through Rate:
      With
      respect to any REMIC I Regular Interest (other than REMIC I Regular Interest
      P)
      and any Distribution Date, a per annum rate equal to the weighted average of
      the
      Net Mortgage Rates of the Mortgage Loans as of the first day of the related
      Due
      Period, weighted on the basis of the Stated Principal Balances thereof as of
      the
      first day of the related Due Period. With respect to REMIC I Regular Interest
      P
      and any Distribution Date, 0.00% per annum.

     

    Uncertificated
      REMIC II Pass-Through Rate:
      With
      respect to any Distribution Date and each REMIC II Regular Interest other than
      REMIC II Regular Interest C, REMIC II Regular Interest P and REMIC II Regular
      Interest A-3, a per annum rate equal to the Pass-Through Rate for the Class
      of
      Corresponding Certificates for such Distribution Date; provided, however, that
      for this purpose the Net Rate Cap with respect to each such Class of
      Corresponding Certificates shall be equal to the weighted average of the
      Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests
      (other than REMIC I Regular Interest P), weighted on the basis of the
      Uncertificated Principal Balances of each such REMIC I Regular Interest
      immediately prior to such Distribution Date.

     

    With
      respect to REMIC II Regular Interest A-3 and (i) any Distribution Date which
      occurs on or prior to the Optional Termination Date, the lesser of (a) 6.25%
      per
      annum and (b) the weighted average of the Uncertificated REMIC I Pass-Through
      Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest
      P),
      weighted on the basis of the Uncertificated Principal Balances of each such
      REMIC I Regular Interest immediately prior to such Distribution Date, and (ii)
      any Distribution Date thereafter, the lesser of (a) 6.75% per annum and (b)
      the
      weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC
      I Regular Interests (other than REMIC I Regular Interest P), weighted on the
      basis of the Uncertificated Principal Balances of each such REMIC I Regular
      Interest immediately prior to such Distribution Date.

     

    With
      respect to REMIC II Regular Interest C, a per annum rate equal to the percentage
      equivalent of a fraction, (i) the numerator of which is the sum of the amount
      determined for each REMIC I Regular Interest (other than REMIC I Regular
      Interest P) equal to the product of (x) the excess, if any, of the
      Uncertificated REMIC I Pass-Through Rate for such REMIC I Regular Interest
      over
      the Marker Rate and (y) a notional amount equal to the Uncertificated Principal
      Balance of such REMIC I Regular Interest, and (ii) the denominator of which
      is
      the aggregate Uncertificated Principal Balance of such REMIC I Regular
      Interests.

     

    Unpaid
      Realized Loss Amount:
      With
      respect to any Class A Certificates and as to any Distribution Date, is the
      excess of Applied Realized Loss Amounts with respect to such Class over the
      sum
      of all distributions in reduction of the Applied Realized Loss Amounts on all
      previous Distribution Dates. Any amounts distributed to the Class A Certificates
      in respect of any Unpaid Realized Loss Amount shall not be applied to reduce
      the
      Certificate Principal Balance of such Class.

     

    Voting
      Rights:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions hereunder. Voting Rights
      shall
      be allocated (i) 91% to the Class A, Class M and Class B Certificates, (ii)
      3%
      to the Class C Certificates until paid in full, and (iii) 1% to each of the
      Class X, Class P, Class R-1, Class R-2, Class R-3 and Class RX Certificates,
      with the allocation among the Certificates (other than the Class C and Residual
      Certificates) to be in proportion to the Certificate Principal Balance of each
      Class relative to the Certificate Principal Balance of all other such Classes.
      Voting Rights will be allocated among the Certificates of each such Class in
      accordance with their respective Percentage Interests.

     

    Wells
      Fargo:
      Wells
      Fargo Bank, N.A.

     

    Wells
      Fargo Assignment Agreement:
      The
      Assignment, Assumption and Recognition Agreement, dated as of January 30, 2007,
      by and among the Seller, Wells Fargo and the Trustee evidencing the assignment
      of the Wells Fargo Servicing Agreement to the Trust, attached hereto as Exhibit
      R-3.

     

    Wells
      Fargo Servicing Agreement:
      The
      Master Seller’s Warranties and Servicing Agreement, dated as of November 1,
      2005, between the Seller and Wells Fargo, attached hereto as Exhibit Q-3, and
      as
      modified by the related Assignment Agreement.

     

    Section
      1.02  Allocation
      of Certain Interest Shortfalls. 

     

    For
      purposes of calculating the amount of Current Interest for the Class A, Class
      X,
      Class M, Class B and Class C Certificates for any Distribution Date, the
      aggregate amount of any Prepayment Interest Shortfalls (to the extent not
      covered by payments by the related Servicer pursuant to the related Servicing
      Agreement, the Company or the Master Servicer pursuant to Section 6.02) and
      any
      Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans for
      any
      Distribution Date shall be allocated first, to the Class C Interest based on,
      and to the extent of, one month’s interest otherwise distributable thereto and,
      thereafter, among the Class A, Class X, Class M and Class B Certificates, on
      a
pro
      rata
      basis,
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rates on the respective Certificate Principal Balances
      or Notional Amount of each such Certificate.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC I Regular Interests (other than REMIC I Regular Interest P) for any
      Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls
      (to the extent not covered by payments by the related Servicer pursuant to
      the
      related Servicing Agreement or the Master Servicer pursuant to Section 6.02)
      and
      any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans
      for
      any Distribution Date shall be allocated first, to Uncertificated Accrued
      Interest payable to REMIC I Regular Interest AA and REMIC I Regular Interest
      ZZ
      up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount,
      98% and 2%, respectively, and thereafter among REMIC I Regular Interest AA,
      each
      REMIC I Regular Interest (other than REMIC I Regular Interest P) for which
      a
      REMIC II Regular Interest is the Corresponding Interest and REMIC I Regular
      Interest ZZ, pro
      rata,
      based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC I Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC I Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC II Regular Interests (other than REMIC II Regular Interest P) for any
      Distribution Date, the aggregate amount of any Prepayment Interest Shortfalls
      (to the extent not covered by payments by the related Servicer pursuant to
      the
      related Servicing Agreement or the Master Servicer pursuant to Section 6.02)
      and
      any Relief Act Interest Shortfalls incurred in respect of the Mortgage Loans
      for
      any Distribution Date shall be allocated among such REMIC II Regular Interests
      in the same manner and priority as such amounts are allocable to the
      Corresponding Certificates and, in the case of REMIC II Regular Interest C,
      to
      the Class C Interest; provided, however, that solely for purposes of allocating
      such shortfalls to such REMIC II Regular Interests, any such shortfalls
      allocable to the Class X Certificates shall be deemed to be allocated to the
      Class A-3 Certificates.

     

     

     

    ARTICLE
      II

    CONVEYANCE
      OF TRUST FUND

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      2.01  Conveyance
      of Trust Fund. 

     

    Pursuant
      to the Mortgage Loan Purchase Agreement, the Seller sold, transferred, assigned,
      set over and otherwise conveyed to the Depositor, without recourse, all the
      right, title and interest of the Seller in and to the assets sold by it in
      the
      Trust Fund. Pursuant to the Mortgage Loan Purchase Agreement, Master Funding
      sold, transferred, assigned, set over and otherwise conveyed to the Depositor,
      without recourse, all the right, title and interest of Master Funding in and
      to
      the assets sold by it in the Trust Fund.

     

    The
      Seller has entered into this Agreement in consideration for the purchase of
      the
      Mortgage Loans by the Depositor pursuant to the Mortgage Loan Purchase Agreement
      and has agreed to take the actions specified herein.

     

    The
      Depositor, concurrently with the execution and delivery hereof, hereby sells,
      transfers, assigns, sets over and otherwise conveys to the Trustee for the
      use
      and benefit of the Certificateholders without recourse, all the right, title
      and
      interest of the Depositor in and to the Trust Fund.

     

    In
      connection with such sale, the Depositor has delivered to, and deposited with,
      or caused to be delivered to and deposited with, the Trustee or the Custodian,
      as its agent, the following documents or instruments with respect to each
      Mortgage Loan so assigned: (i) the original Mortgage Note, including any riders
      thereto, endorsed without recourse (A) in blank or to the order of “U.S. Bank
      National Association, as Trustee for Certificateholders of Bear Stearns Asset
      Backed Securities I LLC, Asset Backed Certificates, Series 2007-AC1”, 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 original payee thereof to
      the
      Person endorsing it to the Trustee, (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 (x) in the proviso below applies, shall be in recordable form), (iii)
      unless the Mortgage Loan is either a MOM Loan or has been assigned in the name
      of MERS®, the assignment (either an original or a copy, which may be in the form
      of a blanket assignment if permitted in the jurisdiction in which the Mortgaged
      Property is located) to the Trustee of the Mortgage with respect to each
      Mortgage Loan in the name of “U.S. Bank National Association, as Trustee for
      Certificateholders of Bear Stearns Asset Backed Securities I LLC, Asset Backed
      Certificates, Series 2007-AC1,” which shall have been recorded (or if clause (x)
      in the proviso below applies, shall be in recordable form) (iv) an original
      or a
      copy of all intervening assignments of the Mortgage, if any, with evidence
      of
      recording thereon, (v) with respect to any Mortgage Loan, the original policy
      of
      title insurance or mortgagee’s certificate of title insurance or commitment or
      binder for title insurance or, in the event such original title policy has
      not
      been received from the title insurer, such title policy will be delivered within
      one year of the Closing Date or, in the event such original title policy is
      unavailable, a photocopy of such title policy, or, in lieu thereof, a current
      lien search on the related Mortgaged Property; and (vi) originals or copies
      of
      all available assumption, modification or substitution agreements, if any;
      provided, however, that in lieu of the foregoing, EMC or Master Funding, as
      applicable, may deliver the following documents, under the circumstances set
      forth below: (x) if any Mortgage (other than the Mortgages related to the EMC
      Flow Loans), assignment thereof to or intervening assignments thereof have
      been
      delivered or are being delivered to recording offices for recording and have
      not
      been returned in time to permit their delivery as specified above, the Depositor
      may deliver, or cause to be delivered, a true copy thereof with a certification
      by EMC or Master Funding, as applicable, or the title company issuing the
      commitment for title insurance, 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”; (y) in lieu of the Mortgage (other than the
      Mortgages related to the EMC Flow Loans), assignment or intervening assignments
      thereof, if the applicable jurisdiction retains the originals of such documents
      (as evidenced by a certification from the Depositor to such effect) the
      Depositor may deliver, or cause to be delivered, photocopies of such documents
      containing an original certification by the judicial or other governmental
      authority of the jurisdiction where such documents were recorded; and (z) in
      lieu of the Mortgage Notes relating to the Mortgage Loans identified in the
      list
      set forth in Exhibit I, the Depositor may deliver, or cause to be delivered,
      a
      lost note affidavit and indemnity and a copy of the original note, if available;
      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, or cause
      to
      be delivered, to the Trustee and the Custodian a certification of a Servicing
      Officer to such effect and in such case shall deposit all amounts paid in
      respect of such Mortgage Loans, in the Protected Account, in the Master Servicer
      Collection Account or in the Distribution Account on the Closing Date. In the
      case of the documents referred to in clause (x) above, the Depositor shall
      deliver, or cause to be delivered, such documents to the Trustee or the
      Custodian promptly after they are received. 

     

    EMC
      (on
      its own behalf as Seller and on behalf of Master Funding) shall cause, at its
      expense, the Mortgage and intervening assignments, if any, and to the extent
      required in accordance with the foregoing, the assignment of the Mortgage to
      the
      Trustee to be submitted for recording promptly after the Closing Date; provided
      that, the Seller need not cause to be recorded (a) any assignment in any
      jurisdiction under the laws of which, as evidenced by an Opinion of Counsel
      addressed to the Trustee delivered by EMC (on its own behalf as Seller and
      on
      behalf of Master Funding) to the Trustee and the Rating Agencies, the
      recordation of such assignment is not necessary to protect the Trustee’s
      interest in the related Mortgage Loan or (b) if 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 Master Funding and its successors
      and assigns. In the event that the Seller, Master Funding, the Depositor or
      the
      Master Servicer gives written notice to the Trustee that a court has
      recharacterized the sale of the Mortgage Loans as a financing, EMC (on its
      own
      behalf as Seller and on behalf of Master Funding) shall submit or cause to
      be
      submitted for recording as specified above each such previously unrecorded
      assignment to be submitted for recording as specified above at the expense
      of
      the Trust. In the event a Mortgage File is released to the Master Servicer
      as a
      result of such Person having completed a Request for Release, the Custodian
      shall, if not so completed, complete the assignment of the related Mortgage
      in
      the manner specified in clause (iii) above.

     

    In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, EMC (on its own behalf as Seller and on behalf of Master Funding)
      further agrees that it will cause, at the Seller’s own expense, within 30 days
      after the Closing Date, the MERS® System to indicate that such Mortgage Loans
      have been assigned by EMC (on its own behalf as Seller and on behalf of Master
      Funding) to the Depositor and by the Depositor 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. EMC (on its own behalf as Seller and on behalf of Master
      Funding) further agrees that it will not, and will not permit the Master
      Servicer to, and the Master Servicer agrees that it will not, alter the codes
      referenced in this paragraph with respect to any Mortgage Loan during the term
      of this Agreement unless and until such Mortgage Loan is repurchased in
      accordance with the terms of this Agreement or the Mortgage Loan Purchase
      Agreement.

     

    All
      original documents relating to the Mortgage Loans that are not delivered to
      the
      Trustee or the Custodian on its behalf are and shall be held by or on behalf
      of
      the Seller or the Depositor, as the case may be, in trust for the benefit of
      the
      Trustee on behalf of the Certificateholders. Any such original document
      delivered to or held by the Depositor, shall be delivered promptly to the
      Custodian on the Trustee’s behalf. 

     

    Whenever
      it is provided for in this Agreement that any document, evidence or information
      relating to a Mortgage Loan to be included in a Mortgage File be delivered
      or
      supplied to the Trustee, such delivery or supply shall be made to the Custodian
      pursuant to the Custodial Agreement.

     

    Section
      2.02  Acceptance
      of the Mortgage Loans. 

     

    (a)  Based
      on
      the Initial Certification received by it from the Custodian, the Trustee
      acknowledges receipt of, subject to the further review and exceptions reported
      by the Custodian pursuant to the procedures described below, the documents
      (or
      certified copies thereof) delivered to the Trustee or the Custodian on its
      behalf pursuant to Section 2.01 and declares that it holds and will continue
      to
      hold directly or through a custodian those documents and any amendments,
      replacements or supplements thereto and all other assets of the Trust Fund
      delivered to it in trust for the use and benefit of all present and future
      Holders of the Certificates. On the Closing Date, the Trustee or the Custodian
      on its behalf will deliver EMC (on its behalf and on behalf of Master Funding),
      the Master Servicer and the Trustee an Initial Certification confirming whether
      or not it has received the Mortgage File for each Mortgage Loan, but without
      review of such Mortgage File, except to the extent necessary to confirm whether
      such Mortgage File contains the original Mortgage Note or a lost note affidavit
      and indemnity in lieu thereof. No later than 90 days after the Closing Date,
      the
      Trustee or the Custodian on its behalf shall, for the benefit of the
      Certificateholders, review each Mortgage File delivered to it and execute and
      deliver to EMC (on its own behalf and on behalf of Master Funding), the Master
      Servicer and, if reviewed by the Custodian, the Trustee, an Interim
      Certification. In conducting such review, the Trustee or the Custodian on its
      behalf will ascertain whether all required documents have been executed and
      received and whether those documents relate, determined on the basis of the
      Mortgagor name, original principal balance and loan number, to the Mortgage
      Loans identified in Exhibit B to this Agreement, as supplemented (provided,
      however, that with respect to those documents described in subclauses (iv)
      and
      (vi) of Section 2.01, such obligations shall extend only to documents actually
      delivered pursuant to such subclauses). In performing any such review, the
      Trustee and the Custodian 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 Custodian on its behalf finds any
      document constituting part of the Mortgage File not to have been executed or
      received, or to be unrelated to the Mortgage Loans identified in Exhibit B
      or to
      appear to be defective on its face, the Trustee or the Custodian on its behalf
      shall include such information in the exception report. EMC (on its own behalf
      and on behalf of Master Funding) shall correct or cure any such defect or,
      if
      prior to the end of the second anniversary of the Closing Date, EMC (on its
      own
      behalf and on behalf of Master Funding) may substitute for the related Mortgage
      Loan a Replacement Mortgage Loan, which substitution shall be accomplished
      in
      the manner and subject to the conditions set forth in Section 2.03 or shall
      deliver to the Trustee an Opinion of Counsel addressed to the Trustee to the
      effect that such defect does not materially or adversely affect the interests
      of
      the Certificateholders in such Mortgage Loan within 90 days from the date of
      notice from the Trustee of the defect and if EMC (on its own behalf and on
      behalf of Master Funding) fails to correct or cure the defect or deliver such
      opinion within such period, EMC (on its own behalf and on behalf of Master
      Funding) will, subject to Section 2.03, within 90 days from the notification
      of
      the Trustee purchase such Mortgage Loan at the Purchase Price; provided,
      however, that if such defect relates solely to the inability of EMC (on its
      own
      behalf and on behalf of Master Funding) to deliver the Mortgage, assignment
      thereof to the Trustee, or intervening assignments thereof with evidence of
      recording thereon because such documents have been submitted for recording
      and
      have not been returned by the applicable jurisdiction, EMC (on its own behalf
      and on behalf of Master Funding) shall not be required to purchase such Mortgage
      Loan if EMC (on its own behalf and on behalf of Master Funding) delivers such
      documents promptly upon receipt, but in no event later than 360 days after
      the
      Closing Date.

     

    (b)  No
      later
      than 180 days after the Closing Date, the Trustee or the Custodian on its behalf
      will review, for the benefit of the Certificateholders, the Mortgage Files
      and
      will execute and deliver or cause to be executed and delivered to EMC (on its
      own behalf and on behalf of Master Funding), the Master Servicer and, if
      reviewed by the Custodian, to the Trustee, a Final Certification. In conducting
      such review, the Trustee or the Custodian on its behalf will ascertain whether
      each document required to be recorded has been returned from the recording
      office with evidence of recording thereon and the Trustee or the Custodian
      on
      its behalf has received either an original or a copy thereof, as required in
      Section 2.01 (provided, however, that with respect to those documents described
      in subclauses (iv) and (vi) of Section 2.01, such obligations shall extend
      only
      to documents actually delivered pursuant to such subclauses). If the Trustee
      or
      the Custodian on its behalf finds any document with respect to a Mortgage Loan
      has not been 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 to appear defective on its face, the Trustee
      or
      the Custodian on its behalf shall note such defect in the exception report
      attached to the Final Certification and shall promptly notify EMC. EMC (on
      its
      own behalf and on behalf of Master Funding) shall correct or cure any such
      defect or, if prior to the end of the second anniversary of the Closing Date,
      EMC (on its own behalf and on behalf of Master Funding) may substitute for
      the
      related Mortgage Loan a Replacement Mortgage Loan, which substitution shall
      be
      accomplished in the manner and subject to the conditions set forth in Section
      2.03 or shall deliver to the Trustee an Opinion of Counsel addressed to the
      Trustee to the effect that such defect does not materially or adversely affect
      the interests of Certificateholders in such Mortgage Loan within 90 days from
      the date of notice from the Trustee of the defect and if EMC (on its own behalf
      and on behalf of Master Funding) is unable within such period to correct or
      cure
      such defect, or to substitute the related Mortgage Loan with a Replacement
      Mortgage Loan or to deliver such opinion, EMC (on its own behalf and on behalf
      of Master Funding) shall, subject to Section 2.03, within 90 days from the
      notification of the Trustee, purchase such Mortgage Loan at the Purchase Price;
      provided, however, that if such defect relates solely to the inability of EMC
      (on its own behalf and on behalf of Master Funding) to deliver the Mortgage,
      assignment thereof to the Trustee or intervening assignments thereof with
      evidence of recording thereon, because such documents have not been returned
      by
      the applicable jurisdiction, EMC (on its own behalf and on behalf of Master
      Funding) shall not be required to purchase such Mortgage Loan, if EMC (on its
      own behalf and on behalf of Master Funding) delivers such documents promptly
      upon receipt, but in no event later than 360 days after the Closing
      Date.

     

    (c)  In
      the
      event that a Mortgage Loan is purchased by EMC (on its own behalf and on behalf
      of Master Funding) in accordance with subsections 2.02(a) or (b) above or
      Section 2.03, EMC (on its own behalf and on behalf of Master Funding) shall
      remit the applicable Purchase Price to the Master Servicer, for deposit in
      the
      Master Servicer Collection Account and shall provide written notice to the
      Trustee detailing the components of the Purchase Price, signed by a Servicing
      Officer. Upon deposit of the Purchase Price in the Master Servicer Collection
      Account and upon receipt of a Request for Release with respect to such Mortgage
      Loan, the Trustee or the Custodian will 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 EMC (on its own behalf and on behalf of Master Funding), 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 deposit
      into the Master Servicer Collection Account was made. The Trustee shall promptly
      notify the Rating Agencies of such repurchase. The obligation of the Seller
      to
      cure, repurchase or substitute for any Mortgage Loan as to which a defect in
      a
      constituent document exists shall be the sole remedies respecting such defect
      available to the Certificateholders or to the Trustee on their
      behalf.

     

    (d)  EMC
      (on
      its own behalf and on behalf of Master Funding) shall deliver to the Trustee
      or
      the Custodian on its behalf, and Trustee agrees to accept the Mortgage Note
      and
      other documents constituting the Mortgage File with respect to any Replacement
      Mortgage Loan, which the Trustee or the Custodian will review as provided in
      subsections 2.02(a) and 2.02(b), provided, that the Closing Date referred to
      therein shall instead be the date of delivery of the Mortgage File with respect
      to each Replacement Mortgage Loan.

     

    Section
      2.03  Representations,
      Warranties and Covenants of the Company, the Master Servicer, the Securities
      Administrator and the Seller. 

     

    (a)  EMC
      as
      Company hereby represents and warrants to the Depositor, the Master Servicer,
      the Securities Administrator and the Trustee as follows, as of the Closing
      Date:

     

    (i)  It
      is
      duly organized and is validly existing and in good standing under the laws
      of
      the State of Delaware and is duly authorized and qualified to transact any
      and
      all business contemplated by this Agreement to be conducted by it in any state
      in which a Mortgaged Property related to an EMC Mortgage Loan is located or
      is
      otherwise not required under applicable law to effect such qualification and,
      in
      any event, is in compliance with the doing business laws of any such state,
      to
      the extent necessary to ensure its ability to enforce each EMC Mortgage Loan,
      to
      service the EMC Mortgage Loans in accordance with the terms of this Agreement
      and to perform any of its other obligations under this Agreement in accordance
      with the terms hereof.

     

    (ii)  It
      has
      the full corporate power and authority to service each EMC Mortgage Loan, and
      to
      execute, deliver and perform, and to enter into and consummate the transactions
      contemplated by this Agreement and has duly authorized by all necessary
      corporate action on its part the execution, delivery and performance of this
      Agreement; assuming the due authorization, execution and delivery hereof by
      the
      other parties hereto, constitutes its legal, valid and binding obligation,
      enforceable against it in accordance with its terms, except that (a) the
      enforceability hereof may be limited by bankruptcy, insolvency, moratorium,
      receivership and other similar laws relating to creditors’ rights generally and
      (b) the remedy of specific performance and injunctive and other forms of
      equitable relief may be subject to equitable defenses and to the discretion
      of
      the court before which any proceeding therefor may be brought.

     

    (iii)  The
      execution and delivery of this Agreement by it, the servicing of the EMC
      Mortgage Loans by it under this Agreement, the consummation of any other of
      the
      transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in its ordinary course of business and
      will
      not (A) result in a breach of any term or provision of its charter or by-laws
      or
      (B) conflict with, result in a breach, violation or acceleration of, or result
      in a default under, the terms of any other material agreement or instrument
      to
      which it is a party or by which it may be bound, or (C) constitute a violation
      of any statute, order or regulation applicable to it of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over it;
      and it is not in breach or violation of any material indenture or other material
      agreement or instrument, or in violation of any statute, order or regulation
      of
      any court, regulatory body, administrative agency or governmental body having
      jurisdiction over it which breach or violation may materially impair its ability
      to perform or meet any of its obligations under this Agreement.

     

    (iv)  It
      is an
      approved servicer of conventional mortgage loans for Fannie Mae or Freddie
      Mac
      and is a mortgagee approved by the Secretary of Housing and Urban Development
      pursuant to sections 203 and 211 of the National Housing Act.

     

    (v)  No
      litigation is pending or, to the best of its knowledge, threatened, against
      it
      that would materially and adversely affect the execution, delivery or
      enforceability of this Agreement or its ability to service the EMC Mortgage
      Loans or to perform any of its other obligations under this Agreement in
      accordance with the terms hereof.

     

    (vi)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for its execution, delivery and performance of, or compliance
      with, this Agreement or the consummation of the transactions contemplated
      hereby, or if any such consent, approval, authorization or order is required,
      it
      has obtained the same.

     

    (vii)  The
      Company has delivered to the Depositor and the Securities Administrator
      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 (outside of the normal changes warranted
      by
      regulatory and product type changes in the portfolio), business, operations,
      financial condition, properties or assets of the Company since the date of
      the
      Company’s financial information that would have a material adverse effect on its
      ability to perform its obligations under this Agreement.

     

    (b)  EMC
      as
      Company hereby covenants to the Depositor, the Master Servicer, the Securities
      Administrator and the Trustee as follows, as of the Closing Date:

     

    (i)  As
      of the
      Closing Date and except as has been otherwise disclosed to the Securities
      Administrator and the 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 Company; (2)
      no
      material noncompliance with applicable servicing criteria as to any other
      Pass-Through Transfer has occurred, been disclosed or reported by the Company;
      (3) the Company 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
      Company’s servicing policies and procedures for similar loans have occurred in
      the preceding three years; (5) there are no aspects of the Company’s financial
      condition that could have a material adverse impact on the performance by the
      Company of its obligations hereunder; (6) there are no legal proceedings
      pending, or known to be contemplated by governmental authorities, against the
      Company 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 Company of a type that are described under Item
      1119 of Regulation AB.

     

    (ii)  If
      so
      requested by the Depositor or the Securities Administrator on any date, the
      Company shall, within five Business Days following such request, confirm in
      writing the accuracy of the representations and warranties set forth in clause
      (b)(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.

     

    (iii)  As
      a
      condition to the succession to the Company or any subservicer as servicer or
      subservicer under this Agreement 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 Securities Administrator and the Depositor, at least 15 calendar days prior
      to the effective date of such succession or appointment, (x) written notice
      to
      the Securities Administrator and the Depositor of such succession or appointment
      and (y) in writing and in form and substance reasonably satisfactory to the
      Master Servicer and the Depositor, all information reasonably requested by
      the
      Securities Administrator or the 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.

     

    (c)  EMC
      as
      Master Servicer hereby covenants to the Depositor, the Company, the Securities
      Administrator and the Trustee as follows, as of the Closing Date:

     

    (i)  It
      is
      duly organized and is validly existing and in good standing under the laws
      of
      the State of Delaware and is duly authorized and qualified to transact any
      and
      all business contemplated by this Agreement to be conducted by it in any state
      in which a Mortgaged Property related to an EMC Mortgage Loan is located or
      is
      otherwise not required under applicable law to effect such qualification and,
      in
      any event, is in compliance with the doing business laws of any such state,
      to
      the extent necessary to ensure its ability to enforce each EMC Mortgage Loan,
      to
      service the EMC Mortgage Loans in accordance with the terms of this Agreement
      and to perform any of its other obligations under this Agreement in accordance
      with the terms hereof.

     

    (ii)  It
      has
      the full corporate power and authority to execute, deliver and perform, and
      to
      enter into and consummate the transactions contemplated by this Agreement and
      has duly authorized by all necessary corporate action on its part the execution,
      delivery and performance of this Agreement; and this, assuming the due
      authorization, execution and delivery hereof by the other parties hereto,
      constitutes its legal, valid and binding obligation, enforceable against it
      in
      accordance with its terms, except that (a) the enforceability hereof may be
      limited by bankruptcy, insolvency, moratorium, receivership and other similar
      laws relating to creditors’ rights generally and (b) the remedy of specific
      performance and injunctive and other forms of equitable relief may be subject
      to
      equitable defenses and to the discretion of the court before which any
      proceeding therefor may be brought.

     

    (iii)  The
      execution and delivery of this Agreement by it, the consummation of any other
      of
      the transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in its ordinary course of business and
      will
      not (A) result in a material breach of any term or provision of its charter
      or
      by-laws or (B) materially conflict with, result in a material breach, violation
      or acceleration of, or result in a material default under, the terms of any
      other material agreement or instrument to which it is a party or by which it
      may
      be bound, or (C) constitute a material violation of any statute, order or
      regulation applicable to it of any court, regulatory body, administrative agency
      or governmental body having jurisdiction over it; and it is not in breach or
      violation of any material indenture or other material agreement or instrument,
      or in violation of any statute, order or regulation of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over it
      which breach or violation may materially impair its ability to perform or meet
      any of its obligations under this Agreement.

     

    (iv)  No
      litigation is pending or, to the best of its knowledge, threatened, against
      it
      that would materially and adversely affect the execution, delivery or
      enforceability of this Agreement or its ability to perform any of its other
      obligations under this Agreement in accordance with the terms
      hereof.

     

    (v)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for its execution, delivery and performance of, or compliance
      with, this Agreement or the consummation of the transactions contemplated hereby
      or thereby, or if any such consent, approval, authorization or order is
      required, it has obtained the same.

     

    (d)  Wells
      Fargo Bank, National Association, in its capacity as Securities Administrator
      hereby represents and warrants to the Seller, the Master Servicer, the
      Depositor, the Trustee as follows, as of the Closing Date:

     

    (i)  It
      is a
      national banking association duly formed, validly existing and in good standing
      under the laws of the United States of America and is duly authorized and
      qualified to transact any and all business contemplated by this Agreement to
      be
      conducted by the Securities Administrator in any state in which a Mortgaged
      Property is located or is otherwise not required under applicable law to effect
      such qualification and, in any event, is in compliance with the doing business
      laws of any such state, to the extent necessary to ensure its ability to enforce
      each Mortgage Loan, to master service the Mortgage Loans in accordance with
      the
      terms of this Agreement and to perform any of its other obligations under this
      Agreement in accordance with the terms hereof or thereof;

     

    (ii)  It
      has
      the full corporate power and authority to execute, deliver and perform, and
      to
      enter into and consummate the transactions contemplated by this Agreement and
      has duly authorized by all necessary corporate action on its part the execution,
      delivery and performance of this Agreement; and this, assuming the due
      authorization, execution and delivery hereof by the other parties hereto,
      constitutes its legal, valid and binding obligation, enforceable against it
      in
      accordance with its terms, except that (a) the enforceability hereof may be
      limited by bankruptcy, insolvency, moratorium, receivership and other similar
      laws relating to creditors’ rights generally and (b) the remedy of specific
      performance and injunctive and other forms of equitable relief may be subject
      to
      equitable defenses and to the discretion of the court before which any
      proceeding therefor may be brought.

     

    (iii)  The
      execution and delivery of this Agreement by it, the consummation of any other
      of
      the transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in its ordinary course of business and
      will
      not (A) result in a material breach of any term or provision of its charter
      or
      by-laws or (B) materially conflict with, result in a material breach, violation
      or acceleration of, or result in a material default under, the terms of any
      other material agreement or instrument to which it is a party or by which it
      may
      be bound, or (C) constitute a material violation of any statute, order or
      regulation applicable to it of any court, regulatory body, administrative agency
      or governmental body having jurisdiction over it; and it is not in breach or
      violation of any material indenture or other material agreement or instrument,
      or in violation of any statute, order or regulation of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over it
      which breach or violation may materially impair its ability to perform or meet
      any of its obligations under this Agreement.

     

    (iv)  No
      litigation is pending or, to the best of its knowledge, threatened, against
      it
      that would materially and adversely affect the execution, delivery or
      enforceability of this Agreement or its ability to perform any of its other
      obligations under this Agreement in accordance with the terms
      hereof.

     

    (v)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for its execution, delivery and performance of, or compliance
      with, this Agreement or the consummation of the transactions contemplated hereby
      or thereby, or if any such consent, approval, authorization or order is
      required, it has obtained the same.

     

    (e)  The
      Seller hereby represents and warrants to the Depositor, the Securities
      Administrator, the Master Servicer and the Trustee as follows, as of the Closing
      Date:

     

    (i)  The
      Seller is duly organized as a Delaware corporation and is validly existing
      and
      in good standing under the laws of the State of Delaware and is duly authorized
      and qualified to transact any and all business contemplated by this Agreement
      and to be conducted by the Seller in any state in which a Mortgaged Property
      is
      located or is otherwise not required under applicable law to effect such
      qualification and, in any event, is in compliance with the doing business laws
      of any such state, to the extent necessary to ensure its ability to enforce
      each
      Mortgage Loan, to sell the Mortgage Loans in accordance with the terms of this
      Agreement and to perform any of its other obligations under this Agreement
      in
      accordance with the terms hereof or thereof.

     

    (ii)  The
      Seller has the full corporate power and authority to sell each Mortgage Loan,
      and to execute, deliver and perform, and to enter into and consummate the
      transactions contemplated by this Agreement and has duly authorized by all
      necessary corporate action on the part of the Seller the execution, delivery
      and
      performance of this Agreement; and this Agreement, assuming the due
      authorization, execution and delivery hereof by the other parties hereto or
      thereto, as applicable, constitutes a legal, valid and binding obligation of
      the
      Seller, enforceable against the Seller in accordance with its terms, except
      that
      (a) the enforceability hereof may be limited by bankruptcy, insolvency,
      moratorium, receivership and other similar laws relating to creditors’ rights
      generally and (b) the remedy of specific performance and injunctive and other
      forms of equitable relief may be subject to equitable defenses and to the
      discretion of the court before which any proceeding therefor may be
      brought.

     

    (iii)  The
      execution and delivery of this Agreement by the Seller, the sale of the Mortgage
      Loans by the Seller under the Mortgage Loan Purchase Agreement, the consummation
      of any other of the transactions contemplated by this Agreement, and the
      fulfillment of or compliance with the terms hereof and thereof are in the
      ordinary course of business of the Seller and will not (A) result in a breach
      of
      any term or provision of the charter or by-laws of the Seller or (B) conflict
      with, result in a breach, violation or acceleration of, or result in a default
      under, the terms of any other material agreement or instrument to which the
      Seller is a party or by which it may be bound, or (C) constitute a violation
      of
      any statute, order or regulation applicable to the Seller of any court,
      regulatory body, administrative agency or governmental body having jurisdiction
      over the Seller; and the Seller is not in breach or violation of any material
      indenture or other material agreement or instrument, or in violation of any
      statute, order or regulation of any court, regulatory body, administrative
      agency or governmental body having jurisdiction over it which breach or
      violation may materially impair the Seller’s ability to perform or meet any of
      its obligations under this Agreement.

     

    (iv)  The
      Seller is an approved seller of conventional mortgage loans for Fannie Mae
      or
      Freddie Mac and is a mortgagee approved by the Secretary of Housing and Urban
      Development pursuant to sections 203 and 211 of the National Housing
      Act.

     

    (v)  No
      litigation is pending or, to the best of the Seller’s knowledge, threatened,
      against the Seller that would materially and adversely affect the execution,
      delivery or enforceability of this Agreement or the ability of the Seller to
      sell the Mortgage Loans or to perform any of its other obligations under this
      Agreement in accordance with the terms hereof or thereof.

     

    (vi)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Seller
      of,
      or compliance by the Seller with, this Agreement or the consummation of the
      transactions contemplated hereby or thereby, or if any such consent, approval,
      authorization or order is required, the Seller has obtained the
      same.

     

    (vii)  As
      of the
      Closing Date, the representations and warranties concerning the Mortgage Loans
      set forth in Section 7 of the Mortgage Loan Purchase Agreement are true and
      correct in all material respects.

     

    (f)  Upon
      discovery by any of the parties hereto of a breach of a representation or
      warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement that
      materially and adversely affects the interests of the Certificateholders in
      any
      Mortgage Loan, the party discovering such breach shall give prompt written
      notice thereof to the other parties of this Agreement. The Seller hereby
      covenants with respect to the representations and warranties set forth in
      Section 7 of the Mortgage Loan Purchase Agreement, that within 90 days of the
      discovery of a breach of any representation or warranty set forth therein that
      materially and adversely affects the interests of the Certificateholders in
      any
      Mortgage Loan, it shall cure such breach in all material respects and, if such
      breach is not so cured, (i) if such 90-day period expires prior to the second
      anniversary of the Closing Date, remove such Mortgage Loan (a “Deleted Mortgage
      Loan”) from the Trust Fund and substitute in its place a Replacement Mortgage
      Loan, in the manner and subject to the conditions set forth in this Section;
      or
      (ii) repurchase the affected Mortgage Loan or Mortgage Loans from the Trustee
      at
      the Purchase Price in the manner set forth below; provided that, any such
      substitution pursuant to (i) above or repurchase pursuant to (ii) above shall
      not be effected prior to the delivery to the Trustee, the Master Servicer,
      the
      Securities Administrator of an Opinion of Counsel if required by Section 2.05
      hereof and any such substitution pursuant to (i) above shall not be effected
      prior to the additional delivery to the Custodian of a Request for Release.
      The
      Seller shall, or cause the related Servicer to, furnish to the Securities
      Administrator, the Master Servicer and the Trustee the Officer’s Certificate
      required under Section 2.03(f) relating to such cure. If the Trustee has
      received (or has given, as the case may be) written notice of such a breach
      of a
      representation or warranty, the Trustee shall give prompt written notice to
      the
      Master Servicer, the Securities Administrator and the Seller, if within 90
      days
      of its receipt (or giving, as the case may be) of such notice of breach, the
      Trustee does not receive an Officer’s Certificate as described in the preceding
      sentence certifying as to the cure of such breached representation or warranty.
      The Seller shall promptly reimburse the Trustee for any expenses reasonably
      incurred by the Trustee in respect of enforcing the remedies for such breach.
      To
      enable the Seller to amend the Mortgage Loan Schedule, the Seller shall, unless
      it cures such breach in a timely fashion pursuant to this Section 2.03, promptly
      notify the Trustee whether it intends either to repurchase, or to substitute
      for, the Mortgage Loan affected by such breach. With respect to the
      representations and warranties in Section 7 of the Mortgage Loan Purchase
      Agreement that are made to the best of the Seller’s knowledge, if it is
      discovered by any of the Depositor, the Master Servicer, the Seller, the
      Securities Administrator, the Trustee that the substance of such representation
      and warranty is inaccurate and such inaccuracy materially and adversely affects
      the value of the related Mortgage Loan, notwithstanding the Seller’s lack of
      knowledge with respect to the substance of such representation or warranty,
      the
      Seller shall nevertheless be required to cure, substitute for or repurchase
      the
      affected Mortgage Loan in accordance with the foregoing.

     

    With
      respect to any Replacement Mortgage Loan or Loans, the Seller shall deliver
      to
      the Trustee for the benefit of the Certificateholders such documents and
      agreements as are required by Section 2.01. No substitution shall be made in
      any
      calendar month after the Determination Date for such month. Scheduled Payments
      due with respect to Replacement Mortgage Loans in the Due Period related to
      the
      Distribution Date on which such proceeds are to be distributed shall not be
      part
      of the Trust Fund and shall be retained by the Seller. For the month of
      substitution, distributions to Certificateholders will include the Scheduled
      Payment due on any Deleted Mortgage Loan for the related Due Period and
      thereafter the Seller shall be entitled to retain all amounts received in
      respect of such Deleted Mortgage Loan. The Seller shall amend the Mortgage
      Loan
      Schedule for the benefit of the Certificateholders to reflect the removal of
      such Deleted Mortgage Loan and the substitution of the Replacement Mortgage
      Loan
      or Loans and the Seller shall deliver the amended Mortgage Loan Schedule to
      the
      Trustee, the Master Servicer, the Securities Administrator and the Custodian.
      Upon such substitution, the Replacement Mortgage Loan or Loans shall be subject
      to the terms of this Agreement in all respects, and the Seller shall be deemed
      to have made with respect to such Replacement Mortgage Loan or Loans, as of
      the
      date of substitution, the representations and warranties set forth in Section
      7
      of the Mortgage Loan Purchase Agreement with respect to such Mortgage Loan.
      Upon
      any such substitution and the deposit into the Distribution Account of the
      amount required to be deposited therein in connection with such substitution
      as
      described in the following paragraph and receipt by the Securities Administrator
      and the Trustee of a Request for Release for such Mortgage Loan, the Trustee
      or
      the Custodian shall release to the Seller the Mortgage File relating to such
      Deleted Mortgage Loan and held for the benefit of the Certificateholders and
      the
      Trustee shall execute and deliver at the Seller’s direction such instruments of
      transfer or assignment as have been prepared by the Seller, in each case without
      recourse, representation or warranty as shall be necessary to vest in the
      Seller, or its respective designee, title to the Trustee’s interest in any
      Deleted Mortgage Loan substituted for pursuant to this Section
      2.03.

     

    For
      any
      month in which the Seller substitutes one or more Replacement Mortgage Loans
      for
      a Deleted Mortgage Loan, the Master Servicer will determine the amount (if
      any)
      by which the aggregate principal balance of all the Replacement Mortgage Loans
      as of the date of substitution is less than the Stated Principal Balance (after
      application of the principal portion of the Scheduled Payment due in the month
      of substitution) of such Deleted Mortgage Loan. An amount equal to the aggregate
      of such deficiencies, described in the preceding sentence for any Distribution
      Date (such amount, the “Substitution Adjustment Amount”) shall be deposited into
      the Distribution Account by the Securities Administrator upon receipt from
      the
      Seller delivering such Replacement Mortgage Loan on the Determination Date
      for
      the Distribution Date relating to the Prepayment Period during which the related
      Mortgage Loan became required to be purchased or replaced
      hereunder.

     

    In
      the
      event that the Seller shall have repurchased a Mortgage Loan, the Purchase
      Price
      therefor shall be deposited into the Master Servicer Collection Account
      maintained by the Master Servicer, on the Determination Date for the
      Distribution Date in the month following the month during which the Seller
      became obligated to repurchase or replace such Mortgage Loan and upon such
      deposit of the Purchase Price, the delivery of an Opinion of Counsel if required
      by Section 2.05 and the receipt of a Request for Release, the Trustee or the
      Custodian shall release the related Mortgage File held for the benefit of the
      Certificateholders to the Seller, and the Trustee shall execute and deliver
      at
      such Person’s direction the related instruments of transfer or assignment
      prepared by the Seller, in each case without recourse, representation or
      warranty as shall be necessary to transfer title from the Trustee for the
      benefit of the Certificateholders and transfer the Trustee’s interest to EMC (on
      its own as a Seller and on behalf of Master Funding) to any Mortgage Loan
      purchased pursuant to this Section 2.03. It is understood and agreed that the
      obligation under this Agreement of the Seller to cure, repurchase or replace
      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 the Certificateholders, the Depositor or the Trustee. 

     

    In
      connection with any repurchase or substitution of a Mortgage Loan or the cure
      of
      a breach of a representation or warranty set forth in Section 7 of the Mortgage
      Loan Purchase Agreement pursuant to this Section 2.03, the Seller shall, or
      cause the related Servicer to, promptly furnish to the Securities Administrator,
      the Master Servicer and 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, substitution or cure has been made in
      accordance with the terms and conditions of this Agreement and that all
      conditions precedent to such repurchase, substitution or cure have been
      satisfied, including the delivery to the Securities Administrator of the
      Purchase Price or Substitution Adjustment Amount, as applicable, for deposit
      into the Distribution Account, together with copies of any Opinion of Counsel
      required to be delivered pursuant to this Agreement and the related Request
      for
      Release, on which the Securities Administrator, the Master Servicer and the
      Trustee may rely. Solely for purposes of the Securities Administrator providing
      an Assessment of Compliance, upon receipt of such documentation, the Securities
      Administrator shall approve such repurchase, substitution or cure, as
      applicable, and which approval shall consist solely of the Securities
      Administrator’s receipt of such documentation and deposits. It is understood and
      agreed that the obligation under this Agreement of the Seller to cure the breach
      of a representation or warranty set forth in Section 7 of the Mortgage Loan
      Purchase Agreement or to repurchase or replace 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.

     

    (g)  The
      representations and warranties set forth in Section 2.03 hereof shall survive
      delivery of the respective Mortgage Loans and Mortgage Files to the Trustee
      or
      the Custodian for the benefit of the Certificateholders.

     

    Section
      2.04  Representations
      and Warranties of the Depositor. 

     

    The
      Depositor hereby represents and warrants to the Master Servicer, the Securities
      Administrator and the Trustee as follows, as of the date hereof and as of the
      Closing Date:

     

    (i)  The
      Depositor is duly organized and is validly existing as limited liability company
      in good standing under the laws of the State of Delaware and has full power
      and
      authority necessary to own or hold its properties and to conduct its business
      as
      now conducted by it and to enter into and perform its obligations under this
      Agreement.

     

    (ii)  The
      Depositor has the full power and authority to execute, deliver and perform,
      and
      to enter into and consummate the transactions contemplated by, this Agreement
      and has duly authorized, by all necessary action on its part, the execution,
      delivery and performance of this Agreement; and this Agreement, assuming the
      due
      authorization, execution and delivery hereof and thereof by the other parties
      hereto and thereto, constitutes a legal, valid and binding obligation of the
      Depositor, enforceable against the Depositor in accordance with its terms,
      subject, as to enforceability, to (i) bankruptcy, insolvency, reorganization,
      moratorium and other similar laws affecting creditors’ rights generally and (ii)
      general principles of equity, regardless of whether enforcement is sought in
      a
      proceeding in equity or at law.

     

    (iii)  The
      execution and delivery of this Agreement by the Depositor, the consummation
      of
      the transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in the ordinary course of business of
      the
      Depositor and will not (A) result in a breach of any term or provision of the
      organizational documents of the Depositor or (B) conflict with, result in a
      breach, violation or acceleration of, or result in a default under, the terms
      of
      any other material agreement or instrument to which the Depositor is a party
      or
      by which it may be bound or (C) constitute a violation of any statute, order
      or
      regulation applicable to the Depositor of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over the
      Depositor; and the Depositor is not in breach or violation of any material
      indenture or other material agreement or instrument, or in violation of any
      statute, order or regulation of any court, regulatory body, administrative
      agency or governmental body having jurisdiction over it which breach or
      violation may materially impair the Depositor’s ability to perform or meet any
      of its obligations under this Agreement.

     

    (iv)  No
      litigation is pending, or, to the best of the Depositor’s knowledge, threatened,
      against the Depositor that would materially and adversely affect the execution,
      delivery or enforceability of this Agreement or the ability of the Depositor
      to
      perform its obligations under this Agreement in accordance with the terms
      hereof.

     

    (v)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Depositor
      of, or compliance by the Depositor with, this Agreement or the consummation
      of
      the transactions contemplated hereby, or if any such consent, approval,
      authorization or order is required, the Depositor has obtained the same;
      and

     

    (vi)  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.

     

    The
      Depositor hereby represents and warrants to the Trustee as of the Closing Date,
      following the transfer of the Mortgage Loans to it by the Seller, the Depositor
      had good title to the Mortgage Loans and the related Mortgage Notes were subject
      to no offsets, claims, defenses or counterclaims.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      the
      immediately preceding paragraph shall survive delivery of the Mortgage Files
      to
      the Trustee or the Custodian for the benefit of the Certificateholders. Upon
      discovery by the Depositor, the Trustee of a breach of such representations
      and
      warranties, the party discovering such breach shall give prompt written notice
      to the others and to each Rating Agency.

     

    Section
      2.05  Delivery
      of Opinion of Counsel in Connection with Substitutions and
      Repurchases. 

     

    (a)  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 or 2.03 shall be made
      unless the Sponsor delivers to the Trustee and the Securities Administrator
      an
      Opinion of Counsel, addressed to the Trustee and the Securities Administrator,
      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, REMIC
      III, REMIC IV or REMIC V or contributions after the Closing Date, as defined
      in
      Sections 860F(a)(2) and 860G(d) of the Code, respectively, or (ii) cause any
      of
      REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V 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 or 2.03) upon the earlier of (a) the occurrence of a default
      or a
      default becoming reasonably foreseeable with respect to such Mortgage Loan
      and
      (b) receipt by the Trustee and the Securities Administrator of an Opinion of
      Counsel addressed to the Trustee and the Securities Administrator 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.

     

    (b)  Upon
      discovery by the Depositor, the Seller, the Custodian or the Master Servicer
      that any Mortgage Loan does not constitute a “qualified mortgage” within the
      meaning of Section 860G(a)(3) of the Code, the party discovering such fact
      shall
      promptly (and in any event within 5 Business Days of discovery) give written
      notice thereof to the other parties, the Trustee and the Securities
      Administrator. In connection therewith, the Trustee, or the Custodian on its
      behalf, shall require the Seller, at the Seller’s option, to either (i)
      substitute, if the conditions in Section 2.03(f) with respect to substitutions
      are satisfied, a Replacement Mortgage Loan for the affected Mortgage Loan,
      or
      (ii) repurchase the affected Mortgage Loan within 90 days of such discovery
      in
      the same manner as it would a Mortgage Loan for a breach of representation
      or
      warranty contained in Section 2.03. The Trustee, or the Custodian on its behalf,
      shall reconvey to the Seller the Mortgage Loan to be released pursuant hereto
      (and the Custodian shall deliver the related Mortgage File) in the same manner,
      and on the same terms and conditions, as it would a Mortgage Loan repurchased
      for breach of a representation or warranty contained in Section
      2.03.

     

    Section
      2.06  Countersignature
      and Delivery of Certificates. 

     

    (a)  The
      Trustee acknowledges the sale, transfer and assignment to it of the Trust Fund
      and, concurrently with such transfer and assignment, the Securities
      Administrator has executed, countersigned and delivered, to or upon the order
      of
      the Depositor, the Certificates in authorized denominations evidencing the
      entire ownership of the Trust Fund. The Trustee agrees to hold the Trust Fund
      and exercise the rights referred to above for the benefit of all present and
      future Holders of the Certificates and to perform the duties set forth in this
      Agreement in accordance with its terms.

     

    (b)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      I Regular Interests and the other assets of REMIC II for the benefit of the
      holders of the REMIC II Regular Interests and the Class R-2 Certificates. 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 Regular Interests and the Class R-2 Certificates.

     

    (c)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      II Regular Interests and the other assets of REMIC III for the benefit of the
      holders of the Certificates (other than the Class C, Class P and Class R
      Certificates), the Class C Interest, the Class P Interest and the Class R-3
      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 C, Class P and Class
      R
      Certificates), the Class C Interest, the Class P Interest and the Class R-3
      Certificates.

     

    (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 Class
      C Interest for the benefit of the Holders of the Class C Certificates and the
      Class RX Certificates (in respect of the Class R-4 Interest). The Trustee
      acknowledges receipt of the Class C Interest (which is uncertificated) and
      declares that it holds and will hold the same in trust for the exclusive use
      and
      benefit of the Holders of the Class C Certificates and the Class RX Certificates
      (in respect of the Class R-4 Interest).

     

    (e)  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 Class
      P Interest for the benefit of the Holders of the Class P Certificates and the
      Class RX Certificates (in respect of the Class R-5 Interest). The Trustee
      acknowledges receipt of the Class P Interest (which is uncertificated) and
      declares that it holds and will hold the same in trust for the exclusive use
      and
      benefit of the Holders of the Class P Certificates and the Class RX Certificates
      (in respect of the Class R-5 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
      distributions 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.

     

    (f)  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, and this Section 2.07.

     

     

     

    ARTICLE
      III

    ADMINISTRATION
      AND SERVICING OF

    EMC
      MORTGAGE LOANS BY COMPANY

     

    Section
      3.01  The
      Company. 

     

    The
      Company shall service and administer the EMC Mortgage Loans in accordance with
      customary and usual standards of practice of prudent mortgage loan servicers
      in
      the respective states in which the related Mortgaged Properties are located.
      In
      connection with such servicing and administration, the Company shall have full
      power and authority, acting alone and/or through subservicers as provided in
      Section 3.03, to do or cause to be done any and all things that it may deem
      necessary or desirable in connection with such servicing and administration,
      including but not limited to, the power and authority, subject to the terms
      hereof (i) to execute and deliver, on behalf of the Certificateholders, the
      Trustee, customary consents or waivers and other instruments and documents,
      (ii)
      to consent to transfers of any related Mortgaged Property and assumptions of
      the
      Mortgage Notes and related Mortgages (but only in the manner provided herein),
      (iii) to collect any Insurance Proceeds and other Liquidation Proceeds or
      Subsequent Recoveries, and (iv) subject to Section 3.09, to effectuate
      foreclosure or other conversion of the ownership of the Mortgaged Property
      securing any EMC Mortgage Loan; provided that the Company shall take no action
      that is inconsistent with or prejudices the interests of the Trust Fund or
      the
      Certificateholders in any EMC Mortgage Loan or the rights and interests of
      the
      Depositor or the Trustee under this Agreement.

     

    Without
      limiting the generality of the foregoing, the Company, in its own name or in
      the
      name of the Trust, the Depositor or the Trustee, is hereby authorized and
      empowered by the Trust, the Depositor and the Trustee, when the Company believes
      it appropriate in its reasonable judgment, to execute and deliver, on behalf
      of
      the Trustee, the Depositor, the Certificateholders or any of them, any and
      all
      instruments of satisfaction or cancellation, or of partial or full release
      or
      discharge and all other comparable instruments, with respect to the EMC Mortgage
      Loans, and with respect to the related Mortgaged Properties held for the benefit
      of the Certificateholders. The Company shall prepare and deliver to the
      Depositor, the Master Servicer and/or the Trustee such documents requiring
      execution and delivery by any or all of them as are necessary or appropriate
      to
      enable the Company to service and administer the EMC Mortgage Loans. Upon
      receipt of such documents, the Depositor, the Master Servicer and/or the Trustee
      shall execute such documents and deliver them to the Company.

     

    In
      accordance with the standards of the first paragraph of this Section 3.01,
      the
      Company shall advance or cause to be advanced funds as necessary for the purpose
      of effecting the payment of taxes and assessments on the Mortgaged Properties
      relating to the EMC Mortgage Loans, which advances shall be reimbursable in
      the
      first instance from related collections from the Mortgagors pursuant to Section
      5.04, and further as provided in Section 5.02. All costs incurred by the
      Company, if any, in effecting the timely payments of taxes and assessments
      on
      the Mortgaged Properties relating to the EMC Mortgage Loans and related
      insurance premiums shall not, for the purpose of calculating monthly
      distributions to the Certificateholders, be added to the Stated Principal
      Balance under the related EMC Mortgage Loans, notwithstanding that the terms
      of
      such Mortgage Loans so permit.

     

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

     

    (a)  Except
      as
      otherwise provided in this Section 3.02, when any property subject to a Mortgage
      has been or is about to be conveyed by the Mortgagor, the Company shall to
      the
      extent that it has knowledge of such conveyance, enforce any due-on-sale clause
      contained in any Mortgage Note or Mortgage, to the extent permitted under
      applicable law and governmental regulations, but only to the extent that such
      enforcement will not adversely affect or jeopardize coverage under any Required
      Insurance Policy. Notwithstanding the foregoing, the Company is not required
      to
      exercise such rights with respect to an EMC Mortgage Loan if the Person to
      whom
      the related Mortgaged Property has been conveyed or is proposed to be conveyed
      satisfies the terms and conditions contained in the Mortgage Note and Mortgage
      related thereto and the consent of the mortgagee under such Mortgage Note or
      Mortgage is not otherwise so required under such Mortgage Note or Mortgage
      as a
      condition to such transfer. In the event that the Company is prohibited by
      law
      from enforcing any such due-on-sale clause, or if coverage under any Required
      Insurance Policy would be adversely affected, or if nonenforcement is otherwise
      permitted hereunder, the Company is authorized, subject to Section 3.02(b),
      to
      take or enter into an assumption and modification agreement from or with the
      person to whom such property has been or is about to be conveyed, pursuant
      to
      which such person becomes liable under the Mortgage Note and, unless prohibited
      by applicable state law, the Mortgagor remains liable thereon, provided that
      the
      Mortgage Loan shall continue to be covered (if so covered before the Company
      enters such agreement) by the applicable Required Insurance Policies. The
      Company, subject to Section 3.02(b), is also authorized with the prior approval
      of the insurers under any Required Insurance Policies to enter into a
      substitution of liability agreement with such Person, pursuant to which the
      original Mortgagor is released from liability and such Person is substituted
      as
      Mortgagor and becomes liable under the Mortgage Note. Notwithstanding the
      foregoing, the Company shall not be deemed to be in default under this Section
      3.02(a) by reason of any transfer or assumption that the Company reasonably
      believes it is restricted by law from preventing.

     

    (b)  Subject
      to the Company’s duty to enforce any due-on-sale clause to the extent set forth
      in Section 3.02(a), in any case in which a Mortgaged Property has been conveyed
      to a Person by a Mortgagor, and such Person is to enter into an assumption
      agreement or modification agreement or supplement to the Mortgage Note or
      Mortgage that requires the signature of the Trustee, or if an instrument of
      release signed by the Trustee is required releasing the Mortgagor from liability
      on the related EMC Mortgage Loan, the Company shall prepare and deliver or
      cause
      to be prepared and delivered to the Trustee for signature and shall direct,
      in
      writing, the Trustee to execute the assumption agreement with the Person to
      whom
      the Mortgaged Property is to be conveyed and such modification agreement or
      supplement to the Mortgage Note or Mortgage or other instruments as are
      reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage
      or otherwise to comply with any applicable laws regarding assumptions or the
      transfer of the Mortgaged Property to such Person. In connection with any such
      assumption, no material term of the Mortgage Note (including, but not limited
      to, the Mortgage Rate, the amount of the Scheduled Payment and any other term
      affecting the amount or timing of payment on the EMC Mortgage Loan) may be
      changed. In addition, the substitute Mortgagor and the Mortgaged Property must
      be acceptable to the Company in accordance with its servicing standards as
      then
      in effect. The Company shall notify the Trustee that any such substitution
      or
      assumption agreement has been completed by forwarding to the Trustee the
      original of such substitution or assumption agreement, which in the case of
      the
      original shall be added to the related Mortgage File and shall, for all
      purposes, be considered a part of such Mortgage File to the same extent as
      all
      other documents and instruments constituting a part thereof. Any fee collected
      by the Company for entering into an assumption or substitution of liability
      agreement shall be retained by the Company as additional servicing
      compensation.

     

    Section
      3.03  Subservicers. 

     

    The
      Company 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 Company of a 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 each subservicer as fully
      as
      if such acts and omissions were those of the Company. The Company shall pay
      all
      fees of each subservicer from its own funds, and a subservicer’s fee shall not
      exceed the Servicing Fee payable to the Company hereunder.

     

    At
      the
      cost and expense of the Company, without any right of reimbursement from its
      Protected Account, the Company 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; 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 EMC Mortgage Loans
      itself. In the event that the Company’s responsibilities and duties under this
      Agreement are terminated pursuant to Section 9.05, the Company shall at its
      own
      cost and expense terminate the rights and responsibilities of each subservicer
      effective as of the date of termination of the Company. The Company shall pay
      all fees, expenses or penalties necessary in order to terminate the rights
      and
      responsibilities of each subservicer from the Company’s own funds without
      reimbursement from the Trust Fund.

     

    Notwithstanding
      the foregoing, the Company shall not be relieved of its obligations hereunder
      and shall be obligated to the same extent and under the same terms and
      conditions as if it alone were servicing and administering the EMC Mortgage
      Loans. The Company shall be entitled to enter into an agreement with a
      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
      EMC Mortgage Loans involving a subservicer shall be deemed to be between such
      subservicer and the Company alone, and neither the Securities Administrator
      nor
      the Trustee shall have any obligations, duties or liabilities with respect
      to
      such subservicer including any obligation, duty or liability of either the
      Securities Administrator or the Trustee to pay such subservicer’s fees and
      expenses. For purposes of remittances to the Master Servicer pursuant to this
      Agreement, the Company shall be deemed to have received a payment on an EMC
      Mortgage Loan when a subservicer has received such payment.

     

    Section
      3.04  Documents,
      Records and Funds in Possession of Company To Be Held for Trustee. 

     

    Notwithstanding
      any other provisions of this Agreement, the Company shall transmit to the
      Trustee as required by this Agreement all documents and instruments in respect
      of an EMC Mortgage Loan coming into the possession of the Company from time
      to
      time and shall account fully to the Trustee for any funds received by the
      Company or that otherwise are collected by the Company as Liquidation Proceeds
      or Insurance Proceeds in respect of any such Mortgage Loan. All Mortgage Files
      and funds collected or held by, or under the control of, the Company in respect
      of any EMC Mortgage Loans, whether from the collection of principal and interest
      payments or from Liquidation Proceeds, including but not limited to, any funds
      on deposit in the Protected Account maintained by the Company, shall be held
      by
      the Company for and on behalf of the Trustee and shall be and remain the sole
      and exclusive property of the Trustee, subject to the applicable provisions
      of
      this Agreement. The Company also agrees that it shall not create, incur or
      subject any Mortgage File or any funds that are deposited in the Protected
      Account maintained by the Company, or the Master Servicer Collection Account
      or
      the Distribution Account or in any Escrow Account, or any funds that otherwise
      are or may become due or payable to the Trustee for the benefit of the
      Certificateholders, to any claim, lien, security interest, judgment, levy,
      writ
      of attachment or other encumbrance, or assert by legal action or otherwise
      any
      claim or right of set off against any Mortgage File or any funds collected
      on,
      or in connection with, an EMC Mortgage Loan, except, however, that the Company
      shall be entitled to set off against and deduct from any such funds any amounts
      that are properly due and payable to the Company under this
      Agreement.

     

    Section
      3.05  Maintenance
      of Hazard Insurance. 

     

    The
      Company shall cause to be maintained, for each EMC Mortgage Loan, hazard
      insurance on buildings upon, or comprising part of, the Mortgaged Property
      against loss by fire, hazards of extended coverage and such other hazards as
      are
      customary in the area where the related Mortgaged Property is located with
      an
      insurer which is licensed to do business in the state where the related
      Mortgaged Property is located. Each such policy of standard hazard insurance
      shall contain, or have an accompanying endorsement that contains, a standard
      mortgagee clause. The Company shall also cause flood insurance to be maintained
      on property acquired upon foreclosure or deed in lieu of foreclosure of any
      EMC
      Mortgage Loan, to the extent described below. Pursuant to Section 5.01, any
      amounts collected by the Company under any such policies (other than the amounts
      to be applied to the restoration or repair of the related Mortgaged Property
      or
      property thus acquired or amounts released to the Mortgagor in accordance with
      the Company’s normal servicing procedures) shall be deposited in the Protected
      Account maintained by the Company. Any cost incurred by the Company in
      maintaining any such insurance shall not, for the purpose of calculating monthly
      distributions to the Certificateholders or remittances to the Trustee for their
      benefit, be added to the principal balance of the Mortgage Loan, notwithstanding
      that the terms of the EMC Mortgage Loan so permit. Such costs shall be
      recoverable by the Company out of late payments by the related Mortgagor or
      out
      of Liquidation Proceeds to the extent permitted by Section 5.02. It is
      understood and agreed that no earthquake or other additional insurance is to
      be
      required of any Mortgagor or maintained on property acquired in respect of
      a
      Mortgage other than pursuant to such applicable laws and regulations as shall
      at
      any time be in force and as shall require such additional insurance. If the
      Mortgaged Property is located at the time of origination of the related EMC
      Mortgage Loan in a federally designated special flood hazard area and such
      area
      is participating in the national flood insurance program, the Company shall
      cause flood insurance to be maintained with respect to such EMC Mortgage Loan.
      Such flood insurance shall be in an amount equal to the least of (i) the Stated
      Principal Balance of the related EMC Mortgage Loan, (ii) minimum amount required
      to compensate for damage or loss on a replacement cost basis or (iii) the
      maximum amount of such insurance available for the related Mortgaged Property
      under the Flood Disaster Protection Act of 1973, as amended.

     

    In
      the
      event that the Company shall obtain and maintain a blanket policy insuring
      against hazard losses on all of the EMC Mortgage Loans, it shall conclusively
      be
      deemed to have satisfied its obligations as set forth in the first sentence
      of
      this Section 3.05, it being understood and agreed that such policy may contain
      a
      deductible clause on terms substantially equivalent to those commercially
      available and maintained by comparable servicers. If such policy contains a
      deductible clause, the Company shall, in the event that there shall not have
      been maintained on the related Mortgaged Property a policy complying with the
      first sentence of this Section 3.05, and there shall have been a loss that
      would
      have been covered by such policy, deposit in the Protected Account maintained
      by
      the Company the amount not otherwise payable under the blanket policy because
      of
      such deductible clause. Such deposit shall be from the Company’s own funds
      without reimbursement therefor. In connection with its activities as
      administrator and servicer of the EMC Mortgage Loans, the Company agrees to
      present, on behalf of itself, the Depositor and the Trustee for the benefit
      of
      the Certificateholders, claims under any such blanket policy.

     

    Section
      3.06  Presentment
      of Claims and Collection of Proceeds. 

     

    The
      Company shall prepare and present on behalf of the Trustee and the
      Certificateholders all claims under the Insurance Policies relating to the
      EMC
      Mortgage Loans 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 Insurance Policies. Any proceeds disbursed to the
      Company in respect of such Insurance Policies shall be promptly deposited in
      the
      Protected Account maintained by the Company upon receipt, except that any
      amounts that are to be applied upon request 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 EMC Mortgage Loan under
      the applicable Insurance Policy, need not be so deposited (or
      remitted).

     

    Section
      3.07  Maintenance
      of the Primary Mortgage Insurance Policies. 

     

    (a)  The
      Company shall not 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 Company would have been covered thereunder. The Company shall
      use
      its best efforts to keep in force and effect (to the extent that the EMC
      Mortgage Loan requires the Mortgagor to maintain such insurance), Primary
      Mortgage Insurance applicable to each EMC Mortgage Loan. The Company shall
      not
      cancel or refuse to renew any such Primary Mortgage Insurance Policy that is
      in
      effect at the date of the initial issuance of the related Mortgage Note and
      is
      required to be kept in force hereunder.

     

    (b)  The
      Company agrees to present on behalf of the Trustee and the Certificateholders,
      claims to the insurer under any Primary Mortgage Insurance Policies relating
      to
      the EMC Mortgage Loans and, in this regard, to take such reasonable action
      as
      shall be necessary to permit recovery under any Primary Mortgage Insurance
      Policies respecting defaulted EMC Mortgage Loans. Pursuant to Section 5.01,
      any
      amounts collected by the Company under any Primary Mortgage Insurance Policies
      shall be deposited in the Protected Account maintained by the Company, subject
      to withdrawal pursuant to Section 5.02 hereof.

     

    Section
      3.08  Fidelity
      Bond, Errors and Omissions Insurance. 

     

    The
      Company shall maintain, at its own expense, a blanket fidelity bond and an
      errors and omissions insurance policy, with broad coverage with responsible
      companies on all officers, employees or other persons acting in any capacity
      with regard to the EMC Mortgage Loans and who handle funds, money, documents
      and
      papers relating to the EMC 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 Company against losses, including forgery,
      theft, embezzlement, fraud, errors and omissions and negligent acts of such
      persons. Such fidelity bond shall also protect and insure the Company against
      losses in connection with the failure to maintain any insurance policies
      required pursuant to this Agreement and the release or satisfaction of an EMC
      Mortgage Loan which is not in accordance with Accepted Servicing Practices.
      No
      provision of this Section 3.08 requiring the fidelity bond and errors and
      omissions insurance 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 at least equal to the corresponding amounts
      required by Accepted Servicing Practices. The Company shall deliver to the
      Master Servicer 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 Master Servicer and the Trustee.
      The Company shall notify the Master Servicer and the Trustee 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 Trustee for the
      benefit of the Certificateholders must be named as loss payees on the fidelity
      bond and as additional insured on the errors and omissions policy.

     

    The
      Company shall provide to the Master Servicer and the Depositor evidence of
      the
      authorization of the person signing any certification or statement, copies
      or
      other evidence of fidelity bond and errors and omissions insurance, financial
      information and reports, and such other information related to the Company
      or
      any subservicer engaged by it or the Company’s or such subservicer’s performance
      hereunder or under the related Subservicing Agreement as may be reasonably
      requested by the Master Servicer or the Depositor.

     

    Section
      3.09  Realization
      Upon Defaulted Mortgage Loans; Determination of Excess Liquidation Proceeds
      and
      Realized Losses; Repurchases of Certain Mortgage Loans. 

     

    (a)  The
      Company shall use reasonable efforts to foreclose upon or otherwise comparably
      convert the ownership of properties securing such of the EMC Mortgage Loans
      as
      come into and continue in default and as to which no satisfactory arrangements
      can be made for collection of delinquent payments. In connection with such
      foreclosure or other conversion, the Company shall follow such practices and
      procedures as it shall deem necessary or advisable and as shall be normal and
      usual in its general mortgage servicing activities and the requirements of
      the
      insurer under any Required Insurance Policy; provided that the Company shall
      not
      be required to expend its own funds in connection with any foreclosure or
      towards the restoration of any property unless it shall determine (i) that
      such
      restoration and/or foreclosure will increase the proceeds of liquidation of
      the
      EMC Mortgage Loan after reimbursement to itself of such expenses and (ii) that
      such expenses will be recoverable to it through Insurance Proceeds or
      Liquidation Proceeds (respecting which it shall have priority for purposes
      of
      withdrawals from the Protected Accounts maintained by the Company pursuant
      to
      Section 5.02). If the Company reasonably believes that Liquidation Proceeds
      with
      respect to any such EMC Mortgage Loan would not be increased as a result of
      such
      foreclosure or other action, such EMC Mortgage Loan will be charged-off and
      will
      become a Liquidated Loan. The Company will give notice of any such charge-off
      to
      the Trustee and the Securities Administrator. The Company shall be responsible
      for all other costs and expenses incurred by it in any such proceedings;
      provided that such costs and expenses shall be Servicing Advances and that
      it
      shall be entitled to reimbursement thereof from the proceeds of liquidation
      of
      the related Mortgaged Property, as contemplated in Section 5.02. If the Company
      has knowledge that a Mortgaged Property that the Company is contemplating
      acquiring in foreclosure or by deed- in-lieu of foreclosure is located within
      a
      one-mile radius of any site with environmental or hazardous waste risks known
      to
      the Company, the Company will, prior to acquiring the related Mortgaged
      Property, consider such risks and only take action in accordance with its
      established environmental review procedures.

     

    With
      respect to any REO Property relating to an EMC Mortgage Loan, the deed or
      certificate of sale shall be taken in the name of the Trustee for the benefit
      of
      the Certificateholders (or the Trustee’s nominee on behalf of the
      Certificateholders). The Trustee’s name shall be placed on the title to such REO
      Property solely as the Trustee hereunder and not in its individual capacity.
      The
      Company shall ensure that the title to such REO Property references this
      Agreement and the Trustee’s capacity hereunder. 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
      Certificateholders, rent the same, or any part thereof, as the Company deems
      to
      be in the best interest of the Company and the Certificateholders for the period
      prior to the sale of such REO Property. The Company shall prepare for and
      deliver to the Trustee and the Securities Administrator a statement with respect
      to each such 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
      Trustee to comply with the reporting requirements of the REMIC Provisions.
      The
      net monthly rental income, if any, from such REO Property shall be deposited
      in
      the Protected Account maintained by the Company no later than the close of
      business on each Determination Date. The Company shall perform 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 the Trust Fund acquires any Mortgaged Property as aforesaid or
      otherwise in connection with a default or a default becoming reasonably
      foreseeable on an EMC Mortgage Loan, the Company shall dispose of such Mortgaged
      Property prior to three years after its acquisition by the Trust Fund or, at
      the
      expense of the Trust Fund, 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 Trustee shall have been supplied with an Opinion of
      Counsel addressed to the Trustee (such opinion not to be an expense of the
      Trustee) to the effect that the holding by the Trust Fund of such Mortgaged
      Property subsequent to such three-year period will not result in the imposition
      of taxes on “prohibited transactions” of REMIC I, REMIC II, REMIC III, REMIC IV
      or REMIC V as defined in Section 860F of the Code or cause either REMIC I,
      REMIC
      II, REMIC III, REMIC IV or REMIC V to fail to qualify as a REMIC at any time
      that any Certificates are outstanding, in which case the Trust Fund may continue
      to hold such Mortgaged Property (subject to any conditions contained in such
      Opinion of Counsel). Notwithstanding any other provision of this Agreement,
      no
      Mortgaged Property acquired by the Trust Fund shall be rented (or allowed to
      continue to be rented) or otherwise used for the production of income by or
      on
      behalf of the Trust Fund in such a manner or pursuant to any terms that would
      (i) cause such Mortgaged Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code or (ii) subject any of
      REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V to the imposition of any
      federal, state or local income taxes on the income earned from such Mortgaged
      Property under Section 860G(c) of the Code or otherwise, unless the Company
      has
      agreed to indemnify and hold harmless the Trust Fund with respect to the
      imposition of any such taxes.

     

    The
      decision of the Company to foreclose on a defaulted EMC Mortgage Loan shall
      be
      subject to a determination by the Company that the proceeds of such foreclosure
      would exceed the costs and expenses of bringing such a proceeding. The income
      earned from the management of any Mortgaged Properties acquired through
      foreclosure or other judicial proceeding, net of reimbursement to the Company
      for expenses incurred (including any property or other taxes) in connection
      with
      such management and net of unreimbursed Servicing Fees, Advances, Servicing
      Advances and any management fee paid or to be paid with respect to the
      management of such Mortgaged Property, shall be applied to the payment of
      principal of, and interest on, the related defaulted EMC Mortgage Loans (with
      interest accruing as though such Mortgage Loans were still current) and all
      such
      income shall be deemed, for all purposes in the Agreement, to be payments on
      account of principal and interest on the related Mortgage Notes and shall be
      deposited into the Protected Accounts maintained by the Company. To the extent
      the income received during a Prepayment Period is in excess of the amount
      attributable to amortizing principal and accrued interest at the related
      Mortgage Rate on the related EMC Mortgage Loan, such excess shall be considered
      to be a partial Principal Prepayment for such Mortgage Loan for all purposes
      hereof.

     

    The
      Liquidation Proceeds from any liquidation of a related EMC Mortgage Loan, net
      of
      any payment to the Company as provided above, shall be deposited in the related
      Protected Account maintained by the Company on the next succeeding Determination
      Date following receipt thereof for distribution on the related Distribution
      Date, except that any Excess Liquidation Proceeds shall be retained by the
      Company as additional servicing compensation.

     

    The
      proceeds of any Liquidated Loan, as well as any recovery resulting from a
      partial collection of related Liquidation Proceeds or any income from a related
      REO Property, shall be applied in the following order of priority: first, to
      reimburse the Company for any related unreimbursed Servicing Advances and
      Servicing Fees, pursuant to Section 5.02 or this Section 3.09; second, to
      reimburse the Company for any unreimbursed Advances pursuant to Section 5.02
      or
      this Section 3.09; third, to accrued and unpaid interest (to the extent no
      Advance has been made for such amount) on the EMC Mortgage Loan or related
      REO
      Property, at the Net Mortgage Rate to the first day of the month in which such
      amounts are required to be distributed; and fourth, as a recovery of principal
      of the EMC Mortgage Loan.

     

    (b)  On
      each
      Determination Date, the Company shall determine the respective aggregate amounts
      of Excess Liquidation Proceeds and Realized Losses, if any, for the prior
      calendar month.

     

    (c)  The
      Company has no intent to foreclose on any EMC Mortgage Loan based on the
      delinquency characteristics as of the Closing Date; provided, that the foregoing
      does not prevent the Company from initiating foreclosure proceedings on any
      date
      hereafter if the facts and circumstances of such EMC Mortgage Loans including
      delinquency characteristics in the Company’s discretion so warrant such
      action.

     

    Section
      3.10  Servicing
      Compensation. 

     

    As
      compensation for its activities hereunder, the
      Company shall
      be
      entitled to retain or withdraw from its Protected Accounts out of each payment
      of interest on a Mortgage Loan included in the Trust Fund an amount equal to
      the
      related Servicing Fee.

     

    Additional
      servicing compensation in the form of any Excess Liquidation Proceeds,
      assumption fees, late payment charges, all Prepayment Interest Excess on any
      Mortgage Loan, all income and gain net of any losses realized from Permitted
      Investments with respect to funds in or credited to the Protected Accounts
      maintained by the Company shall be retained by the Company to the extent not
      required to be deposited in the Protected Accounts maintained by the Company
      pursuant to Section 5.02 of this Agreement. The Company shall be required to
      pay
      all expenses incurred by it in connection with its servicing activities
      hereunder (including payment of any premiums for hazard insurance, as required
      by Section 3.05 and maintenance of the other forms of insurance coverage
      required by Section 3.07) and shall not be entitled to reimbursement therefor
      except as specifically provided in Section 5.02.

     

    EMC
      shall
      be entitled to retain any Prepayment Interest Excess.

     

    Section
      3.11  REO
      Property. 

     

    (a)  In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      related EMC Mortgage Loan, the deed or certificate of sale shall be issued
      to
      the Trustee, or to its nominee, on behalf of the Certificateholders. The Company
      shall sell any such REO Property as expeditiously as possible and in accordance
      with the provisions of this Agreement. Pursuant to its efforts to sell such
      REO
      Property, the Company shall protect and conserve such REO Property in the manner
      and to the extent required herein, 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
      Company shall deposit all funds collected and received in connection with the
      operation of any REO Property in respect of any EMC Mortgage Loan into the
      Protected Accounts maintained by the Company.

     

    (c)  The
      Company, upon the final disposition of any REO Property in respect of any EMC
      Mortgage Loan, shall be entitled to reimbursement for any related unreimbursed
      Advances, unreimbursed Servicing Advances or Servicing Fees from Liquidation
      Proceeds received in connection with the final disposition of such REO Property;
      provided, that any such unreimbursed Advances or Servicing Fees 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.

     

    Section
      3.12  Liquidation
      Reports. 

     

    Upon
      the
      foreclosure of any Mortgaged Property relating to an EMC Mortgage Loan or the
      acquisition thereof by the Trust Fund pursuant to a deed-in-lieu of foreclosure,
      the Company shall submit a liquidation report to the Master Servicer containing
      such information as shall be mutually acceptable to the Company and the Master
      Servicer with respect to such Mortgaged Property.

     

    Section
      3.13  Books
      and
      Records. 

     

    The
      Company 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 Company’s computer system to clearly reflect the ownership of
      the Mortgage Loans by the Trust. In particular, the Company shall maintain
      in
      its possession, available for inspection by the Securities Administrator and
      the
      Trustee and shall deliver to the Securities Administrator and the Trustee upon
      demand, evidence of compliance with all federal, state and local laws, rules
      and
      regulations. 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 Accepted Servicing Practices.

     

    The
      Company shall maintain with respect to each Mortgage Loan and shall make
      available for inspection by the Securities Administrator and the Trustee the
      related servicing file during the time such Mortgage Loan is subject to this
      Agreement and thereafter in accordance with applicable law.

     

    Payments
      on the Mortgage Loans, including any payoffs, made in accordance with the
      related Mortgage File will be entered in the Company’s set of books and records
      no more than two business days after receipt and identification, and allocated
      to principal or interest as specified in the related Mortgage File.

     

     

     

    ARTICLE
      IV

    ADMINISTRATION
      AND MASTER

    SERVICING
      OF MORTGAGE LOANS BY

    MASTER
      SERVICER

     

    Section
      4.01  Master
      Servicer. 

     

    The
      Master Servicer shall, beginning on the Closing Date, supervise, monitor and
      oversee the obligation of the Company and the related Servicer to service and
      administer the Mortgage Loans in accordance with the terms of this Agreement
      and
      the related Servicing Agreement 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 the Company and the related 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 the Company and the related Servicer and shall cause the Company
      and
      related Servicer to perform and observe the covenants, obligations and
      conditions to be performed or observed by such Person under this Agreement
      and
      the related Servicing Agreement. The Master Servicer shall independently and
      separately monitor the Company and the related 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 Company’s, the related
      Servicer’s and Master Servicer’s records, and based on such reconciled and
      corrected information, the Master Servicer shall provide such information to
      the
      Securities Administrator as shall be necessary in order for it to prepare the
      statements specified in Section 6.06 by 2:00 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 Securities Administrator earlier than 2:00
      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 pursuant to the applicable Servicing
      Agreement. 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 or this Agreement. If the Servicing Agreement or this
      Agreement (in
      the
      case of the Company, as Servicer) 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 or this Agreement (in the case of the Company, as Servicer) and that
      any conditions to such modification set forth in the Servicing Agreement or
      this
      Agreement have been satisfied. Furthermore, if the Servicing Agreement or this
      Agreement (in the case of the Company, as Servicer) 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 or this Agreement (in the case of the Company, as Servicer), 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.

     

    The
      Trustee shall furnish the Company, 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
      Company, the Servicer and the Master Servicer to service and administer the
      related Mortgage Loans and REO Property.

     

    The
      Trustee or the Custodian on its behalf, the Company or the related Servicer
      shall provide access to the records and documentation in possession of the
      Trustee or the Custodian on its behalf, the Company or the related Servicer
      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 Trustee, the Custodian,
      the Company or the related Servicer; provided, however, that, unless otherwise
      required by law, neither the Trustee, the Custodian, the Company nor the related
      Servicer shall 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, the Custodian, the Company and 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 Custodian’s, the Company’s or the related
      Servicer’s actual costs.

     

    The
      Trustee shall execute and deliver to the Company or the related Servicer and
      the
      Master Servicer, upon such party’s written instruction (which includes the
      documents to be signed) 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
      4.02  REMIC-Related
      Covenants. 

     

    For
      as
      long as each REMIC created hereunder shall exist, the Trustee and the Securities
      Administrator shall act in accordance herewith to assure continuing treatment
      of
      such REMIC as a REMIC, and the Trustee and the Securities Administrator shall
      comply with any directions of the Seller, the Company, the Servicers or the
      Master Servicer to assure such continuing treatment. In particular, the Trustee
      shall not (except as otherwise expressly permitted by this Agreement) (a) sell
      or permit the sale of all or any portion of the Mortgage Loans or of any
      investment of deposits in an Account 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 2.03 of this Agreement, as
      applicable, accept any contribution to any REMIC after the Startup Day without
      receipt of a REMIC Opinion; or (c) acquire any assets for any REMIC other than
      any REO Property after the Startup Day without receipt of a REMIC
      Opinion.

     

    Section
      4.03  Monitoring
      of Company and Servicer. 

     

    (a)  The
      Master Servicer shall be responsible for reporting to the Trustee and the Seller
      the non-compliance by the Company and the related Servicer with its duties
      under
      this Agreement and the related Servicing Agreement. In the review of the
      Company’s and the related Servicer’s activities, the Master Servicer may rely
      upon an Officer’s Certificate of the Company and the related Servicer with
      regard to such Person’s compliance with the terms of this Agreement or the
      related Servicing Agreement. In the event that the Master Servicer, in its
      judgment, determines that the Company or the related Servicer should be
      terminated in accordance with this Agreement or the related Servicing Agreement,
      or that a notice should be sent pursuant to this Agreement or the related
      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 Seller and the Trustee and the Master Servicer shall issue such
      notice or take such other action as it deems appropriate. 

     

    (b)  The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of the Company under this Agreement and the
      related Servicer under the related Servicing Agreement, and
      shall, in the event that the Company or the related Servicer fails to perform
      its obligations in accordance with this Agreement or the related Servicing
      Agreement, subject to the preceding paragraph, terminate the rights and
      obligations of such Person thereunder and act as 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; provided,
      however, it is understood and acknowledged by the parties hereto that there
      will
      be a period of transition (not to exceed 90 days) before the actual servicing
      functions can be fully transferred to such successor servicer. In either event,
      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. 

     

    (c)  To
      the
      extent that the costs and expenses of the Master Servicer or related to any
      termination of a Servicer, or the enforcement or prosecution of 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 this
      Agreement or the related 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 the Company or a Servicer
      as
      a result of an event of default by such Person 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 or the related Servicing Agreement) are not fully and timely
      reimbursed by the terminated Servicer, the Master Servicer shall be entitled
      to
      reimbursement of such costs and expenses from the Master Servicer Collection
      Account, pursuant to Section 5.07.

     

    (d)  The
      Master Servicer shall require the Company and the related Servicer to comply
      with the remittance requirements and other obligations set forth in this
      Agreement or the related Servicing Agreement, as applicable.

     

    (e)  If
      the
      Master Servicer acts as a servicer, it will not assume liability for the
      representations and warranties of the Company or the related Servicer, if any,
      that it replaces.

     

    Section
      4.04  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
      4.05  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 XI 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 4.03, shall
      not authorize the Company or the related 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, would cause REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V
      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 will not cause REMIC I, REMIC II, REMIC III, REMIC
      IV or REMIC V to fail to qualify as a REMIC or result in the imposition of
      a tax
      upon REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V as the case may be.
      The
      Trustee shall furnish the Master Servicer, upon written request from a Servicing
      Officer, with any powers of attorney empowering the Master Servicer, the Company
      or the related 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 related 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,
      the
      Company or the related 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 10.11
      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
      4.06  Due-on-Sale
      Clauses; Assumption Agreements. 

     

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

     

    Section
      4.07  Release
      of Mortgage Files. 

     

    (a)  Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      the Company or the related 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 Company or the related
      Servicer will, if required under the related Servicing Agreement (or if the
      Company or the related Servicer does not, the Master Servicer may), promptly
      furnish to the Custodian, on behalf of the Trustee, two copies of a
      certification substantially in the form of Exhibit G (or as otherwise provided
      in the 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 Company or the Servicer pursuant to Article V or by the related Servicer
      pursuant to the related Servicing Agreement have been or will be so deposited)
      and shall request that the Custodian, on behalf of the Trustee, deliver to
      the
      Company or the related Servicer the related Mortgage File. Upon receipt of
      such
      certification and request, the Custodian, on behalf of the Trustee, shall
      promptly release the related Mortgage File to the Company or the related
      Servicer and the Trustee and Custodian shall have no further responsibility
      with
      regard to such Mortgage File. Upon any such payment in full, the Company or
      the
      related 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, representation or
      warranty) 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 applicable Protected Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with this Agreement or the related 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
      the
      Company, the related Servicer or the Master Servicer (in form reasonably
      acceptable to the Trustee) and as are necessary to the prosecution of any such
      proceedings. The Custodian, on behalf of the Trustee, shall, upon the request
      of
      the Company, the related Servicer or the Master Servicer, and delivery to the
      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 G (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 Company, the related Servicer or the
      Master Servicer, as applicable. Such trust receipt shall obligate the Company,
      the related Servicer or the Master Servicer to return the Mortgage File to
      the
      Custodian on behalf of the Trustee, when the need therefor by such Person 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 Custodian, on behalf
      of
      the Trustee, to the Company, the related Servicer or the Master
      Servicer.

     

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

     

    (a)  The
      Master Servicer shall transmit and the Company or the related Servicer (to
      the
      extent required by this Agreement or the related Servicing Agreement) shall
      transmit to the Trustee or Custodian such documents and instruments coming
      into
      the possession of such Person from time to time as are required by the terms
      hereof, or in the case of the related Servicer, the related Servicing Agreement,
      to be delivered to the Trustee or Custodian. Any funds received by the Master
      Servicer, the Company or by the related Servicer in respect of any Mortgage
      Loan
      or which otherwise are collected by the Master Servicer, the Company or by
      the
      related 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 the Company
      and the related Servicer to retain its Servicing Fee and other amounts as
      provided in this Agreement or the related Servicing Agreement. The Master
      Servicer, the Company and the related Servicer shall provide access to
      information and documentation regarding the Mortgage Loans to the Trustee and,
      regarding the Mortgage Loans and their respective 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, the
      Company and the related 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 to the extent provided under this Agreement or the
      related Servicing Agreement.

     

    Section
      4.09  Standard
      Hazard Insurance and Flood Insurance Policies. 

     

    (a)  For
      each
      Mortgage Loan, the Master Servicer shall enforce any obligation of the Company
      and the related Servicer under this Agreement or the related Servicing Agreement
      to maintain or cause to be maintained standard fire and casualty insurance
      and,
      where applicable, flood insurance, all in accordance with the provisions of
      this
      Agreement or the related Servicing Agreement. It is understood and agreed that
      such insurance shall be with insurers meeting the eligibility requirements
      set
      forth in this Agreement and the related 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 Sections 5.01 and 5.06 any amounts collected by the Company, the Servicers
      or
      the Master Servicer, or by the Company or the Servicers, 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 this Agreement or the Servicing Agreements) shall be deposited
      by the Company in its Protected Account or by the related Servicer or the Master
      Servicer into the Master Servicer Collection Account, subject to withdrawal
      pursuant to Sections 5.02, 5.04, 5.05 and 5.07, as applicable. Any cost incurred
      by the Master Servicer, the Company or the related 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,
      the Company or the related Servicer pursuant to Sections 5.02, 5.04, 5.05 and
      5.07, as applicable.

     

    Section
      4.10  Presentment
      of Claims and Collection of Proceeds. 

     

    The
      Master Servicer shall (to the extent provided in this Agreement and the related
      Servicing Agreement) cause the Company or the 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 the Company or the related 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
      4.11  Maintenance
      of the Primary Mortgage Insurance Policies. 

     

    (a)  The
      Master Servicer shall not take, or authorize the Company or the related Servicer
      (to the extent such action is prohibited under this Agreement or the related
      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, the Company or the related Servicer, would
      have
      been covered thereunder. The Master Servicer shall use its best reasonable
      efforts to cause the Company and the related Servicer (to the extent required
      under this Agreement and 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
      (including any LPMI Policy) in accordance with the provisions of this Agreement
      and the related Servicing Agreement, as applicable. The Master Servicer shall
      not, and shall not authorize the Company or the related Servicer (to the extent
      required under this Agreement or 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 cause the Company and the related Servicer (to the
      extent required under this Agreement and 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 Sections 5.01 and 5.06, any amounts collected by the Company or
      the
      related Servicer under any Primary Mortgage Insurance Policies shall be
      deposited by the Company in its Protected Account or by the Master Servicer
      in
      the Master Servicer Collection Account, subject to withdrawal pursuant to
      Section 5.07.

     

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

     

    The
      Trustee (or the Custodian, as directed by 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, as directed by 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 Custodian, as directed by 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
      4.13  Realization
      Upon Defaulted Mortgage Loans. 

     

    The
      Master Servicer shall cause the Company and the related Servicer (to the extent
      required under this Agreement and 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 this Agreement or the related
      Servicing Agreement.

     

    Section
      4.14  Compensation
      for the Master Servicer. 

     

    The
      Master Servicer will be entitled to receive 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
      4.15  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 this Agreement or the related
      Servicing Agreement, cause the Company or the related 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
      such efforts to sell such REO Property, the Master Servicer shall cause the
      Company or the related Servicer to protect and conserve, such REO Property
      in
      the manner and to the extent required by this Agreement or the related 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 this Agreement or the related
      Servicing Agreement, cause the Company or the related 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 Company or the related Servicer, upon the final
      disposition of any REO Property, shall be entitled to reimbursement for any
      related unreimbursed 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 this Agreement or 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 Company or the related 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 related Master
      Servicer Collection Account on the next succeeding Remittance Date.

     

    Section
      4.16  Annual
      Statement as to Compliance. 

     

    The
      Company as a Servicer, the Master Servicer and the Securities Administrator
      shall deliver (or otherwise make available) to the Depositor and the Securities
      Administrator 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 Securities Administrator 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 Company, the Master Servicer, the Securities Administrator 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 Securities Administrator
      as described above as and when required with respect to the Master Servicer
      or
      the related Servicer (as the case may be).

     

    Failure
      of the Company to comply with this Section 4.16 (including with respect to
      the
      timeframes required herein) shall be deemed a Company Default, and the Master
      Servicer shall, in addition to whatever rights the Master Servicer 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 Company under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Company for
      the
      same. Failure of the Master Servicer to comply with this Section 4.16 (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 Securities
      Administrator to comply with this Section 4.16 (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 Securities Administrator
      under this Agreement and in and to the Mortgage Loans and the proceeds thereof
      without compensating the Securities Administrator for the same. This paragraph
      shall supersede any other provision in this Agreement or any other agreement
      to
      the contrary.

     

    In
      the
      event the Company, the Master Servicer, the Securities Administrator or any
      subservicer or subcontractor engaged by either such party is terminated or
      resigns pursuant to the terms of the 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 4.16 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 or
      resignation.

     

    Section
      4.17  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 Company as a Servicer, the Master Servicer, the Securities
      Administrator and the Custodian (to the extent set forth in this Section) (each,
      an “Attesting Party”) each at its own expense shall deliver (or otherwise make
      available) to the Master Servicer, the Securities Administrator 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 N 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 N 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 Securities Administrator 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
      Securities Administrator, the Master Servicer and the Depositor an Assessment
      of
      Compliance and Attestation Report as and when provided in the related Servicing
      Agreement. Each of the Company, the Master Servicer and the Securities
      Administrator 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 Company, the Master Servicer or the Securities
      Administrator, as applicable, to be “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB) that is engaged by the
      Company, such Servicer, the Master Servicer or the Securities Administrator,
      as
      applicable, to deliver to the Securities Administrator, 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 a 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 Securities
      Administrator 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 “partiacipating in a
      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 request on Form 10-16 is required to be filed
      with request 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 N 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
      Securities Administrator 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 N 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.

     

    In
      addition, for the avoidance of doubt and without duplication, the Company as
      a
      Servicer shall (and shall cause each subservicer engaged by it to) provide
      the
      following information to the Depositor and the Securities Administrator: (A)
      any
      Company Default hereunder and any subservicer event of default under the terms
      of the related Subservicing Agreement, (B) any merger, consolidation or sale
      of
      substantially all of the assets of the Company or, to the best of the Company’s
      knowledge, any such subservicer, and (C) the Company’s entry into an agreement
      with a subservicer to perform or assist in the performance of any of the
      Company’s obligations as Servicer. 

     

    In
      addition, the Company as a Servicer, shall cause each subservicer engaged by
      it
      to provide the following information to the Depositor and the Securities
      Administrator, to the extent applicable, within the timeframes that the Company
      would otherwise have to provide such information:

     

    (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).

     

    The
      Custodian shall deliver to the Master Servicer, the Securities Administrator
      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 N 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 Company to comply with this Section 4.17 (including with respect to
      the
      timeframes required herein) shall be deemed a Company Default, and the Master
      Servicer shall, in addition to whatever rights the Master Servicer 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 Company under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Company for
      the
      same. Failure of the Master Servicer to comply with this Section 4.17 (including
      with respect to the timeframes required herein) shall
      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 Securities
      Administrator to comply with this Section 4.17 (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 constitute a 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 Securities Administrator
      under this Agreement and in and to the Mortgage Loans and the proceeds thereof
      without compensating the Securities Administrator for the same (but subject
      to
      the Securities Administrator’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
      the
      event the Company, the Master Servicer, the Custodian, the Securities
      Administrator or any subservicer or subcontractor engaged by any such party
      is
      terminated, assigns its rights and obligations under, or resigns pursuant to,
      the terms of the Agreement, the Custodial 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 4.17 or to the related section
      of
      such other applicable agreement, as the case may be, notwithstanding any such
      termination, assignment or resignation.

     

    Section
      4.18  Reports
      Filed with Securities and Exchange Commission.

     

    (a)  (i)
      (A)
      Within
      15 days after each Distribution Date (subject to permitted exceptions under
      the
      Exchange Act), the Securities Administrator 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 Securities Administrator to the Certificateholders for such
      Distribution Date attached thereto; provided that, the Securities Administrator
      shall have received no later than five (5) calendar days after the related
      Distribution Date, all information required to be provided to the Securities
      Administrator 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
      reported by the parties set forth on Exhibit O to the Securities Administrator
      and the Depositor, pursuant to the paragraph immediately below, and approved
      for
      inclusion by the Depositor, and the Securities Administrator 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
      Securities Administrator is the reporting party as set forth in Exhibit O)
      and
      approval.

     

    (B)  Within
      five (5) calendar days after the related Distribution Date, (i) the parties
      set
      forth in Exhibit O shall be required to provide, and the Master Servicer shall
      enforce the obligation of each Servicer (to the extent provided in the related
      Servicing Agreement) to provide, pursuant to Section 4.18(a)(iv) below, to
      the
      Securities Administrator and the Depositor, to the extent known by a responsible
      officer thereof, in EDGAR-compatible format, or in such other format as
      otherwise agreed upon by the Securities Administrator 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 Securities Administrator
      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 Securities Administrator 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 Securities Administrator 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 Securities
      Administrator forwards a copy of the Form 10-D no later than the 10th
      calendar
      day after the Distribution Date), the Depositor shall notify the Securities
      Administrator 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 Securities Administrator shall be entitled to assume
      that such Form 10-D is in final form and the Securities Administrator may
      proceed with the execution and filing of 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 Securities Administrator. If a Form 10-D cannot be filed
      on time or if a previously filed Form 10-D needs to be amended, the Securities
      Administrator shall follow the procedures set forth in Section 4.18(a)(v)(B).
      Promptly (but no later than one (1) Business Day) after filing with the
      Commission, the Securities Administrator shall make available on its internet
      website identified in Section 6.06 a final executed copy of each Form 10-D
      filed
      by the Securities Administrator. The signing party at the Master Servicer can
      be
      contacted as set forth in Section 12.05. 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 Securities Administrator 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 Securities Administrator shall be entitled to rely on the
      representations in Section 2.04(vi) 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 Securities
      Administrator of their respective duties under Sections 4.18(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 Securities Administrator 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 Securities
      Administrator shall prepare and file, on behalf of the Trust, at the direction
      of the Depositor, 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 O to the Securities Administrator and the
      Depositor and directed and approved for inclusion by the Depositor pursuant
      to
      the following paragraph, and the Securities Administrator 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
      Securities Administrator is the reporting party as set forth in Exhibit O)
      and
      approval.

     

    (B)  For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, (i)
      no
      later than the close of business on the 2nd Business Day after the occurrence
      of
      a Reportable Event the parties set forth in Exhibit O shall be required pursuant
      to Section 4.18(a)(iv) below to provide, and the Master Servicer shall enforce
      the obligation of each Servicer (to the extent provided in the related Servicing
      Agreement) to provide, to the Securities Administrator 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 Securities Administrator 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 Securities
      Administrator 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 Securities Administrator 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, no later than noon New York City time
      on the 4th
      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
      Securities Administrator. Promptly, but no later than the close of business
      on
      the 3rd Business Day after the Reportable Event (provided that, the Securities
      Administrator 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 Securities Administrator 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 Securities Administrator
      shall be entitled to assume that such Form 8-K is in final form and the
      Securities Administrator may proceed with the execution and filing of 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 Securities Administrator shall follow the procedures
      set forth in Section 4.18(a)(v)(B). Promptly (but no later than one (1) Business
      Day) after filing with the Commission, the Securities Administrator shall,
      make
      available on its internet website a final executed copy of each Form 8-K filed
      by the Securities Administrator. The signing party at the Master Servicer can
      be
      contacted as set forth in Section 12.05. The parties to this Agreement
      acknowledge that the performance by Master Servicer and the Securities
      Administrator of their respective duties under this Section 4.18(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 4.18(a)(ii). Neither the Master Servicer nor
      the
      Securities Administrator 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 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)
      On or
      prior to the 90th day 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 Securities Administrator 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 Securities Administrator
      within the applicable time frames set forth in this Agreement, (I) an annual
      compliance statement for the
      Company as a Servicer,
      the
      Master Servicer, each Servicer, the Securities Administrator and any subservicer
      or subcontractor, as applicable, as described under Section 4.16, (II)(A) the
      annual reports on assessment of compliance with Servicing Criteria for the
      Company as a Servicer, each Servicer, the Master Servicer, each subservicer
      and
      subcontractor participating in the servicing function, the Securities
      Administrator and the Custodian, as described under Section 4.17, and (B) if
      any
      such report on assessment of compliance with Servicing Criteria described under
      Section 4.17 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 4.17 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 Company, each
      Servicer, the Master Servicer, the Securities Administrator, each subservicer,
      each subcontractor, as applicable, and the Custodian, as described under Section
      4.17, and (B) if any registered public accounting firm attestation report
      described under Section 4.17 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 4.18(a)(iii)(D) below (provided, however, that the
      Securities Administrator, 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
      reported by the parties set forth on Exhibit O to the Securities Administrator
      and the Depositor and, pursuant to the paragraph immediately below, approved
      for
      inclusion by the Depositor, and the Securities Administrator 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
      Securities Administrator is the reporting party as set forth in Exhibit O)
      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 O shall be required
      to
      provide, and the Master Servicer shall enforce the obligation of each Servicer
      (to the extent provided in the related Servicing Agreement) to provide, pursuant
      to Section 4.18(a)(iv) below to the Securities Administrator and the Depositor,
      to the extent known by a responsible officer thereof, in EDGAR-compatible
      format, or in such other format as otherwise agreed upon by the Securities
      Administrator 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 Securities Administrator 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 Securities Administrator 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 Securities Administrator forwards a copy of the Form 10-K
      no
      later than the third Business Day prior to March 25th), the Depositor shall
      notify the Securities Administrator 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 Securities Administrator
      shall be entitled to assume that such Form 10-K is in final form and the
      Securities Administrator may proceed with the execution and filing of 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 Securities Administrator.
      If a Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
      to be amended, the Securities Administrator will follow the procedures set
      forth
      in Section 4.18(a)(v)(B). Promptly (but no later than one (1) Business Day)
      after filing with the Commission, the Securities Administrator shall make
      available on its internet website a final executed copy of each Form 10-K filed
      by the Securities Administrator. The signing party at the Master Servicer can
      be
      contacted as set forth in Section 12.05. 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 Securities Administrator 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 Securities
      Administrator shall be entitled to rely on the representations in Section
      2.04(vi) 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 Securities Administrator of their respective duties
      under Sections 4.18(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 4.16 and Section 4.17. Neither the Master Servicer nor the Securities
      Administrator 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 failure
      of any party hereto to deliver on a timely basis, any information needed to
      prepare, arrange for execution or file such Form 10-K. 

     

    (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 Securities Administrator
      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 K,
      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 Company as a Servicer and the Securities
      Administrator shall sign a Back-Up Certification substantially in the form
      of
      Exhibit V; provided, however, that the Company and the Securities Administrator
      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 12.05.

     

    (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 Securities Administrator’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 O
      as
      the responsible party for providing that information, if other than the
      Securities Administrator, as and when required as described in Section
      4.18(a)(i) through (iii) above. Such Additional Disclosure shall be accompanied
      by a notice substantially in the form of Exhibit P. Each of the Company as
      a
      Servicer, the Master Servicer, the Seller, the Securities Administrator and
      the
      Depositor hereby agrees to notify and provide, and the Master Servicer shall
      enforce the obligation (to the extent provided in the related Servicing
      Agreement) of each Servicer to notify and provide, to the extent known to the
      Company as a Servicer, the Master Servicer, the Seller, the Securities
      Administrator and the Depositor all Additional Disclosure relating to the Trust
      Fund, with respect to which such party is indicated in Exhibit O as the
      responsible party for providing that information. The Depositor shall be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Securities Administrator 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 Securities Administrator
      and 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 4.18. In addition, the Trustee
      shall notify the Securities Administrator and the Depositor of any affiliations
      or relationships that develop after the Closing Date between the Trustee and
      the
      Depositor, the Seller, the Securities Administrator, the Master Servicer or
      the
      Custodian 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 Securities
      Administrator, the Master Servicer or the Custodian change, the Depositor shall
      promptly notify the Trustee.

     

    (v)  (A)
      On or
      prior to January 30th of the first year in which the Securities Administrator
      is
      able to do so under applicable law, the Securities Administrator 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 Securities Administrator 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 Securities Administrator 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 Securities Administrator
      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 Securities Administrator 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 Securities Administrator shall notify
      the Depositor and the parties affected thereby and such parties will cooperate
      to prepare any necessary Form 8-K, 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 Securities Administrator of their
      respective duties under this Section 4.18(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 Securities Administrator 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 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.

     

    The
      Depositor agrees to promptly furnish to the Securities Administrator, 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
      Securities Administrator reasonably deems appropriate to prepare and file all
      necessary reports with the Commission. The Securities Administrator shall have
      no responsibility to file any items other than those specified in this Section
      4.18; provided, however, the Securities Administrator 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 Securities Administrator in connection with this Section 4.18
      shall not be reimbursable from the Trust Fund.

     

    (b)  The
      Securities Administrator shall indemnify and hold harmless, the Company, 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 Securities
      Administrator’s obligations under Sections 4.16, 4.17 and 4.18 or the Securities
      Administrator’s negligence, bad faith or willful misconduct in connection
      therewith. In addition, the Securities Administrator 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 Securities
      Administrator on its behalf or on behalf of any subservicer or subcontractor
      engaged by the Securities Administrator pursuant to Section 4.16, 4.17 or 4.18
      (the
      “Securities Administrator 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 Securities Administrator
      Information and not to any other information communicated in connection with
      the
      Certificates, without regard to whether the Securities Administrator Information
      or any portion thereof is presented together with or separately from such other
      information.

     

    The
      Depositor shall indemnify and hold harmless the Securities Administrator 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 4.16, 4.17 and 4.18 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 Securities Administrator 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 4.18 (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 Company, the Securities
      Administrator 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 4.16, 4.17 and 4.18 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 4.16, 4.17 or 4.18 (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.

     

    The
      Company shall indemnify and hold harmless the Depositor, the Securities
      Administrator 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
      Company under Sections 4.16, 4.17 and 4.18 or the Company’s negligence, bad
      faith or willful misconduct in connection therewith including any failure by
      the
      Company to identify any subcontractor “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB. In addition, the Company
      shall
      indemnify and hold harmless the Depositor and the Master Servicer and each
      of
      their respective officers, directors and affiliates and the Master Servicer
      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 Company on its behalf or on behalf of any subservicer
      or subcontractor pursuant to Section 4.16, 4.17 or 4.18 (the
      “Company Information”), (ii) any breach by the Company of a representation,
      warranty or covenant set forth in Section 2.03(a)(vii) and Section
      2.03(b)(i-iii) and (iii) 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 Company Information and not to any other information
      communicated in connection with the Certificates, without regard to whether
      the
      Company 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 Company, the Depositor, the Securities Administrator or the Master
      Servicer, as applicable, then the defaulting party, in connection with any
      conduct for which it is providing indemnification under this Section 4.18(b),
      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 4.18(b) shall survive
      the
      termination of this Agreement or the termination of any party to this
      Agreement.

     

    (c)  Failure
      of the Company to comply with this Section 4.18 (including with respect to
      the
      timeframes required herein) shall be deemed a Company Default, and the Master
      Servicer shall, in addition to whatever rights the Master Servicer 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 Company under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Company for
      the
      same. Failure of the Master Servicer to comply with this Section 4.18 (including
      with respect to the timeframes required herein) shall, 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 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 Securities
      Administrator to comply with this Section 4.18 (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, constitute a 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 Securities
      Administrator under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Securities Administrator for the
      same
      (but subject to the Securities Administrator’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 Securities Administrator pursuant
      to
      this Section 4.18(d), the Trustee shall be entitled to reimbursement of all
      costs and expenses associated with such termination to the extent set forth
      in
      Section 10.05. Notwithstanding anything to the contrary in this Agreement,
      no
      Event of Default by the Master Servicer or default by the Securities
      Administrator 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 any party’s inability or failure to deliver, on
      a timely basis, any information from such party 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.

     

    In
      the
      case of any failure of performance described above, the Company shall promptly
      reimburse the Depositor, the Master Servicer and the Securities Administrator
      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 4.18 as required by the Company, any
      subservicer or any subcontractor.

     

    (d)  Notwithstanding
      the provisions of Section 12.01, this Section 4.18 may be amended without the
      consent of the Certificateholders.

     

    (e)  Any
      report, notice or notification to be delivered by the Company, the Master
      Servicer or the Securities Administrator to the Depositor pursuant to this
      Section 4.18, 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
      4.19  Intention
      of the Parties and Interpretation. 

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 4.16, 4.17
      and
      4.18 of this Agreement is to facilitate compliance by the Seller, the Depositor,
      the Securities Administrator 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, convention or consensus among active participants in the
      asset-backed securities markets, advice of counsel, or otherwise in respect
      of
      the requirements of Regulation AB, (c) the parties shall comply with reasonable
      requests made by the Seller, the Depositor, the Master Servicer or the
      Securities Administrator for delivery of additional or different information
      as
      the Seller, the Depositor, the Master Servicer or the Securities Administrator
      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.

     

    Section
      4.20  UCC. 

     

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

     

    Section
      4.21  Optional
      Purchase of Certain Mortgage Loans. 

     

    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, the Seller
      shall
      have the right to purchase any such Mortgage Loan or REO Property 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 the Seller to a third party, including a holder of
      a
      Class of Certificates. 

     

    If
      at any
      time the Seller remits to the Master Servicer a payment for deposit in the
      Master Servicer Collection Account covering the amount of the Purchase Price
      for
      such a Mortgage Loan, and the Seller 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 the Seller, without recourse, representation or
      warranty, to the Seller 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. The Seller 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.

     

     

     

    ARTICLE
      V

    ACCOUNTS

     

    Section
      5.01  Collection
      of Mortgage Loan Payments; Protected Account. 

     

    (a)  The
      Company shall make reasonable efforts in accordance with customary and usual
      standards of practice of prudent mortgage lenders in the respective states
      in
      which the Mortgaged Properties related to the EMC Mortgage Loans are located
      to
      collect all payments called for under the terms and provisions of the EMC
      Mortgage Loans to the extent such procedures shall be consistent with this
      Agreement and the terms and provisions of any related Required Insurance Policy.
      Consistent with the foregoing, the Company may in its discretion (i) waive
      any
      late payment charge and (ii) extend the due dates for payments due on a Mortgage
      Note related to an EMC Mortgage Loan for a period not greater than 125 days.
      In
      the event of any such arrangement, the Company shall make Advances on the
      related EMC Mortgage Loan during the scheduled period in accordance with the
      amortization schedule of such EMC Mortgage Loan without modification thereof
      by
      reason of such arrangements, and shall be entitled to reimbursement therefor
      in
      accordance with Section 6.01. The Company shall not be required to institute
      or
      join in litigation with respect to collection of any payment (whether under
      a
      Mortgage, Mortgage Note or otherwise or against any public or governmental
      authority with respect to a taking or condemnation) if it reasonably believes
      that enforcing the provision of the Mortgage or other instrument pursuant to
      which such payment is required is prohibited by applicable law. In
      addition, if (x) an EMC Mortgage Loan is in default or default is reasonably
      foreseeable, and in accordance with the guidelines of EMC’s Master Servicing
      Asset Authority Levels, attached hereto as Exhibit W, the Company may also
      waive, modify or vary any term of any EMC 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 EMC Mortgage Loan by adding such amount to the outstanding
      principal balance of the EMC 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 EMC Mortgage Loan, but in no instance past the date on which the final
      payment is due on the latest maturing Mortgage Loan as of the Cut-off Date,
      and/or (4) reduce the related Mortgage Rate (subject to clause (y) below),
      provided that, in the Company’s determination, such waiver, modification,
      postponement or indulgence is not materially adverse to the interests of the
      Certificateholders (taking into account any estimated Realized Loss that might
      result absent such action), or (y) the Company delivers to the Trustee a
      certification addressed to the Trustee, based on the advice of counsel or
      certified public accountants, in either case, that have a national reputation
      with respect to taxation of REMICs, that a modification of such EMC Mortgage
      Loan will not result in the imposition of taxes on or disqualify from REMIC
      status any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V the Company
      may,
      (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable
      thereto, provided that such reduced Mortgage Rate shall in no event be lower
      than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage
      Note
      related to an EMC Mortgage Loan to extend to the maturity thereof.

     

    In
      accordance with the standards of the first paragraph of Section 3.01, the
      Company shall not waive (or permit a sub-servicer to waive) any Prepayment
      Charge related to an EMC Mortgage Loan 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 Company, maximize recovery of total proceeds taking
      into account the value of such Prepayment Charge and the related EMC Mortgage
      Loan. If a Prepayment Charge is waived, but does not meet the standards
      described above, then the Company is required to pay the amount of such waived
      Prepayment Charge, for the benefit of Class P Certificates, by remitting such
      amount to the Master Servicer by the Remittance Date.

     

    (b)  The
      Company shall establish and maintain a Protected Account (which shall at all
      times be an Eligible Account) with a depository institution in the name of
      the
      Company for the benefit of the Trustee on behalf of the Certificateholders
      and
      designated “U.S. Bank National Association, in trust for registered holders of
      Bear Stearns Asset Backed Securities I LLC, Asset-Backed Certificates Series
      2007-AC1”. The Company shall deposit or cause to be deposited into the Protected
      Account on a daily basis within two Business Days of receipt and identification,
      except as otherwise specifically provided herein, the following payments and
      collections remitted by subservicers or received by it in respect of the EMC
      Mortgage Loans subsequent to the Cut-off Date (other than in respect of
      principal and interest due on the EMC Mortgage Loans on or before the Cut-off
      Date) and the following amounts required to be deposited hereunder:

     

    (i)  all
      payments on account of principal, including Principal Prepayments, on the EMC
      Mortgage Loans;

     

    (ii)  all
      payments on account of interest on the EMC Mortgage Loans net of the related
      Servicing Fee permitted under Section 3.10 and LPMI Fees, if any;

     

    (iii)  all
      Liquidation Proceeds and Insurance Proceeds with respect to any EMC Mortgage
      Loans, other than proceeds to be applied to the restoration or repair of the
      Mortgaged Property or released to the Mortgagor in accordance with the Company’s
      normal servicing procedures;

     

    (iv)  any
      amount required to be deposited by the Company pursuant to Section 5.01(c)
      in
      connection with any losses on Permitted Investments;

     

    (v)  any
      amounts required to be deposited by the Company pursuant to Section
      3.05;

     

    (vi)  any
      Prepayment Charges collected on the EMC Mortgage Loans; and

     

    (vii)  any
      other
      amounts required to be deposited hereunder.

     

    The
      foregoing requirements for remittance by the Company into the Protected 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
      or
      assumption fees, if collected, need not be remitted by the Company. In the
      event
      that the Company shall remit any amount not required to be remitted and not
      otherwise subject to withdrawal pursuant to Section 5.02, it may at any time
      withdraw or direct the institution maintaining the Protected Account, to
      withdraw such amount from the Protected Account, any provision herein to the
      contrary notwithstanding. Such withdrawal or direction may be accomplished
      by
      delivering written notice thereof to the institution maintaining the Protected
      Account, that describes the amounts deposited in error in the Protected Account.
      The Company shall maintain adequate records with respect to all withdrawals
      made
      pursuant to this Section. Reconciliations will be prepared for the Protected
      Account within 45 calendar days after the bank statement cut-off date. All
      items
      requiring reconciliation will be resolved within 90 calendar days of their
      original identification. All funds deposited in the Protected Account shall
      be
      held in trust for the Certificateholders until withdrawn in accordance with
      Section 5.02.

     

    (c)  The
      institution that maintains the Protected Account shall invest the funds in
      the
      Protected Account, in the manner directed by the Company, in Permitted
      Investments which shall mature not later than the Remittance Date and shall
      not
      be sold or disposed of prior to its maturity. All such Permitted Investments
      shall be made in the name of the Trustee, for the benefit of the
      Certificateholders. All income and gain net of any losses realized from any
      such
      investment shall be for the benefit of the Company as servicing compensation
      and
      shall be remitted to it monthly as provided herein. The amount of any losses
      incurred in the Protected Account in respect of any such investments shall
      be
      deposited by the Company into the Protected Account, out of the Company’s own
      funds.

     

    (d)  The
      Company shall give at least 30 days advance notice to the Trustee, the Seller,
      the Master Servicer, each Rating Agency and the Depositor of any proposed change
      of location of the Protected Account prior to any change thereof.

     

    Section
      5.02  Permitted
      Withdrawals From the Protected Account. 

     

    (a)  The
      Company may from time to time make withdrawals from the Protected Account for
      the following purposes:

     

    (i)  to
      pay
      itself (to the extent not previously paid to or withheld by the Company), as
      servicing compensation in accordance with Section 3.10, that portion of any
      payment of interest that equals the Servicing Fee for the period with respect
      to
      which such interest payment was made, and, as additional servicing compensation,
      those other amounts set forth in Section 3.10;

     

    (ii)  to
      reimburse the Company for Advances made by it with respect to the Mortgage
      Loans, provided, however, that the Company’s right of reimbursement pursuant to
      this subclause (ii) shall be limited to amounts received on particular EMC
      Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds and
      Insurance Proceeds and Subsequent Recoveries) that represent late recoveries
      of
      payments of principal and/or interest on such particular EMC Mortgage Loan(s)
      in
      respect of which any such Advance was made;

     

    (iii)  to
      reimburse the Company for any previously made portion of a Servicing Advance
      or
      an Advance made by the Company that, in the good faith judgment of the Company,
      will not be ultimately recoverable by it from the related Mortgagor, any related
      Liquidation Proceeds, Insurance Proceeds or otherwise (a “Nonrecoverable
      Advance”), to the extent not reimbursed pursuant to clause (ii) or clause
      (v);

     

    (iv)  to
      reimburse the Company from Insurance Proceeds for Insured Expenses covered
      by
      the related Insurance Policy;

     

    (v)  to
      pay
      the Company any unpaid Servicing Fees and to reimburse it for any unreimbursed
      Servicing Advances, provided, however, that the Company’s right to reimbursement
      for Servicing Advances pursuant to this subclause (v) with respect to any EMC
      Mortgage Loan shall be limited to amounts received on particular EMC Mortgage
      Loan(s) (including, for this purpose, Liquidation Proceeds, Insurance Proceeds
      and purchase and repurchase proceeds) that represent late recoveries of the
      payments for which such Servicing Advances were made;

     

    (vi)  to
      pay to
      the Seller, the Depositor or itself, as applicable, with respect to each EMC
      Mortgage Loan or property acquired in respect thereof that has been purchased
      pursuant to Section 2.02, 2.03 or 4.21 of this Agreement, all amounts received
      thereon and not taken into account in determining the related Stated Principal
      Balance of such repurchased EMC Mortgage Loan;

     

    (vii)  to
      pay
      any expenses recoverable by the Company pursuant to Section 8.04 of this
      Agreement;

     

    (viii)  to
      withdraw pursuant to Section 5.01 any amount deposited in the Protected Account
      and not required to be deposited therein; and

     

    (ix)  to
      clear
      and terminate the Protected Account upon termination of this Agreement pursuant
      to Section 11.01 hereof.

     

    In
      addition, no later than 1:00 p.m. Eastern time on the Remittance Date, the
      Company shall withdraw from the Protected Accounts and remit to the Master
      Servicer the amount required to be withdrawn therefrom pursuant to Section
      5.05
      hereof. With respect to any remittance received by the Master Servicer from
      the
      Company after the date on which such remittance was due, the Company shall
      pay
      to the Master Servicer interest on any such late remittance at an annual rate
      equal to the prime rate announced to be in effect from time to time as published
      as the average rate in The Wall Street Journal (Northeast Edition), plus two
      percentage points, but in no event greater than the maximum amount permitted
      by
      applicable law. Such interest shall be deposited in the Company’s Protected
      Account by the Company on the date such late payment is made and shall cover
      the
      period commencing with the day following the date on which such remittance
      was
      due and ending with the Business Day on which such remittance 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 with respect to the Company.

     

    The
      Company shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Protected Account pursuant to subclauses (i), (ii), (iv), (v) and (vi) above.
      Prior to making any withdrawal from the Protected Account pursuant to subclause
      (iii), the Company shall deliver to the Trustee an Officer’s Certificate of a
      Servicing Officer indicating the amount of any previous Advance or Servicing
      Advance determined by the Company to be a Nonrecoverable Advance and identifying
      the related EMC Mortgage Loan(s), and their respective portions of such
      Nonrecoverable Advance.

     

    Section
      5.03  Reports
      to Master Servicer. 

     

    (i)  On
      or
      before the fifth Business Day of each month (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), the Company shall furnish
      to the Master Servicer electronically in a format acceptable to the Master
      Servicer loan accounting reports in the investor’s assigned loan number order to
      document the payment activity on each EMC Mortgage Loan on an individual
      mortgage loan basis and containing the data required by the forms attached
      hereto as Exhibit S, Exhibit T and Exhibit U or in a format mutually agreed
      upon
      between the Company and the Master Servicer.

     

    In
      addition, the Company shall provide to the Master Servicer and the
      Depositor:

     

    (ii)  any
      and
      all 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 Depositor or any such other participant shall
      request upon reasonable demand; and

     

    (iii)  such
      additional representations, warranties, covenants, opinions of counsel, letters
      from auditors, and certificates of public officials or officers of the Company
      as are reasonably agreed upon by the Depositor and the Company or any such
      other
      participant.

     

    Section
      5.04  Collection
      of Taxes; Assessments and Similar Items; Escrow Accounts. 

     

    With
      respect to each EMC Mortgage Loan, to the extent required by the related
      Mortgage Note, the Company shall establish and maintain one or more accounts
      (each, an “Escrow Account”) and deposit and retain therein all collections from
      the Mortgagors (or advances by the Company) for the payment of taxes,
      assessments, hazard insurance premiums or comparable items for the account
      of
      the Mortgagors. Nothing herein shall require the Company to compel a Mortgagor
      to establish an Escrow Account in violation of applicable law.

     

    Withdrawals
      of amounts so collected from the Escrow Accounts may be made only to effect
      timely payment of taxes, assessments, hazard insurance premiums, condominium
      or
      PUD association dues, or comparable items, to reimburse the Company out of
      related collections for any payments made with respect to each EMC Mortgage
      Loan
      pursuant to Section 3.01 (with respect to taxes and assessments and insurance
      premiums) and Section 3.05 (with respect to hazard insurance), to refund to
      any
      Mortgagors for any EMC Mortgage Loans any sums as may be determined to be
      overages, to pay interest, if required by law or the terms of the related
      Mortgage or Mortgage Note, to such Mortgagors on balances in the Escrow Account
      or to clear and terminate the Escrow Account at the termination of this
      Agreement in accordance with Section 11.01 thereof. The Escrow Account shall
      not
      be a part of the Trust Fund.

     

    Section
      5.05  Servicer
      Protected Accounts. 

     

    (a)  The
      Master Servicer shall enforce the obligation of the Company and the Servicers
      to
      establish and maintain a Protected Account in accordance with this Agreement
      and
      the Servicing Agreements, with records to be kept with respect thereto on a
      Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited
      within one Business Day (or as of such other time specified in the Servicing
      Agreements) of receipt all collections of principal and interest on any Mortgage
      Loan and with respect to any REO Property received by the Company or the related
      Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation
      Proceeds, Subsequent Recoveries, and advances made from the Company’s or such
      Servicer’s own funds (less servicing compensation as permitted by this Agreement
      or the related Servicing Agreement) and all other amounts to be deposited in
      the
      Protected Accounts. Each of the Company and the Servicers are hereby authorized
      to make withdrawals from and deposits to the related Protected Account for
      purposes required or permitted by this Agreement. To the extent provided in
      this
      Agreement or any Servicing Agreement, the Protected Account shall be held in
      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 this Agreement or any 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 to mature, or to 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 5.05
      shall be paid to the Company or the related Servicer under this Agreement or
      the
      related 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 Company or the related Servicer, as the case
      may
      be. The Company or the related Servicer (to the extent provided in this
      Agreement or the related 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 this Agreement or the related Servicing Agreement and subject
      to this Article V, on or before each Remittance Date, the Company or the related
      Servicer shall withdraw or shall cause to be withdrawn from its Protected
      Account and shall immediately deposit or cause to be deposited in the
      Distribution 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):

     

    (i)  Scheduled
      Payments on the Mortgage Loans received or any related portion thereof advanced
      by the Company or the related Servicer pursuant to the related Servicing
      Agreement which were due on or before the related Due Date, net of the amount
      thereof comprising the Servicing Fees;

     

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

     

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

     

    (iv)  Any
      amount to be used as an Advance; and

     

    (v)  The
      amount of any Prepayment Charges collected with respect to the Mortgage Loans
      and the amount of any Prepayment Charges paid by the Company or the related
      Servicer in connection with the waiver of a Prepayment Charge in a manner that
      is not permitted under this Agreement or the related Servicing
      Agreement.

     

    (d)  Withdrawals
      may be made from a Protected Account by the Company as described in Section
      5.02
      hereof and by the Master Servicer or the related Servicer only to make
      remittances as provided in Section 5.05(c); to reimburse the Master Servicer
      or
      the Servicer for Advances which have been recovered by subsequent collection
      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 11.01. As provided in Section 5.05(c) certain amounts otherwise
      due
      to the related Servicer may be retained by the related Servicer and need not
      be
      deposited in the Master Servicer Collection Account.

     

    Section
      5.06  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
      Advance and any Compensating Interest Payments;

     

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

     

    (iii)  the
      Purchase Price with respect to any Mortgage Loans purchased by the Seller or
      Section 2.02 or 2.03, any amounts which are to be treated pursuant to Section
      5.09 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
      4.21, and all proceeds of any Mortgage Loans or property acquired with respect
      thereto repurchased by the Seller or its designee pursuant to Section
      11.01;

     

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

     

    (v)  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 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 Distribution
      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 Securities
      Administrator, 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
      5.07  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, the Company or the related Servicer for any
      Advance or Servicing Advance of its own funds, the right of the Master Servicer,
      the Company or the 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, the Company or the related Servicer from
      Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage
      Loan for amounts expended by the Master Servicer, the Company 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, the Company 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, the Company 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, the Company 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, the Company 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 4.14;

     

    (vii)  to
      reimburse the Master Servicer for expenses, costs and liabilities incurred
      by
      and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02
      or
      otherwise reimbursable to it pursuant to this Agreement;

     

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

     

    (ix)  to
      reimburse or pay the Company or 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 Company or 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 or
      Section 2.02 or 2.03, any amounts which are to be treated pursuant to Section
      5.09 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
      4.21, and all proceeds of any Mortgage Loans or property acquired with respect
      thereto repurchased by the Seller or its designee pursuant to Section
      11.01;

     

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

     

    No
      later
      than noon New York time on the Distribution Account Deposit Date for each
      Distribution Date, after making all applicable withdrawals with respect to
      such
      Distribution Date, the Master Servicer will transfer all funds on deposit in
      the
      Master Servicer Collection Account to the Securities Administrator for deposit
      in the Distribution Account.

     

    The
      Master Servicer will, from time to time on demand of the Company, a Servicer
      or
      the Securities Administrator, 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 11.01 and remove amounts from time to time deposited in
      error.

     

    In
      addition, on or before the Business Day prior to each Distribution Date, the
      Master Servicer shall deposit in the Distribution Account (or remit to the
      Securities Administrator 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
      5.08  Distribution
      Account. 

     

    The
      Securities Administrator shall establish and maintain in the name of the
      Trustee, for the benefit of the Certificateholders, the Distribution Account
      as
      a segregated trust account or accounts. The Distribution Account shall be an
      Eligible Account. No later than noon New York time on the Distribution Account
      Deposit Date for each Distribution Date, after making all applicable withdrawals
      with respect to such Distribution Date, the Master Servicer will transfer all
      funds on deposit in the Master Servicer Collection Account to the Securities
      Administrator for deposit in the Distribution Account
      pursuant
      to Section 5.07 and any
      other
      amounts received by or on behalf of the Master Servicer and required to be
      deposited in the Distribution Account pursuant to this Agreement. 

     

    (a)  All
      amounts deposited in the Distribution Account shall be held by the Securities
      Administrator 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 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 Distribution Account. 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 Securities Administrator, 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.

     

    (b)  The
      Distribution Account shall constitute a trust account of the Trust Fund
      segregated on the books of the Securities Administrator and held by the
      Securities Administrator 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 Securities Administrator
      (whether made directly, or indirectly through a liquidator or receiver of the
      Securities
      Administrator.
      The
      amount at any time credited to the Distribution Account may be held either
      uninvested in a trust or deposit account of the Securities Administrator with
      no
      liability for interest or other compensation thereof or invested in the name
      of
      the Trustee, in such Permitted Investments as may be selected by the Securities
      Administrator which mature not later than the Business Day next preceding the
      succeeding Distribution Date, except if such Permitted Investment is an
      obligation of or is managed by the institution that maintains such fund or
      account, then such Permitted Investment shall mature not later than such
      Distribution Date. Permitted Investments in respect of the Distribution Account
      shall not be sold or disposed of prior to their maturity. 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 Securities
      Administrator. The Securities Administrator shall be permitted to receive
      distribution of any and all investment earnings from the Distribution Account
      on
      each Distribution Date. If there is any loss on a Permitted Investment or demand
      deposit, the Securities Administrator shall deposit the amount of the loss
      in
      the Distribution Account. With respect to the Distribution Account and the
      funds
      deposited therein, the Securities Administrator 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 Securities Administrator) 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.

     

    Section
      5.09  Permitted
      Withdrawals and Transfers from the Distribution Account. 

     

    (a)  The
      Securities Administrator will make such withdrawals or transfers from the
      Distribution Account:

     

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

     

    (ii)  to
      pay
      the Securities Administrator as set forth in Section 10.05; 

     

    (iii)  to
      remove
      amounts deposited in error;

     

    (iv)  to
      clear
      and terminate the Distribution Account pursuant to Section 11.01; and

     

    (v)  On
      each
      Distribution Date, the Securities Administrator shall distribute the Interest
      Funds and Principal Funds to the extent of funds on deposit in the Distribution
      Account to the Holders of the Certificates in accordance with the Remittance
      Report upon which the Securities Administrator may conclusively
      rely.

     

     

     

    ARTICLE
      VI

    DISTRIBUTIONS
      AND ADVANCES

     

    Section
      6.01  Advances. 

     

    (a)  The
      Company shall make an Advance with respect to any EMC Mortgage Loan and remit
      such Advance to the Master Servicer for deposit in the Master Servicer
      Collection Account no later than 1:00 p.m. Eastern time on the Remittance Date
      in immediately available funds. The Master Servicer shall cause the related
      Servicer to remit any such Advance required pursuant to the terms of the related
      Servicing Agreement. The Company or the related Servicer, as applicable, shall
      be obligated to make any such Advance only to the extent that such advance
      would
      not be a Nonrecoverable Advance. If the Company or 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 Company or the related Servicer, as the case may be, shall deliver
      (i) to the Master Servicer for the benefit of the Certificateholders
      constituting the portion of such Advance that is not deemed nonrecoverable,
      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
      Distribution Account.

     

    In
      lieu
      of making all or a portion of such Advance from its own funds, the Company
      may
      (i) cause to be made an appropriate entry in its records relating to the
      Protected Account that any Amounts Held for Future Distribution has been used
      by
      the Company in discharge of its obligation to make any such Advance and (ii)
      transfer such funds from the Protected Account to the Master Servicer Collection
      Account. Any funds so applied and transferred shall be replaced by the Company
      by deposit in the Master Servicer Collection 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.

     

    The
      Company shall be entitled to be reimbursed from the Protected Account for all
      Advances of its own funds made pursuant to this Section as provided in Section
      5.02. The obligation to make Advances with respect to any EMC Mortgage Loan
      shall continue until such EMC Mortgage Loan is paid in full or the related
      Mortgaged Property or related REO Property has been liquidated or until the
      purchase or repurchase thereof (or substitution therefor) from the Trust Fund
      pursuant to any applicable provision of this Agreement, except as otherwise
      provided in this Section 6.01.

     

    (b)  If
      the
      Company or the related Servicer was required to make an Advance pursuant to
      this
      Agreement or the related Servicing Agreement and fails to make any required
      Advance, in whole or in part, the Master Servicer, as successor servicer, or
      an
      other successor servicer appointed by it, will remit to the Securities
      Administrator, who in turn will deposit in the Distribution Account not later
      than the Business Day prior to the Distribution Date an amount equal to such
      required Advance to the extent not otherwise paid by the related Servicer,
      net
      of the Servicing Fee for such Mortgage Loan except to the extent the Master
      Servicer determines any such Advance to be nonrecoverable from Liquidation
      Proceeds, Insurance Proceeds or future payments on the Mortgage Loan for which
      such Advance was made. Subject to the foregoing, the Master Servicer shall
      continue to make such Advances through the date that the Company or the related
      Servicer is required to do so under this Agreement or the related Servicing
      Agreement, as applicable. If applicable, on the Business Day prior to the
      related Distribution Date, the Master Servicer shall present an Officer’s
      Certificate to the Trustee (i) stating that the Master Servicer elects not
      to
      make an Advance in a stated amount and (ii) detailing the reason it deems the
      advance to be nonrecoverable.

     

    Subject
      to and in accordance with the provisions of Article IX hereof, in the event
      the
      Master Servicer fails to make such Advance, then the Trustee, as Successor
      Master Servicer, shall be obligated to make such Advance, subject to the
      provisions of this Section 6.01, in accordance with and subject to the terms
      of
      this Agreement (including its rights of reimbursement hereunder).

     

    Section
      6.02  Compensating
      Interest Payments. 

     

    (a)  In
      the
      event that there is a Prepayment Interest Shortfall arising from a voluntary
      Principal Prepayment in part or in full by the Mortgagor with respect to any
      EMC
      Mortgage Loan, the Company shall, to the extent of the Servicing Fee for such
      Distribution Date, deposit into the Distribution Account, as a reduction of
      the
      Servicing Fee for such Distribution Date, no later than the close of business
      on
      the Remittance Date immediately preceding such Distribution Date, an amount
      equal to the Prepayment Interest Shortfall; and in case of such deposit, the
      Company shall not be entitled to any recovery or reimbursement from the
      Depositor, the Trustee, the Seller, the Master Servicer, the Securities
      Administrator, the Trust Fund or the Certificateholders.

     

    (b)  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..

     

    Section
      6.03  REMIC
      Distributions. 

     

    On
      each
      Distribution Date the Securities Administrator shall be deemed to have allocated
      distributions to the REMIC Regular Interests, the Class C Interest and the
      Class
      P Interest in accordance with Section 6.07 hereof.

     

    Section
      6.04  Distributions. 

     

    (a)  On
      each
      Distribution Date, an amount equal to the Interest Funds and Principal Funds
      for
      such Distribution Date shall be withdrawn by the Securities Administrator from
      the Distribution Account and distributed in the following order of priority:
      

     

    (1)  Interest
      Funds shall be distributed in the following manner and order of
      priority:

     

    (A)  To
      the
      Class A-1, Class A-2, Class A-3 and Class X Certificates, the Current Interest
      and any Interest Carry Forward Amount for each such Class, pro rata in
      accordance with the amount of accrued interest due thereon; and

     

    (B)  From
      remaining Interest Funds, sequentially, to the Class M-1, Class M-2, Class
      M-3,
      Class M-4, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that
      order, the Current Interest for each such Class.

     

    Any
      Excess Spread to the extent necessary to meet a level of overcollateralization
      equal to the Overcollateralization Target Amount will be the Extra Principal
      Distribution Amount and will be included as part of the Principal Distribution
      Amount. Any Remaining Excess Spread together with any Overcollateralization
      Release Amount will be applied as Excess Cashflow and distributed pursuant
      to
      clauses (3)(A) through (H) below.

     

    On
      any
      Distribution Date, any Relief Act Interest Shortfalls and any Prepayment
      Interest Shortfalls to the extent not covered by Compensating Interest will
      be
      allocated as set forth in the definition of “Current Interest”
herein.

     

    (2)  On
      each
      Distribution Date, the Principal Distribution Amount shall be distributed in
      the
      following manner and order of priority:

     

    (A)  For
      each
      Distribution Date (i) prior to the Stepdown Date or (ii) on which a Trigger
      Event is in effect:

     

    (i)  To
      the
      Class A-1 Certificates and Class A-2 Certificates, on a pro rata basis, based
      on
      the Certificate Principal Balance of each such Class, the Principal Distribution
      Amount for such Distribution Date until the Certificate Principal Balances
      thereof have been reduced to zero;

     

    (ii)  To
      the
      Class A-3 Certificates, the remaining Principal Distribution Amount for such
      Distribution Date, until the Certificate Principal Balance thereof has been
      reduced to zero;

     

    (iii)  To
      the
      Class M-1 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, until the Certificate Principal Balance thereof is
      reduced to zero;

     

    (iv)  To
      the
      Class M-2 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, until the Certificate Principal Balance thereof is
      reduced to zero;

     

    (v)  To
      the
      Class M-3 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, until the Certificate Principal Balance thereof is
      reduced to zero;

     

    (vi)  To
      the
      Class M-4 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, until the Certificate Principal Balance thereof is
      reduced to zero;

     

    (vii)  To
      the
      Class B-1 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, until the Certificate Principal Balance thereof is
      reduced to zero;

     

    (viii)  To
      the
      Class B-2 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, until the Certificate Principal Balance thereof is
      reduced to zero;

     

    (ix)  To
      the
      Class B-3 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, until the Certificate Principal Balance thereof is
      reduced to zero; and

     

    (x)  To
      the
      Class B-4 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, until the Certificate Principal Balance thereof is
      reduced to zero.

     

    (B)  For
      each
      Distribution Date on or after the Stepdown Date, so long as a Trigger Event
      is
      not in effect:

     

    (i)  To
      the
      Class A-1 Certificates and Class A-2 Certificates, on a pro rata basis, based
      on
      the Certificate Principal Balance of each such class, the Class A Principal
      Distribution Amount for such Distribution Date until the Certificate Principal
      Balances thereof have been reduced to zero;

     

    (ii)  To
      the
      Class A-3 Certificates, the remaining Class A Principal Distribution Amount
      for
      such Distribution Date until the Certificate Principal Balance thereof has
      been
      reduced to zero;

     

    (iii)  To
      the
      Class M-1 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, the Class M-1 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof is reduced to zero;

     

    (iv)  To
      the
      Class M-2 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, the Class M-2 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof is reduced to zero;

     

    (v)  To
      the
      Class M-3 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, the Class M-3 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof is reduced to zero;

     

    (vi)  To
      the
      Class M-4 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, the Class M-4 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof is reduced to zero;

     

    (vii)  To
      the
      Class B-1 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, the Class B-1 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof is reduced to zero;

     

    (viii)  To
      the
      Class B-2 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, the Class B-2 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof is reduced to zero; 

     

    (ix)  To
      the
      Class B-3 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, the Class B-3 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof is reduced to zero; and

     

    (x)  To
      the
      Class B-4 Certificates, from any remaining Principal Distribution Amount for
      such Distribution Date, the Class B-4 Principal Distribution Amount, until
      the
      Certificate Principal Balance thereof is reduced to zero.

     

    (3)  Any
      Excess Cashflow shall be distributed in the following manner and order of
      priority:

     

    (A)  To
      the
      Class A Certificates and Class X Certificates, any remaining Interest Carry
      Forward Amount for such Classes, pro rata, in accordance with the Interest
      Carry
      Forward Amount due with respect to each such Class, to the extent not fully
      paid
      pursuant to clause (1) (A) above; 

     

    (B)  To
      the
      Class A Certificates, any Unpaid Realized Loss Amount for the Class A
      Certificates, on a pro rata basis, for such Distribution Date, in accordance
      with the Applied Realized Loss Amount allocated to each such Class;

     

    (C)  From
      any
      remaining Excess Cashflow, sequentially, to the Class M-1, Class M-2, Class
      M-3,
      Class M-4, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that
      order, an amount equal to the Interest Carry Forward Amount for each such
      Class;

     

    (D)  From
      any
      remaining Excess Cashflow otherwise distributable to the Class C Interest and
      the Class C Certificates, to the Reserve Fund, (i) first, to pay to the Classes
      of Class A Certificates, any Basis Risk Shortfall Carry Forward Amount for
      such
      Classes for such Distribution Date, on a pro rata basis, based on the amount
      of
      the Basis Risk Shortfall Carry Forward Amount for each such Class, to the extent
      such amount exceeds the amounts then on deposit in the Reserve Fund, and (ii)
      second, to maintain a balance in the Reserve Fund equal to the Reserve Fund
      Deposit;

     

    (E)  From
      any
      remaining Excess Cashflow otherwise distributable to the Class C Interest and
      the Class C Certificates, to the Reserve Fund, (i) first, to pay to the Class
      M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2, Class B-3 and Class
      B-4 Certificates, sequentially in that order, any Basis Risk Shortfall Carry
      Forward Amount for each such Class, for such Distribution Date, if any, to
      the
      extent such amount exceeds the amounts then on deposit in the Reserve Fund,
      and
      (ii) second, to maintain a balance in the Reserve Fund equal to the Reserve
      Fund
      Deposit;

     

    (F)  From
      any
      remaining Excess Cashflow, to the Class A Certificates and Class X Certificates,
      on a pro rata basis, based on the entitlement of each such Class, and then
      sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class B-1,
      Class
      B-2, Class B-3 and Class B-4 Certificates, in that order, the amount of Relief
      Act Shortfalls and any Prepayment Interest Shortfalls allocated to such Classes
      of Certificates, to the extent not previously reimbursed;

     

    (G)  From
      any
      remaining Excess Cashflow, to the Class C Interest and Class C Certificates,
      an
      amount equal to the Class C Distribution Amount reduced by amounts distributed
      in clauses (D) and (E) above; and

     

    (H)  From
      any
      remaining Excess Cashflow, to each of the Class R-1, Class R-2, Class R-3 and
      Class RX Certificates, based on the related REMIC in which such amount
      remains.

     

    In
      addition, notwithstanding the foregoing, on any Distribution Date after the
      Distribution Date on which the Certificate Principal Balance of the Class of
      Class A, Class B or Class M Certificates or Notional Amount of the Class X
      Certificates has been reduced to zero, that Class of Certificates will be
      retired and will no longer be entitled to distributions, including distributions
      in respect of Prepayment Interest Shortfalls or Basis Risk Shortfall Carry
      Forward Amounts.

     

    (b)  Subject
      to Section 11.02 hereof respecting the final distribution, on each Distribution
      Date the Securities Administrator shall make distributions to each
      Certificateholder of record on the preceding Record Date either by wire transfer
      in immediately available funds to the account of such Holder at a bank or other
      entity having appropriate facilities therefor, if (i) such Holder has so
      notified the Securities Administrator at least 5 Business Days prior to the
      related Record Date and (ii) such Holder shall hold Regular Certificates with
      aggregate principal denominations of not less than $1,000,000 or evidencing
      a
      Percentage Interest aggregating 10% or more with respect to such Class or,
      if
      not, by check mailed by first class mail to such Certificateholder at the
      address of such Holder appearing in the Certificate Register. Notwithstanding
      the foregoing, but subject to Section 11.02 hereof respecting the final
      distribution, distributions with respect to Certificates registered in the
      name
      of a Depository shall be made to such Depository in immediately available
      funds.

     

    (c)  On
      or
      before 2:00 p.m. Central standard time on the fifth Business Day immediately
      preceding each Distribution Date, the Master Servicer shall deliver a report
      to
      the Securities Administrator in the form of a computer readable magnetic tape
      (or by such other means as the Master Servicer and the Securities Administrator
      may agree from time to time) containing such data and information, as agreed
      to
      by the Master Servicer and the Securities Administrator such as to permit the
      Securities Administrator to prepare the Monthly Statement to Certificateholders
      and to direct the Securities Administrator in writing to make the required
      distributions for the related Distribution Date (the “Remittance Report”).

     

    Section
      6.05  Allocation
      of Realized Losses. 

     

    (a)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Securities
      Administrator on each Distribution Date as follows: first, to Excess Spread
      through an increased distribution of the Extra Principal Distribution Amount
      for
      such Distribution Date; second, to the Class C Interest and Class C
      Certificates, until the Certificate Principal Balance or Uncertificated
      Principal Balance thereof, as applicable, has been reduced to zero; third,
      to
      the Class B-4 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero; fourth, to the Class B-3 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; fifth, to the
      Class B-2 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; sixth, to the Class B-1 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; seventh, to the Class M-4
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; eighth, to the Class M-3 Certificates, until the Certificate Principal
      Balance thereof has been reduced to zero; ninth, to the Class M-2 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero; tenth,
      to the Class M-1 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero and eleventh, to the Class A Certificates, on a pro
      rata basis, in reduction of the Certificate Principal Balances thereof, until
      reduced to zero; provided, however, any Realized Losses otherwise allocable
      to
      the Class A-1 Certificates will first be allocated to the Class A-2
      Certificates, until the Certificate Principal Balance of that class has been
      reduced to zero, and then to the Class A-1 Certificates. All Realized Losses
      to
      be allocated to the Certificate Principal Balances of all Classes on any
      Distribution Date shall be so allocated after the actual distributions to be
      made on such date as provided above. All references above to the Certificate
      Principal Balance of any Class of Certificates shall be to the Certificate
      Principal Balance of such Class immediately prior to the relevant Distribution
      Date, before reduction thereof by any Realized Losses, in each case to be
      allocated to such Class of Certificates, on such Distribution Date.

     

    (b)  Any
      allocation of Realized Losses to a Class of Certificates or to the Class C
      Interest on any Distribution Date shall be made by reducing the Certificate
      Principal Balance or Uncertificated Principal Balance thereof by the amount
      so
      allocated; any allocation of Realized Losses to Excess Spread shall be made
      by
      reducing the amount otherwise payable in respect of the Class C Interest and
      the
      Class C Certificates pursuant to clause (G) of Section 6.04(a)(3). 

     

    Notwithstanding
      the foregoing, 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 Certificate Principal
      Balance of all the Certificates as of such Distribution Date (other than the
      Class C Certificates and Class P Certificates) 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 Stated 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”). In addition in no event
      will the Certificate Principal Balance of any Certificate be reduced more than
      once in respect of any particular amount both (i) allocable to such Certificate
      in respect of Realized Losses and (ii) payable as principal to the Holder of
      such Certificate from Remaining Excess Spread.

     

    As
      used
      herein, an allocation of a Realized Loss on a “pro
      rata
      basis”
among two or more specified Classes of Certificates means an allocation on
      a
pro
      rata
      basis,
      among the various Classes so specified, to each such Class of Certificates
      on
      the basis of their then outstanding Certificate Principal Balances prior to
      giving effect to distributions to be made on such Distribution Date. All
      Realized Losses and all other losses allocated to a Class of Certificates
      hereunder will be allocated among the Certificates of such Class in proportion
      to the Percentage Interests evidenced thereby.

     

    (i)  All
      Realized Losses on the Mortgage Loans shall be allocated by the Securities
      Administrator on each Distribution Date to the following REMIC I Regular
      Interests in the following specified percentages: first, to Uncertificated
      Accrued Interest payable to REMIC I Regular Interest AA and REMIC I Regular
      Interest ZZ up to an aggregate amount equal to the REMIC I Interest Loss
      Allocation Amount (without duplication of shortfalls allocated pursuant to
      Section 1.02), 98.00% and 2.00%, respectively; second, to the Uncertificated
      Principal Balances of REMIC I Regular Interest AA and REMIC I Regular Interest
      ZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation
      Amount, 98.00% and 2.00%, respectively; third, to the Uncertificated Principal
      Balances of REMIC I Regular Interest AA, REMIC I Regular Interest B-4 and REMIC
      I Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
      Uncertificated Principal Balance of REMIC I Regular Interest B-4 has been
      reduced to zero; fourth, to the Uncertificated Principal Balances of REMIC
      I
      Regular Interest AA, REMIC I Regular Interest B-3 and REMIC I Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
      Balance of REMIC I Regular Interest B-3 has been reduced to zero; fifth, to
      the
      Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC I
      Regular Interest B-2 and REMIC I Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Principal Balance of REMIC I Regular
      Interest B-2 has been reduced to zero; sixth, to the Uncertificated Principal
      Balances of REMIC I Regular Interest AA, REMIC I Regular Interest B-1 and REMIC
      I Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
      Uncertificated Principal Balance of REMIC I Regular Interest B-1 has been
      reduced to zero; seventh, to the Uncertificated Principal Balances of REMIC
      I
      Regular Interest AA, REMIC I Regular Interest M-4 and REMIC I Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
      Balance of REMIC I Regular Interest M-4 has been reduced to zero; eighth, to
      the
      Uncertificated Principal Balances of REMIC I Regular Interest AA, REMIC I
      Regular Interest M-3 and REMIC I Regular Interest ZZ, 98.00%, 1.00% and 1.00%,
      respectively, until the Uncertificated Principal Balance of REMIC I Regular
      Interest M-3 has been reduced to zero; ninth, to the Uncertificated Principal
      Balances of REMIC I Regular Interest AA, REMIC I Regular Interest M-2 and REMIC
      I Regular Interest ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
      Uncertificated Principal Balance of REMIC I Regular Interest M-2 has been
      reduced to zero; tenth, to the Uncertificated Principal Balances of REMIC I
      Regular Interest AA, REMIC I Regular Interest M-1 and REMIC I Regular Interest
      ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated Principal
      Balance of REMIC I Regular Interest M-1 has been reduced to zero; and eleventh,
      to the Uncertificated Principal Balance of REMIC I Regular Interest AA, 98.00%,
      to the Uncertificated Principal Balances of REMIC I Regular Interests A-1,
      A-2
      and A-3, 1.00% pro rata, and to the Uncertificated Principal Balance of REMIC
      I
      Regular Interest ZZ, 1.00%, until the Uncertificated Principal Balances of
      such
      REMIC I Regular Interests A-1, A-2 and A-3 have been reduced to zero; provided
      that any such Realized Losses otherwise allocable to REMIC I Regular Interest
      A-1 shall be first allocated to REMIC I Regular Interest A-2 until the
      Uncertificated Principal Balance thereof has been reduced to zero.

     

    (ii)  All
      Realized Losses on the Mortgage Loans shall be allocated on each Distribution
      Date to the REMIC II Regular Interests in the same manner and priority as
      Realized Losses are allocated to the Corresponding Certificates and, in the
      case
      of REMIC II Regular Interest C, to the Class C Interest, pursuant to Section
      6.05(a).

     

    Section
      6.06  Monthly
      Statements to Certificateholders. 

     

    (a)  Not
      later
      than each Distribution Date, the Securities Administrator shall prepare and
      make
      available to each Holder of Certificates, the Trustee, the Master Servicer
      and
      the Depositor a statement setting forth for the Certificates:

     

    (i)  the
      applicable accrual periods for calculating distributions and general
      distribution dates;

     

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

     

    (iii)  the
      amount, if any, of fees or expenses accrued and paid, with an identification
      of
      the payee and the general purpose of such fees including the related amount
      of
      the Servicing Fees paid to or retained by the related Servicer or the Company
      for the related Due Period;

     

    (iv)  the
      amount of the related distribution to Holders of the Class A, Class X, Class
      M
      and Class B Certificates (by Class) allocable to principal, separately
      identifying (A) the aggregate amount of any Principal Prepayments included
      therein, (B) the aggregate of all scheduled payments of principal included
      therein and (C) the Extra Principal Distribution Amount (if any);

     

    (v)  the
      amount of such distribution to Holders of each Class of Class A, Class X, Class
      M and Class B Certificates allocable to interest

     

    (vi)  the
      amount of the distribution made on such Distribution Date to the Holders of
      the
      Class P Certificates allocable to Prepayment Charges

     

    (vii)  the
      Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward
      Amounts for each Class of Certificates (if any);

     

    (viii)  the
      Pass-Through Rate for each Class of Class A, Class X, Class M and Class B
      Certificates with respect to the current Interest Accrual Period, and, if
      applicable, whether such Pass-Through Rate was limited by the applicable Net
      Rate Cap;

     

    (ix)  the
      number and Stated Principal Balance of all of the Mortgage Loans for the related
      Distribution Date, together with updated pool composition information including
      the following: weighted average mortgage rate and weighted average remaining
      term;

     

    (x)  the
      Certificate Principal Balance or Certificate Notional Amount, as applicable,
      of
      each Class before and after giving effect (i) to all distributions allocable
      to
      principal on such Distribution Date and (ii) the allocation of any Applied
      Realized Loss Amounts for such Distribution Date;

     

    (xi)  the
      number and aggregate Stated Principal Balance of the Mortgage Loans (A)
      Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy and those
      Liquidated Mortgage Loans as of the end of a Prepayment Period) (1) 30 days
      Delinquent, (2) 60 days Delinquent and (3) 90 days or more Delinquent, (B)
      in
      foreclosure and delinquent (1) 30 days Delinquent, (2) 60 days Delinquent and
      (3) 90 days or more Delinquent and
      (C)
      in bankruptcy and delinquent (1) 30 days Delinquent, (2) 60 days Delinquent
      and
      (3) 90 days or more Delinquent, in each case as of the close of business on
      the
      last day of the calendar month preceding such Distribution Date;

     

    (xii)  the
      amount of aggregate Advances included in the distribution on such Distribution
      Date (including the general purpose of such Advances), the aggregate amount
      of
      unreimbursed Advances as of the end of the Due Period, and the general source
      of
      funds for reimbursements;

     

    (xiii)  the
      amount of, if any, of excess cashflow or excess spread and the application
      of
      such excess cashflow;

     

    (xiv)  the
      cumulative amount of Applied Realized Loss Amounts through the end of the
      preceding month;

     

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

     

    (xvi)  with
      respect to any Mortgage Loan that was liquidated during the preceding calendar
      month, the aggregate Stated Principal Balance of, and Realized Loss on, such
      Mortgage Loans as of the close of business on the Determination Date preceding
      such Distribution Date;

     

    (xvii)  unless
      otherwise set forth in the Form 10-D relating to such distribution date,
      material breaches of pool asset representation or warranties or transaction
      covenants which have been reported to the securities administrator in accordance
      with this Agremeetn or the related Servicing Agreement;

     

    (xviii)  the
      total
      number and principal balance of any real estate owned or REO Properties as
      of
      the end of the related Due Period;

     

    (xix)  the
      three
      month rolling average of the percent equivalent of a fraction, the numerator
      of
      which is the aggregate Stated Principal Balance of the Mortgage Loans that
      are
      60 days or more delinquent or are in bankruptcy or foreclosure or are REO
      Properties, and the denominator of which is the aggregate Stated Principal
      Balance of all of the Mortgage Loans in
      each
      case as of the end of the Prepayment Period;

     

    (xx)  the
      Realized Losses as of the close of business on the last day of the calendar
      month preceding such Distribution Date and the cumulative Realized Losses
      through the end of the preceding month;

     

    (xxi)  whether
      a
      Trigger Event exists; 

     

    (xxii)  information
      on loss and delinquency used for determining early amortization, liquidation,
      stepdowns or other performance triggers and whether the trigger was
      met;

     

    (xxiii)  the
      amount of the Prepayment Charges remitted by the Servicers and the amount on
      deposit in the Reserve Fund; and

     

    (xxiv)  updated
      pool composition data including the following: weighted average mortgage rate
      and weighted average remaining term.

     

    The
      Securities Administrator may make the foregoing Monthly Statement (and, at
      its
      option, any additional files containing the same information in an alternative
      format) available each month to Certificateholders via the Securities
      Administrator’s internet website. The Securities Administrator’s internet
      website shall initially be located at “www.ctslink.com”. Assistance in using the
      website can be obtained by calling the Securities Administrator’s customer
      service desk at (301) 815-6600. Parties that are unable to use the above
      distribution options are entitled to have a paper copy mailed to them via first
      class mail by calling the customer service desk and indicating such. The
      Securities Administrator may change the way Monthly Statements are distributed
      in order to make such distributions more convenient or more accessible to the
      above parties.

     

    (b)  The
      Securities Administrator’s responsibility for making the above information
      available to the Certificateholders is limited to the availability, timeliness
      and accuracy of the information derived from the Master Servicer, the Company
      and the Servicers. The Securities Administrator will make available a copy
      of
      each statement provided pursuant to this Section 6.06 to each Rating
      Agency.

     

    (c)  Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall furnish upon request to each Person who at any time during
      the calendar year was a Certificateholder, the information set forth in clauses
      (a)(iv) and (a)(v) of this Section 6.06 aggregated for such calendar year or
      applicable portion thereof during which such Person was a Certificateholder.
      Such obligation of the Securities Administrator shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      provided by the Trustee or the Securities Administrator pursuant to any
      requirements of the Code as from time to time in effect.

     

    (d)  Upon
      filing with the Internal Revenue Service, the Securities Administrator shall
      furnish to the Holders of the Residual Certificates the applicable Form 1066
      and
      each applicable Form 1066Q and shall respond promptly to written requests made
      not more frequently than quarterly by any Holder of a Residual Certificate
      with
      respect to the following matters:

     

    (i)  The
      original projected principal and interest cash flows on the Closing Date on
      each
      class of Regular Interests and Residual Interests created hereunder and on
      the
      Mortgage Loans, based on the Prepayment Assumption;

     

    (ii)  The
      projected remaining principal and interest cash flows as of the end of any
      calendar quarter with respect to each class of Regular Interests and Residual
      Interests created hereunder and the Mortgage Loans, based on the Prepayment
      Assumption;

     

    (iii)  The
      applicable Prepayment Assumption and any interest rate assumptions used in
      determining the projected principal and interest cash flows described
      above;

     

    (iv)  The
      original issue discount (or, in the case of the Mortgage Loans, market discount)
      or premium accrued or amortized through the end of such calendar quarter with
      respect to each class of Regular Interests or Residual Interests created
      hereunder and to the Mortgage Loans, together with each constant yield to
      maturity used in computing the same;

     

    (v)  The
      treatment of Realized Losses with respect to the Mortgage Loans or the Regular
      Interests created hereunder, including the timing and amount of any cancellation
      of indebtedness income of a REMIC with respect to such Regular Interests or
      bad
      debt deductions claimed with respect to the related Mortgage Loans;

     

    (vi)  The
      amount and timing of any non-interest expenses of a REMIC; and

     

    (vii)  Any
      taxes
      (including penalties and interest) imposed on the REMIC, including, without
      limitation, taxes on “prohibited transactions,” “contributions” or “net income
      from foreclosure property” or state or local income or franchise
      taxes.

     

    The
      information pursuant to clauses (i), (ii), (iii) and (iv) above shall be
      provided by the Depositor pursuant to Section 10.12. 

     

    Section
      6.07  REMIC
      Designations and REMIC Distributions. 

     

    (a)  The
      Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and
      REMIC V shall be treated as a REMIC under Section 860D of the Code. Any
      inconsistencies or ambiguities in this Agreement or in the administration of
      this Agreement shall be resolved in a manner that preserves the validity of
      such
      REMIC elections. The assets of REMIC I shall include the Mortgage Loans and
      all
      interest owing in respect of and principal due thereon, the Distribution
      Account, the Protected Accounts, any REO Property, any proceeds of the foregoing
      and any other assets subject to this Agreement (other than the Reserve Fund
      and
      any Prepayment Charge Waiver Amounts). The REMIC I Regular Interests shall
      constitute the assets of REMIC II. The REMIC II Regular Interests shall
      constitute the assets of REMIC III. The Class C Interest shall constitute assets
      of REMIC IV. The Class P Interest shall constitute assets of REMIC
      V.

     

    (b)  On
      each
      Distribution Date, the Interest Funds and Principal Funds, in the following
      order of priority, shall be deemed distributed by REMIC I to REMIC II on account
      of the REMIC I Regular Interests (other than REMIC I Regular Interest P) or
      withdrawn from the Distribution Account and distributed to the Holders of the
      Class R-1 Certificates, as the case may be:

     

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

     

    (ii)  from
      the
      remainder of the Interest Funds and Principal Funds for such Distribution Date
      after the distribution made pursuant to clause (i) above, allocated as
      follows:

     

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

     

    (B)  2.00%
      of
      such remainder, first, to the holders of each REMIC I Regular Interest for
      which
      a REMIC II Regular Interest (other than REMIC I Regular Interest P) is the
      Corresponding Interest, in an aggregate amount equal to 1.00% of and in the
      same
      proportion as principal payments are allocated to the Corresponding Certificates
      for such Corresponding Interests, until the Uncertificated Principal Balances
      of
      such REMIC I Regular Interests are reduced to zero; and

     

    (C)  any
      remaining amount to the Holders of the Class R-1 Certificates.

     

    (c)  On
      each
      Distribution Date, all amounts representing Prepayment Charges shall be deemed
      distributed in respect of REMIC I Regular Interest P, provided that such amounts
      shall not reduce the Uncertificated Principal Balance of REMIC I Regular
      Interest P. On the Distribution Date immediately following the expiration of
      the
      latest Prepayment Charge term as identified on the Mortgage Loan Schedule,
      $100
      shall be deemed distributed in respect of REMIC I Regular Interest P in
      reduction of the Uncertificated Principal Balance thereof.

     

    (d)  On
      each
      Distribution Date, the Interest Funds and Principal Funds, in the following
      order of priority, shall be deemed distributed by REMIC II to REMIC III on
      account of the REMIC II Regular Interests (other than REMIC II Regular Interest
      P) or withdrawn from the Distribution Account and distributed to the Holders
      of
      the Class R-2 Certificates, as the case may be:

     

    (i)  to
      the
      holders of the REMIC II Regular Interests (other than REMIC II Regular Interest
      P), in the same manner and priority as paid to the Corresponding Certificates
      and, in the case of REMIC II Regular Interest C, as paid to the Class C
      Interest, the Uncertificated Accrued Interest (or, in the case of REMIC II
      Regular Interest C, the REMIC II Regular Interest C Distribution Amount) for
      such Distribution Date, plus any amounts in respect thereof remaining unpaid
      from previous Distribution Dates; and

     

    (ii)  to
      the
      holders of the REMIC II Regular Interests (other than REMIC II Regular Interest
      P), in an amount equal to the remainder of the Interest Funds and Principal
      Funds for such Distribution Date after the distribution made pursuant to clause
      (i) above, allocated in the same manner and priority as paid to the
      Corresponding Certificates, until the Uncertificated Principal Balances thereof
      have been reduced to zero, and any remaining amount to the Holders of the Class
      R-2 Certificates.

     

    (e)  On
      each
      Distribution Date, all amounts representing Prepayment Charges distributed
      in
      respect of REMIC I Regular Interest P shall be deemed to be distributed in
      respect of REMIC II Regular Interest P, provided that such amounts shall not
      reduce the Uncertificated Principal Balance of REMIC II Regular Interest P.
      On
      the Distribution Date immediately following the expiration of the latest
      Prepayment Charge term as identified on the Mortgage Loan Schedule, $100 shall
      be deemed distributed in respect of REMIC II Regular Interest P in reduction
      of
      the Uncertificated Principal Balance thereof.

     

    (f)  (f)On
      each
      Distribution Date, an amount equal to the amounts distributed pursuant to
      Sections 6.04(a)(3)(D), (E) and (G) on such date shall be deemed distributed
      from REMIC III to REMIC IV in respect of the Class C Distribution Amount
      distributable on the Class C Interest.

     

    (g)  (e)On
      each
      Distribution Date, 100% of the amounts deemed distributed on REMIC II Regular
      Interest P shall be deemed distributed by REMIC III to REMIC V in respect of
      the
      Class P Interest.

     

    Section
      6.08  Reserve
      Fund. 

     

    (a)  The
      Securities Administrator shall establish a Reserve Fund on behalf of the Holders
      of the Class
      A,
      Class
      B, Class M and Class C Certificates. The Reserve Fund shall be an Eligible
      Account. The Reserve Fund shall be entitled “Reserve Fund, Wells Fargo Bank,
      N.A. as Securities Administrator for the benefit of Holders of Bear Stearns
      Asset Backed Securities I LLC, Asset-Backed Certificates, Series 2007-AC1,
      Class
      A-1, Class A-2, Class A-3, Class M-1, Class M-2, Class M-3, Class M-4, Class
      B-1, Class B-2, Class B-3, Class B-4 and Class C”. On the Closing Date, the
      Depositor will deposit, or cause to be deposited, into the Reserve Fund an
      amount equal to the Reserve Fund Deposit. On each Distribution Date as to which
      there is a Basis Risk Shortfall Carry Forward Amount payable to any Class of
      Certificates, the Securities Administrator shall deposit the amounts pursuant
      to
      clauses (D) and (E) of Section 6.04(a)(3) into the Reserve Fund, and the
      Securities Administrator has been directed by the Class C Certificateholder
      to
      distribute any amounts then on deposit in the Reserve Fund to the Holders of
      the
      Class A, Class M and Class B Certificates in respect of the Basis Risk Shortfall
      Carry Forward Amount for each such Class in the priorities set forth in clauses
      (D) and (E) of Section 6.04(a)(3). Any amount paid to the Holders of Class
      A,
      Class M or Class B Certificates from amounts distributable pursuant to clauses
      (D) and (E) of Section 6.04(a)(3) pursuant to the preceding sentence in respect
      of Basis Risk Shortfall Carry Forward Amounts shall be treated as distributed
      to
      the Class C Certificateholder in respect of the Class C Certificates and paid
      by
      the Class C Certificateholder to the Holders of the Class A, Class M or Class
      B
      Certificates. Any payments to the Holders of the Class A, Class M or Class
      B in
      respect of Basis Risk Shortfall Carry Forwards Amounts pursuant to the second
      preceding sentence shall not be payments with respect to a Regular Interest
      in a
      REMIC within the meaning of Section 860G(a)(1) of the Code.

     

    (b)  The
      Reserve Fund is an “outside reserve fund” within the meaning of Treasury
      Regulation Section 1.860G-2(h) and shall be an asset of the Trust Fund but
      not
      an asset of any REMIC. The Securities Administrator on behalf of the Trust
      shall
      be the nominal owner of the Reserve Fund. The Class C Certificateholders shall
      be the beneficial owners of the Reserve Fund, subject to the power of the
      Securities Administrator to transfer amounts under Section 6.04(a)(3). Amounts
      in the Reserve Fund shall be held either uninvested in a trust or deposit
      account of the Securities Administrator with no liability for interest or other
      compensation thereof or, at the direction of the Class C Certificateholder,
      be
      invested in Permitted Investments that mature no later than the Business Day
      prior to the next succeeding Distribution Date. All net income and gain from
      such investments shall be distributed to the Class C Certificateholder, not
      as a
      distribution in respect of any interest in any REMIC, on such Distribution
      Date.
      All amounts earned on amounts on deposit in the Reserve Fund shall be taxable
      to
      the Class C Certificateholder. Any losses on such investments shall be deposited
      in the Reserve Fund by the Class C Certificateholder out of its own funds
      immediately as realized. In the event that the Class C Certificateholder shall
      fail to provide investment instructions to the Securities Administrator, the
      amounts on deposit in the Reserve Fund shall be held uninvested.

     

    (c)  For
      federal tax return and information reporting, the right of the Holders of the
      Class A, Class M and Class B Certificates to receive payments from the Reserve
      Fund in respect of any Basis Risk Shortfall Carry Forward Amounts shall be
      assigned a value of zero.

     

    Section
      6.09  Class
      P
      Certificate Account. 

     

    The
      Securities Administrator shall establish and maintain with itself a separate,
      segregated trust account for each of the Class P Certificates, titled “Bear
      Stearns Asset-Backed Securities I Trust 2007-AC1 Class P Certificate Account”
(the “Class P Certificate Account”). On the Closing Date, the Depositor will
      deposit, or cause to be deposited in the Class P Certificate Account $100.00.
      Prepayment charges shall be allocated to the Class P Certificate. The
      amount on deposit in the Class P Certificate Account shall be held uninvested.
      On the Distribution Date immediately following the expiration of the latest
      Prepayment Charge term as identified on the Mortgage Loan Schedule, the
      Securities Administrator shall withdraw the amount on deposit in the Class
      P
      Certificate Account and remit such amount to the Holders of the Class P
      Certificates in reduction of the Certificate Principal Balance
      thereof.

     

     

     

    ARTICLE
      VII

    THE
      CERTIFICATES

     

    Section
      7.01  The
      Certificates. 

     

    The
      Certificates shall be substantially in the forms attached hereto as Exhibits
      A-1
      through A-7. The Certificates shall be issuable in registered form, in the
      minimum dollar denominations, integral dollar multiples in excess thereof
      (except that one Certificate of each Class may be issued in a different amount
      which must be in excess of the applicable minimum dollar denomination) and
      aggregate dollar denominations as set forth in the following table:

    

    
      	
              Class

            	 	
              Minimum
                Denomination

            	 	
              Integral
                Multiple in Excess of Minimum

            	 	
              Initial
                Certificate Principal Balance

            	 	
              Pass-Through
                Rate

            
	
              A-1

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              357,010,000.00

            	 	
              Class
                A-1 Pass-Through Rate

            
	
              A-2

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              21,827,000.00

            	 	
              Class
                A-2 Pass-Through Rate

            
	
              A-3

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              44,350,000.00

            	 	
              Class
                A-3 Pass-Through Rate

            
	
              X

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              44,350,000.00

            	
              (1)

            	
              Class
                X Pass-Through Rate

            
	
              M-1

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              10,255,000.00

            	 	
              Class
                M-1 Pass-Through Rate

            
	
              M-2

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              3,190,000.00

            	 	
              Class
                M-2 Pass-Through Rate

            
	
              M-3

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              2,279,000.00

            	 	
              Class
                M-3 Pass-Through Rate

            
	
              M-4

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              2,279,000.00

            	 	
              Class
                M-4 Pass-Through Rate

            
	
              B-1

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              2,279,000.00

            	 	
              Class
                B-1 Pass-Through Rate

            
	
              B-2

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              2,279,000.00

            	 	
              Class
                B-2 Pass-Through Rate

            
	
              B-3

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              2,279,000.00

            	 	
              Class
                B-3 Pass-Through Rate

            
	
              B-4

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              3,646,000.00

            	 	
              Class
                B-4 Pass-Through Rate

            
	
              C

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1,000

            	 	
              $

            	
              455,775,287.84

            	
              (1)

            	
              (3)

            
	
              P

            	 	
              $

            	
              100

            	 	 	
              N/A

            	 	
              $

            	
              100.00

            	
              (2)

            	
              N/A

            
	
              R-1

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	
              (2)

            	
              N/A

            
	
              R-2

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	
              (2)

            	
              N/A

            
	
              R-3

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	
              (2)

            	
              N/A

            
	
              RX

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	
              (2)

            	
              N/A

            

    

    

    
      	
              (1)

            	
              This
                is a notional amount. 

            
	
              (2)

            	
              The
                Class P, Class R-1, Class R-2, Class R-3 and Class RX Certificates
                are not
                entitled to distributions in respect of interest

            
	
              (3)

            	
              As
                defined in “Pass-Through Rate” definition.

            
	 	 

    

    The
      Certificates shall be executed by manual or facsimile signature on behalf of
      the
      Securities Administrator by an authorized officer. Certificates bearing the
      manual or facsimile signatures of individuals who were, at the time when such
      signatures were affixed, authorized to sign on behalf of the Securities
      Administrator shall bind the Securities Administrator, notwithstanding that
      such
      individuals or any of them have ceased to be so authorized prior to the
      authentication and delivery of such Certificates or did not hold such offices
      at
      the date of such authentication and delivery. No Certificate shall be entitled
      to any benefit under this Agreement, or be valid for any purpose, unless there
      appears on such Certificate the countersignature of the Securities Administrator
      by manual signature, and such countersignature upon any Certificate shall be
      conclusive evidence, and the only evidence, that such Certificate has been
      duly
      countersigned and delivered hereunder. All Certificates shall be dated the
      date
      of their countersignature. On the Closing Date, the Securities Administrator
      shall authenticate the Certificates to be issued at the written direction of
      the
      Depositor, or any affiliate thereof.

     

    The
      Depositor shall provide, or cause to be provided, to the Securities
      Administrator on a continuous basis, an adequate inventory of Certificates
      to
      facilitate transfers.

     

    Section
      7.02  Certificate
      Register; Registration of Transfer and Exchange of Certificates. 

     

    (a)  The
      Securities
      Administrator
      shall
      maintain, or cause to be maintained in accordance with the provisions of Section
      7.09 hereof, a Certificate Register for the Trust Fund in which, subject to
      the
      provisions of subsections (b) and (c) below and to such reasonable regulations
      as it may prescribe, the Securities
      Administrator
      shall
      provide for the registration of Certificates and of Transfers and exchanges
      of
      Certificates as herein provided. Upon surrender for registration of Transfer
      of
      any Certificate, the Securities
      Administrator shall
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Certificates of the same Class and of like
      aggregate Percentage Interest.

     

    At
      the
      option of a Certificateholder, Certificates may be exchanged for other
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest upon surrender of the Certificates to be
      exchanged at the office or agency of the Securities Administrator. Whenever
      any
      Certificates are so surrendered for exchange, the Securities Administrator
      shall
      execute, authenticate, and deliver the Certificates that the Certificateholder
      making the exchange is entitled to receive. Every Certificate presented or
      surrendered for registration of Transfer or exchange shall be accompanied by
      a
      written instrument of Transfer in form satisfactory to the Securities
      Administrator duly executed by the Holder thereof or his attorney duly
      authorized in writing.

     

    No
      service charge to the Certificateholders shall be made for any registration
      of
      Transfer or exchange of Certificates, but 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 may be required.

     

    All
      Certificates surrendered for registration of Transfer or exchange shall be
      canceled and subsequently destroyed by the Securities Administrator in
      accordance with the Securities Administrator’s customary
      procedures.

     

    (b)  No
      Transfer of a Private Certificate shall be made unless such Transfer is made
      pursuant to an effective registration statement under the Securities Act and
      any
      applicable state securities laws or is exempt from the registration requirements
      under the Securities Act and such state securities laws. In the event that
      a
      Transfer is to be made in reliance upon an exemption from the Securities Act
      and
      such laws, in order to assure compliance with the Securities Act and such laws,
      the Certificateholder desiring to effect such Transfer and such
      Certificateholder’s prospective transferee shall each certify to the Securities
      Administrator in writing the facts surrounding the Transfer in substantially
      the
      forms set forth in Exhibit D (the “Transferor Certificate”) and (x) deliver a
      letter in substantially the form of either Exhibit E (the “Investment Letter”)
      or Exhibit F (the “Rule 144A Letter”) or (y) there shall be delivered to the
      Securities Administrator an Opinion of Counsel addressed to the Securities
      Administrator that such Transfer may be made pursuant to an exemption from
      the
      Securities Act, which Opinion of Counsel shall not be an expense of the
      Depositor, the Seller, the Master Servicer, the Securities Administrator or
      the
      Trustee; provided, however, that such representation letters will not be
      required in connection with any transfer of any such Certificate by the
      Depositor to an affiliate of the Depositor and the Trustee and the Securities
      Administrator shall be entitled to conclusively rely upon a representation
      (which, upon the request of the Trustee or the Securities Administrator, shall
      be a written representation) from the Depositor of the status of such transferee
      as an affiliate of the Depositor. The Depositor shall provide to any Holder
      of a
      Private Certificate and any prospective transferee designated by any such
      Holder, information regarding the related Certificates and the Mortgage Loans
      and such other information as shall be necessary to satisfy the condition to
      eligibility set forth in Rule 144A(d)(4) for Transfer of any such Certificate
      without registration thereof under the Securities Act pursuant to the
      registration exemption provided by Rule 144A. The Securities Administrator
      and
      the Master Servicer shall cooperate with the Depositor in providing the Rule
      144A information referenced in the preceding sentence, including providing
      to
      the Depositor such information regarding the Certificates, the Mortgage Loans
      and other matters regarding the Trust Fund as the Depositor shall reasonably
      request to meet its obligation under the preceding sentence. 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 and Related Matters Certificate as are sufficient to establish that it
      is a
      QIB. Each Holder of a Private Certificate desiring to effect such Transfer
      shall, and does hereby agree to, indemnify the Trustee, the Depositor, the
      Seller, the Securities Administrator and the Master Servicer against any
      liability that may result if the Transfer is not so exempt or is not made in
      accordance with such federal and state laws.

     

    No
      Transfer of an ERISA Restricted Certificate shall be made unless either (i)
      the
      Master Servicer and the Securities Administrator shall have received a
      representation from the transferee of such Certificate acceptable to and in
      form
      and substance satisfactory to the Master Servicer and the Securities
      Administrator, to the effect that such transferee is not an employee benefit
      plan subject to Section 406 of ERISA and/or a plan subject to Section 4975
      of
      the Code, or a Person acting on behalf of any such plan or using the assets
      of
      any such plan, or (ii) in the case of any such ERISA Restricted Certificate
      presented for registration in the name of an employee benefit plan subject
      to
      ERISA, or a plan subject to Section 4975 of the Code (or comparable provisions
      of any subsequent enactments), or a trustee of any such plan or any other person
      acting on behalf of any such plan, the Securities Administrator shall have
      received an Opinion of Counsel for the benefit of the Trustee, the Master
      Servicer and the Securities Administrator and on which they may rely,
      satisfactory to the Securities Administrator, to the effect that the purchase
      and holding of such ERISA Restricted Certificate is permissible under applicable
      law, will not constitute or result in the assets of the Trust being deemed
      to be
“plan assets” under ERISA or the Code, will not result in any prohibited
      transactions under ERISA or Section 4975 of the Code and will not subject the
      Trustee, the Master Servicer, the Depositor or the Securities Administrator
      to
      any obligation in addition to those expressly undertaken in this Agreement,
      which Opinion of Counsel shall not be an expense of the Trustee, the Master
      Servicer, the Depositor or the Securities Administrator, or, in the case of
      a
      Class B-4 Certificate, the transferee provides a representation, or deemed
      representation in the case of the Global Certificate or an opinion of counsel
      to
      the effect that the proposed transfer and holding of such Certificate and the
      servicing, management and operation of the Trustee 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 Securities Administrator, the
      Master Servicer or the Trustee. Notwithstanding anything else to the contrary
      herein, any purported transfer of an ERISA Restricted Certificate to or on
      behalf of an employee benefit plan subject to Section 406 of ERISA and/or a
      plan
      subject to Section 4975 of the Code without the delivery of the Opinion of
      Counsel as described above shall be void and of no effect; provided that the
      restriction set forth in this sentence shall not be applicable if there has
      been
      delivered to the Securities Administrator an Opinion of Counsel meeting the
      requirements of clause (ii) of the first sentence of this paragraph. None of
      the
      Trustee, the Securities Administrator or the Master Servicer shall be required
      to monitor, determine or inquire as to compliance with the transfer restrictions
      with respect to any ERISA Restricted Certificate that is a Book-Entry
      Certificate, and none of the Trustee, the Securities Administrator or the Master
      Servicer shall have any liability for transfers of any such Book-Entry
      Certificates made through the book-entry facilities of any Depository or between
      or among participants of the Depository or Certificate Owners made in violation
      of the transfer restrictions set forth herein. None of the Trustee, the
      Securities Administrator or the Master Servicer shall be under any liability
      to
      any Person for any registration of transfer of any ERISA Restricted Certificate
      that is in fact not permitted by this Section 7.02(b) or for making any payments
      due on such Certificate to the Holder thereof or taking any other action with
      respect to such Holder under the provisions of this Agreement. The Trustee
      and
      the Securities Administrator shall each be entitled, but not obligated, to
      recover from any Holder of any ERISA Restricted Certificate that was in fact
      an
      employee benefit plan subject to Section 406 of ERISA or a plan subject to
      Section 4975 of the Code or a Person acting on behalf of any such plan at the
      time it became a Holder or, at such subsequent time as it became such a plan
      or
      Person acting on behalf of such a plan, all payments made on such ERISA
      Restricted Certificate at and after either such time. Any such payments so
      recovered by the Trustee or the Securities Administrator shall be paid and
      delivered by the Trustee or the Securities Administrator to the last preceding
      Holder of such Certificate that is not such a plan or Person acting on behalf
      of
      a plan.

     

    Each
      beneficial owner of a Class M Certificate and Class B Certificate, except for
      a
      Class B-4 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”, (ii) it has acquired and is holding such certificate in reliance on 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, Fitch
      Ratings or Moody’s, 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.

     

    (c)  Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions, and the rights of each
      Person acquiring any Ownership Interest in a Residual Certificate are expressly
      subject to the following provisions:

     

    (i)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee and shall promptly notify the Securities
      Administrator of any change or impending change in its status as a Permitted
      Transferee.

     

    (ii)  No
      Ownership Interest in a Residual Certificate may be registered on the Closing
      Date or thereafter transferred, and the Securities
      Administrator
      shall
      not register the Transfer of any Residual Certificate unless, in addition to
      the
      certificates required to be delivered to the Securities
      Administrator
      under
      subparagraph (b) above, the Securities
      Administrator
      shall
      have been furnished with an affidavit (a “Transfer Affidavit”) of the initial
      owner or the proposed transferee in the form attached hereto as Exhibit
      C.

     

    (iii)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (A) to obtain a Transfer Affidavit from any other Person to whom
      such Person attempts to Transfer its Ownership Interest in a Residual
      Certificate, (B) to obtain a Transfer Affidavit from any Person for whom such
      Person is acting as nominee, trustee or agent in connection with any Transfer
      of
      a Residual Certificate and (C) not to Transfer its Ownership Interest in a
      Residual Certificate or to cause the Transfer of an Ownership Interest in a
      Residual Certificate to any other Person if it has actual knowledge that such
      Person is not a Permitted Transferee.

     

    (iv)  Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section 7.02(c) shall be
      absolutely null and void and shall vest no rights in the purported Transferee.
      If any purported transferee shall become a Holder of a Residual Certificate
      in
      violation of the provisions of this Section 7.02(c), then the last preceding
      Permitted Transferee shall be restored to all rights as Holder thereof
      retroactive to the date of registration of Transfer of such Residual
      Certificate. Neither the Trustee nor the Securities Administrator shall be
      under
      any liability to any Person for any registration of Transfer of a Residual
      Certificate that is in fact not permitted by Section 7.02(b) and this Section
      7.02(c) or for making any payments due on such Certificate to the Holder thereof
      or taking any other action with respect to such Holder under the provisions
      of
      this Agreement so long as the Transfer was registered after receipt of the
      related Transfer Affidavit. The Securities
      Administrator
      shall be
      entitled but not obligated to recover from any Holder of a Residual Certificate
      that was in fact not a Permitted Transferee at the time it became a Holder
      or,
      at such subsequent time as it became other than a Permitted Transferee, all
      payments made on such Residual Certificate at and after either such time. Any
      such payments so recovered by the Securities Administrator shall be paid and
      delivered by the Securities Administrator to the last preceding Permitted
      Transferee of such Certificate.

     

    (v)  The
      Master Servicer shall make available within 60 days of written request from
      the
Securities
      Administrator,
      all
      information necessary to compute any tax imposed under Section 860E(e) of the
      Code as a result of a Transfer of an Ownership Interest in a Residual
      Certificate to any Holder who is not a Permitted Transferee.

     

    The
      restrictions on Transfers of a Residual Certificate set forth in this Section
      7.02(c) shall cease to apply (and the applicable portions of the legend on
      a
      Residual Certificate may be deleted) with respect to Transfers occurring after
      delivery to the Securities Administrator of an Opinion of Counsel addressed
      to
      the Securities Administrator, which Opinion of Counsel shall not be an expense
      of the Trustee, the Securities Administrator, the Seller or the Master Servicer
      to the effect that the elimination of such restrictions will not cause REMIC
      I,
      REMIC II, REMIC III, REMIC IV or REMIC V, as applicable, to fail to qualify
      as a
      REMIC at any time that the Certificates are outstanding or result in the
      imposition of any tax on the Trust Fund, a Certificateholder or another Person.
      Each Person holding or acquiring any Ownership Interest in a Residual
      Certificate hereby consents to any amendment of this Agreement that, based
      on an
      Opinion of Counsel addressed to the Securities Administrator and furnished
      to
      the Securities Administrator, is reasonably necessary (a) to ensure that the
      record ownership of, or any beneficial interest in, a Residual Certificate
      is
      not transferred, directly or indirectly, to a Person that is not a Permitted
      Transferee and (b) to provide for a means to compel the Transfer of a Residual
      Certificate that is held by a Person that is not a Permitted Transferee to
      a
      Holder that is a Permitted Transferee.

     

    (d)  The
      preparation and delivery of all certificates and opinions referred to above
      in
      this Section 7.02 shall not be an expense of the Trust Fund, the Trustee, the
      Depositor, the Seller, the Securities Administrator or the Master
      Servicer.

     

    (e)  Subject
      to Subsection 7.02(i), 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 Subsection 7.02(b) 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
      Securities Administrator shall register such transfer only upon compliance
      with
      the provisions of Subsection 7.02(b).

     

    (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 Securities Administrator shall register such transfer only upon
      compliance with the provisions of Subsection 7.02(b).

     

    (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 Securities Administrator shall register such transfer if
      the
      transferee has provided the Securities Administrator with a Rule 144A and
      Related Matters 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 and Related Matters Certificate as are sufficient to establish that it
      is a
      QIB.

     

    (f)  Subject
      to Subsection 7.02(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 7.02(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 Securities Administrator a Rule
      144A and Related Matters 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.

     

    (g)  (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 Securities Administrator 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 Securities
      Administrator 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.

     

    (h)  Any
      Individual Certificate issued in exchange for or upon transfer of another
      Individual Certificate or of a beneficial interest in a Global Certificate
      shall
      bear the applicable legends set forth in Exhibit A-2.

     

    (i)  Subject
      to the restrictions on transfer and exchange set forth in this Section 7.02,
      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 7.01 above or any integral multiple of $1.00
      in excess thereof) by surrendering such Certificate at the Corporate Trust
      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
      Securities Administrator and the Securities Administrator 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 Securities Administrator and the Securities Administrator 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 Securities Administrator 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
      Percentage 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.

     

    (j)  Neither
      the Trustee nor the Securities Administrator nor the Master Servicer shall
      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)
      or
      (b) 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, the Securities Administrator and the Master
      Servicer from and against any and all liabilities, claims, costs or expenses
      incurred by the Securities Administrator, the Trustee or the Master Servicer
      as
      a result of such attempted or purported transfer. Neither the Trustee nor the
      Securities Administrator shall have any liability 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
      7.03  Mutilated,
      Destroyed, Lost or Stolen Certificates. 

     

    If
      any
      mutilated Certificate is surrendered to the Securities Administrator, or the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Certificate and of the ownership
      thereof.

     

    Section
      7.04  Persons
      Deemed Owners. 

     

    The
      Securities Administrator, the Trustee and any agent of the Securities
      Administrator 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 as provided in this Agreement and for all other purposes
      whatsoever, and neither the Securities Administrator, the Trustee nor any agent
      of the Securities Administrator or the Trustee shall be affected by any notice
      to the contrary.

     

    Section
      7.05  Access
      to
      List of Certificateholders’ Names and Addresses. 

     

    If
      three
      or more Certificateholders (a) request such information in writing from the
      Securities Administrator, (b) state that such Certificateholders desire to
      communicate with other Certificateholders with respect to their rights under
      this Agreement or under the Certificates, and (c) provide a copy of the
      communication that such Certificateholders propose to transmit or if the
      Depositor or the Master Servicer shall request such information in writing
      from
      the Securities Administrator, then the Securities Administrator shall, within
      ten Business Days after the receipt of such request, provide the Depositor,
      the
      Master Servicer or such Certificateholders at such recipients’ expense the most
      recent list of the Certificateholders of the Trust Fund held by the Securities
      Administrator, if any. The Depositor and every Certificateholder, by receiving
      and holding a Certificate, agree that the Securities Administrator shall not
      be
      held accountable by reason of the disclosure of any such information as to
      the
      list of the Certificateholders hereunder, regardless of the source from which
      such information was derived.

     

    Section
      7.06  Book-Entry
      Certificates. 

     

    The
      Offered Certificates, upon original issuance, shall be issued in the form of
      one
      or more typewritten Certificates representing the Book-Entry Certificates,
      to be
      delivered to the Depository by or on behalf of the Depositor. Such Certificates
      shall initially be registered on the Certificate Register in the name of the
      Depository or its nominee, and no Certificate Owner of such Certificates will
      receive a definitive certificate representing such Certificate Owner’s interest
      in such Certificates, except as provided in Section 7.08. Unless and until
      definitive, fully registered Certificates (“Definitive Certificates”) have been
      issued to the Certificate Owners of such Certificates pursuant to Section
      7.08:

     

    (a)  the
      provisions of this Section shall be in full force and effect;

     

    (b)  the
      Depositor, the Securities Administrator and the Trustee may deal with the
      Depository and the Depository Participants for all purposes (including the
      making of distributions) as the authorized representative of the respective
      Certificate Owners of such Certificates;

     

    (c)  registration
      of the Book-Entry Certificates may not be transferred by the Securities
      Administrator except to another Depository;

     

    (d)  the
      rights of the respective Certificate Owners of such Certificates shall be
      exercised only through the Depository and the Depository Participants and shall
      be limited to those established by law and agreements between the Owners of
      such
      Certificates and the Depository and/or the Depository Participants. Pursuant
      to
      the Depository Agreement, unless and until Definitive Certificates are issued
      pursuant to Section 7.08, the Depository will make book-entry transfers among
      the Depository Participants and receive and transmit distributions of principal
      and interest on the related Certificates to such Depository
      Participants;

     

    (e)  the
      Depository may collect its usual and customary fees, charges and expenses from
      its Depository Participants;

     

    (f)  the
      Securities
      Administrator
      may rely
      and shall be fully protected in relying upon information furnished by the
      Depository with respect to its Depository Participants; and

     

    (g)  to
      the
      extent that the provisions of this Section conflict with any other provisions
      of
      this Agreement, the provisions of this Section shall control.

     

    For
      purposes of any provision of this Agreement requiring or permitting actions
      with
      the consent of, or at the direction of, Certificateholders evidencing a
      specified percentage of the aggregate unpaid principal amount of any Class
      of
      Certificates, such direction or consent may be given by Certificate Owners
      (acting through the Depository and the Depository Participants) owning
      Book-Entry Certificates evidencing the requisite percentage of principal amount
      of such Class of Certificates.

     

    The
      Private Certificates shall initially be held in fully registered certificated
      form. If at any time the Holders of all of the Certificates of one or more
      such
      Classes request that the Securities Administrator cause such Class to become
      Global Certificates, the Depositor (with the assistance of the Securities
      Administrator) 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. If at anytime there are to be Global Certificates, the Global
      Certificates shall be delivered to the Depository by the Depositor or deposited
      with the Securities Administrator as custodian for the Depository.

     

    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.

     

    Section
      7.07  Notices
      to Depository. 

     

    Whenever
      any notice or other communication is required to be given to Certificateholders
      of a Class with respect to which Book-Entry Certificates have been issued,
      unless and until Definitive Certificates shall have been issued to the related
      Certificate Owners, the Securities Administrator shall give all such notices
      and
      communications to the Depository.

     

    Section
      7.08  Definitive
      Certificates. 

     

    If,
      after
      Book-Entry Certificates have been issued with respect to any Certificates,
      (a)
      the Depositor or the Depository advises the Securities Administrator that the
      Depository is no longer willing or able to discharge properly its
      responsibilities under the Depository Agreement with respect to such
      Certificates and the Depositor is unable to locate a qualified successor, (b)
      the Depositor, at its sole option, advises the Securities Administrator that
      it
      elects to terminate the book-entry system with respect to such Certificates
      through the Depository or (c) after the occurrence and continuation of an Event
      of Default, Certificate Owners of such Book-Entry Certificates having not less
      than 51% of the Voting Rights evidenced by any Class of Book-Entry Certificates
      advise the Securities Administrator and the Depository in writing through the
      Depository Participants that the continuation of a book-entry system with
      respect to Certificates of such Class through the Depository (or its successor)
      is no longer in the best interests of the Certificate Owners of such Class,
      then
      the Securities Administrator shall notify all Certificate Owners of such
      Certificates, through the Depository, of the occurrence of any such event and
      of
      the availability of Definitive Certificates to applicable Certificate Owners
      requesting the same. The Depositor shall provide the Securities Administrator
      with an adequate inventory of certificates to facilitate the issuance and
      transfer of Definitive Certificates. Upon surrender to the Securities
      Administrator of any such Certificates by the Depository, accompanied by
      registration instructions from the Depository for registration, the Securities
      Administrator shall countersign and deliver such Definitive Certificates.
      Neither the Depositor nor the Securities Administrator shall be liable for
      any
      delay in delivery of such instructions and each may conclusively rely on, and
      shall be protected in relying on, such instructions. Upon the issuance of such
      Definitive Certificates, all references herein to obligations imposed upon
      or to
      be performed by the Depository shall be deemed to be imposed upon and performed
      by the Securities Administrator, to the extent applicable with respect to such
      Definitive Certificates and the Trustee and the Securities Administrator shall
      recognize the Holders of such Definitive Certificates as Certificateholders
      hereunder.

     

    Section
      7.09  Maintenance
      of Office or Agency. 

     

    The
      Securities Administrator will maintain or cause to be maintained at its expense
      an office or offices or agency or agencies at Wells Fargo Bank, National
      Association, Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479
      where Certificates may be surrendered for registration of transfer or exchange.
      The Securities Administrator will give prompt written notice to the
      Certificateholders of any change in such location of any such office or
      agency.

     

     

     

    ARTICLE
      VIII

    THE
      COMPANY AND THE MASTER SERVICER

     

    Section
      8.01  Liabilities
      of the Depositor, the Company and the Master Servicer. 

     

    Each
      of
      the Depositor, the Company and 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
      8.02  Merger
      or
      Consolidation of the Depositor, the Company or the Master Servicer. 

     

    (a)  Each
      of
      the Depositor, the Company and 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 Depositor, the Company or the Master Servicer may be
      merged or consolidated, or any corporation resulting from any merger or
      consolidation to which the Depositor, the Company or the Master Servicer shall
      be a party, or any Person succeeding to the business of the Depositor, the
      Company or the Master Servicer, shall be the successor of the Depositor, the
      Company or 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
      8.03  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, including the powers of attorney delivered pursuant to Sections
      4.01 and 4.05 hereof, the Assignment Agreements, the Custodial Agreement or
      the
      Certificates (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 duties hereunder or by reason of reckless
      disregard of 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 Seller
      written notice thereof promptly after a responsible officer of the Trustee
      shall
      have with respect to such claim or legal action actual knowledge thereof;
      provided, however, the failure to give such notice shall not relieve the Master
      Servicer of its indemnification obligations hereunder. This indemnity shall
      survive the resignation or removal of the Trustee, Master Servicer or the
      Securities Administrator and the termination of this Agreement.

     

    (b)  The
      Company agrees to indemnify the Indemnified Persons and to hold them 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 Indemnified Persons may sustain in any way related to
      the
      failure of the Company to perform in any way its duties and service the EMC
      Mortgage Loans in strict compliance with the terms of this Agreement and for
      breach of any representation or warranty of the Company contained herein. The
      Company shall immediately notify the Master Servicer and the Trustee if a claim
      is made by a third party with respect to this Agreement or the EMC Mortgage
      Loans, assume (with the consent of the Master Servicer and the Trustee and
      with
      counsel reasonably satisfactory to the Master Servicer and the Trustee) 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 any Indemnified Person in respect
      of
      such claim but failure to so notify the Company shall not limit its obligations
      hereunder. The Company agrees that it will not enter into any settlement of
      any
      such claim without the consent of the Indemnified Persons unless such settlement
      includes an unconditional release of such Indemnified Persons from all liability
      that is the subject matter of such claim. The provisions of this Section 8.03(b)
      shall survive termination of this Agreement.

     

    (c)  The
      Seller will indemnify any Indemnified Person for any loss, liability or expense
      of any Indemnified Person not otherwise paid or covered pursuant to Subsections
      (a), (b) or (c) above.

     

    Section
      8.04  Limitations
      on Liability of the Depositor, the Company, the Master Servicer and
      Others. 

     

    Subject
      to the obligation of the Seller, the Company, and the Master Servicer to
      indemnify the Indemnified Persons pursuant to Section 8.03:

     

    (a)  Neither
      the Depositor, the Company, the Master Servicer nor any of the directors,
      officers, employees or agents of the Depositor, the Company and the Master
      Servicer shall be under any liability to the Indemnified Persons, 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 Depositor, the
      Company, 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
      Depositor, the Company, the Master Servicer and any director, officer, employee
      or agent of the Depositor, the Company and 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
      Depositor, the Company, the Master Servicer, the Trustee, the Custodian and
      any
      director, officer, employee or agent of the Depositor, the Company, the Master
      Servicer, the Trustee or the Custodian 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 Assignment Agreements, the Custodial Agreement,
      the Certificates or the Servicing Agreements (except with respect to the Master
      Servicer only, to the extent that the Master Servicer is indemnified by the
      Company under this Agreement or by the related Servicer under the related
      Servicing Agreement), other than (i) any such loss, liability or expense related
      to the Company’s or the Master Servicer’s failure to perform its respective
      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
      Custodian’s failure to perform its duties under the Custodial Agreement, or (ii)
      any such loss, liability or expense incurred by reason of the Company’s, 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 Custodial Agreement, as applicable.

     

    (d)  Neither
      the Depositor, the Company nor the Master Servicer shall 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 Master
      Servicer Collection Account as provided by Section 5.07. Nothing in this
      Subsection 8.04(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 4.01.

     

    (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 the Company
      or
      the Servicers, except as otherwise expressly provided herein.

     

    (g)  The
      Master Servicer may perform any of its duties hereunder or exercise its rights
      hereunder either directly or through Affiliates, agents or
      attorneys.

     

    Section
      8.05  Master
      Servicer and Company Not to Resign. 

     

    (a)  Except
      as
      provided in Section 8.07, the Master Servicer shall not resign from the
      obligations and duties hereby imposed on it except (i) with the prior written
      consent of the Trustee (which consent shall not be unreasonably withheld) or
      (ii) 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 Counsel to such effect, addressed to and delivered
      to, the Trustee. No such resignation by the Master Servicer shall become
      effective until 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 9.02 hereof.
      The
      Trustee shall notify the Rating Agencies of the resignation of the Master
      Servicer.

     

    (b)  The
      Company shall not resign from the obligations and duties hereby imposed on
      it
      except (i) upon the assignment of its servicing duties with respect to all
      or a
      portion of the EMC Mortgage Loans to an institution that is a Fannie Mae and
      Freddie Mac approved seller/servicer in good standing that has a net worth
      of
      not less than $10,000,000 and with the prior written consent of the Master
      Servicer (which consent shall not be unreasonably withheld) or (ii) upon the
      determination that its duties hereunder are no longer permissible under
      applicable law and such incapacity cannot be cured by the Company. Any
      determination permitting the resignation of the Company shall be evidenced
      by an
      Opinion of Counsel to such effect addressed to and delivered, to the Master
      Servicer and the Trustee which Opinion of Counsel shall be in form and substance
      acceptable to the Master Servicer and the Trustee. No appointment of a successor
      to the Company shall be effective hereunder unless (a) the Rating Agencies
      have
      confirmed in writing that such appointment will not result in a downgrade,
      qualification or withdrawal of the then current ratings assigned to the
      Certificates, (b) such successor shall have represented that it is meets the
      eligibility criteria set forth in clause (i) above and (c) such successor has
      agreed to assume the obligations of the Company hereunder to the extent of
      the
      EMC Mortgage Loans to be serviced by such successor. The Company shall provide
      a
      copy of the written confirmation of the Rating Agencies and the agreement
      executed by such successor to the Master Servicer and the Trustee. No such
      resignation shall become effective until a Qualified Successor or the Master
      Servicer shall have assumed the Company’s responsibilities and obligations
      hereunder. The Company shall notify the Master Servicer, the Trustee and the
      Rating Agencies of the resignation of the Company or the assignment of all
      or a
      portion of its servicing duties hereunder in accordance with this Section
      8.05.

     

    Section
      8.06  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
      such 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. In no event shall the compensation of any
      successor master servicer exceed that permitted the Master Servicer without
      the
      consent of all of the Certificateholders.

     

    Section
      8.07  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 (or an Affiliate thereof the primary
      business of which is the servicing of conventional residential mortgage loans)
      shall be qualified to service mortgage loans for Fannie Mae or Freddie Mac;
      (b)
      shall have a net worth of not less than $10,000,000 (unless otherwise approved
      by each Rating Agency pursuant to clause (ii) below); (c) shall be reasonably
      satisfactory to the Trustee (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 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
      IX

    DEFAULT;
      TERMINATION OF MASTER SERVICER;

    TERMINATION
      OF COMPANY

     

    Section
      9.01  Events
      of
      Default. 

     

    “Event
      of
      Default,” wherever used herein, means any one of the following
      events:

     

    (i)  any
      failure by the Master Servicer to remit to the Securities Administrator 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 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)  any
      failure by the Master Servicer to observe or perform in any material respect
      any
      other of the covenants or agreements on the part of the Master Servicer
      contained in this Agreement or any breach of a representation or warranty by
      the
      Master Servicer, which failure or breach shall continue unremedied for a period
      of 60 days after the date on which written notice of such failure shall have
      been given to 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

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises for the appointment of a receiver or liquidator in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Master Servicer and such decree or order shall have
      remained in force undischarged or unstayed for a period of 60 consecutive days;
      or

     

    (iv)  the
      Master Servicer shall consent to the appointment of a receiver or liquidator
      in
      any insolvency, readjustment of debt, marshalling of assets and liabilities
      or
      similar proceedings of or relating to the Master Servicer or all or
      substantially all of the property of the Master Servicer; or

     

    (v)  the
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of, or commence a
      voluntary case under, any applicable insolvency or reorganization statute,
      make
      an assignment for the benefit of its creditors, or voluntarily suspend payment
      of its obligations;

     

    (vi)  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 8.05 or 8.07; or

     

    (vii)  The
      Master Servicer fails to deposit, or cause to be deposited, in the Distribution
      Account any Advance required to be made by the Master Servicer (other than
      a
      Nonrecoverable Advance) by 5:00 p.m. New York City time on the Business Day
      prior to the related Distribution Date.

     

    If
      an
      Event of Default shall occur, then, and in each and every such case, so long
      as
      such Event of Default shall not have been remedied, the Trustee may, and at
      the
      direction of the Holders of Certificates evidencing not less than 25% of the
      Voting Rights evidenced by the Certificates, the Trustee shall, by notice in
      writing to the Master Servicer,
      with a
      copy to the Rating Agencies, and with the consent of the Company, 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 the
      proceeds thereof, other than its rights as a Certificateholder hereunder. On
      or
      after the receipt by the Master Servicer of such written notice, all authority
      and power of the Master Servicer hereunder, whether with respect to the Mortgage
      Loans or otherwise, shall pass to and be vested in the Trustee, or any successor
      appointed pursuant to Section 9.02 (a “Successor Master Servicer”). Such
      Successor Master Servicer shall thereupon if such Successor Master Servicer
      is a
      successor to the Master Servicer, make any Advance required by Article VI,
      subject, in the case of the Trustee, to Section 9.02. The Trustee is hereby
      authorized and empowered to execute and deliver, on behalf of the terminated
      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 any Mortgage Loans and
      related documents, or otherwise. Unless expressly provided in such written
      notice, no such termination shall affect any obligation of the Master Servicer
      to pay amounts owed pursuant to Article VIII or Article X. The Master Servicer
      agrees to cooperate with the Trustee in effecting the termination of the Master
      Servicer’s responsibilities and rights hereunder, including, without limitation,
      the transfer to the applicable Successor Master Servicer of all cash amounts
      which shall at the time be credited to the Distribution Account and maintained
      pursuant to Section 5.08, or thereafter be received with respect to the
      applicable Mortgage Loans. The Trustee shall promptly notify the Rating Agencies
      of the occurrence of an Event of Default known to the Trustee. The Securities
      Administrator shall promptly notify the Trustee in writing of the occurrence
      of
      an Event of Default under clauses (i) or (vii) above.

     

    Notwithstanding
      any termination of the activities of the Master Servicer hereunder, the Master
      Servicer shall be entitled to receive, out of any late collection of a Scheduled
      Payment on a Mortgage Loan that was due prior to the notice terminating the
      Master Servicer’s rights and obligations as Master Servicer hereunder and
      received after such notice, that portion thereof to which the Master Servicer
      would have been entitled pursuant to Sections 5.05 and to receive any other
      amounts payable to the Master Servicer hereunder the entitlement to which arose
      prior to the termination of its activities hereunder.

     

    Section
      9.02  Trustee
      to Act; Appointment of Successor. 

     

    On
      and
      after the time the Master Servicer receives a notice of termination pursuant
      to
      Section 9.01 hereof the Trustee shall automatically become the successor to
      the
      Master Servicer with respect to the transactions set forth or provided for
      herein and after a transition period (not to exceed 90 days), shall have all
      the
      rights and powers of, and be subject to all the responsibilities, duties and
      liabilities relating thereto placed on the Master Servicer by the terms and
      provisions hereof; provided, however, that the Company shall have the right
      to
      either (a) immediately assume the duties of the Master Servicer or (b) select
      a
      successor Master Servicer; provided, further, however that, pursuant to Article
      VI hereof, the Trustee in its capacity as successor Master Servicer shall be
      responsible for making any Advances required to be made by the Master Servicer
      immediately upon the termination of the Master Servicer and any such Advance
      shall be made on the Distribution Date on which such Advance was required to
      be
      made by the predecessor Master Servicer. Effective on the date of such notice
      of
      termination, as compensation therefor, the Trustee shall be entitled to all
      compensation, reimbursement of expenses and indemnifications that the Master
      Servicer would have been entitled to if it had continued to act hereunder,
      provided, however, that the Trustee shall not be (i) liable for any acts or
      omissions of the Master Servicer, (ii) obligated to make Advances if it is
      prohibited from doing so under applicable law, (iii) responsible for expenses
      of
      the Master Servicer pursuant to Section 2.03 or (iv) obligated to deposit losses
      on any Permitted Investment directed by the Master Servicer. Notwithstanding
      the
      foregoing, the Trustee may, if it shall be unwilling to so act, or shall, if
      it
      is prohibited by applicable law from making Advances pursuant to Article VI
      or
      if it is otherwise unable to so act, appoint, or petition a court of competent
      jurisdiction to appoint, any established mortgage loan servicing institution
      the
      appointment of which does not adversely affect the then current rating of the
      Certificates by each Rating Agency 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. Any Successor Master Servicer
      shall (i) be an institution that is a Fannie Mae and Freddie Mac approved
      seller/servicer in good standing, that has a net worth of at least $15,000,000
      and (ii) be willing to act as successor servicer of any Mortgage Loans under
      this Agreement or the related Servicing Agreement with respect to which the
      Company or the original Servicer has been terminated as servicer, and shall
      have
      executed and delivered to the Depositor, the Trustee an agreement accepting
      such
      delegation and assignment, that contains an assumption by such Person of the
      rights, powers, duties, responsibilities, obligations and liabilities of the
      Master Servicer (other than any liabilities of the Master Servicer hereof
      incurred prior to termination of the Master Servicer under Section 9.01 or
      as
      otherwise set forth herein), with like effect as if originally named as a party
      to this Agreement, provided that each Rating Agency shall have acknowledged
      in
      writing that its rating of the Certificates in effect immediately prior to
      such
      assignment and delegation will not be qualified or reduced as a result of such
      assignment and delegation. If the Trustee assumes the duties and
      responsibilities of the Master Servicer in accordance with this Section 9.02,
      the Trustee shall not resign as Master Servicer until a Successor Master
      Servicer has been appointed and has accepted such appointment. Pending
      appointment of a successor to the Master Servicer hereunder, the Trustee, unless
      the Trustee is prohibited by law from so acting, shall, subject to Section
      4.04
      hereof, 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 Mortgage Loans or otherwise
      as
      it and such successor shall agree; provided that no such compensation unless
      agreed to by the Certificateholders shall be in excess of that permitted the
      Master Servicer hereunder. The Trustee and such successor shall take such
      action, consistent with this Agreement, as shall be necessary to effectuate
      any
      such succession. Neither the Trustee nor any other Successor Master Servicer
      shall be deemed to be in default hereunder by reason of any failure to make,
      or
      any delay in making, any distribution hereunder or any portion thereof or any
      failure to perform, or any delay in performing, any duties or responsibilities
      hereunder, in either case caused by the failure of the Master Servicer and
      the
      Securities Administrator to deliver or provide, or any delay in delivering
      or
      providing, any cash, information, documents or records to it.

     

    The
      costs
      and expenses of the Trustee in connection with the termination of the Master
      Servicer, appointment of a Successor Master Servicer and, if applicable, any
      transfer of servicing, including, without limitation, all costs and expenses
      associated with the complete transfer of all servicing data and the completion,
      correction or manipulation of such servicing data as may be required by the
      Trustee to correct any errors or insufficiencies in the servicing data or
      otherwise to enable the Trustee or the Successor Master Servicer to service
      the
      related Mortgage Loans properly and effectively, to the extent not paid by
      the
      terminated Master Servicer, shall be payable to the Trustee pursuant to Section
      10.05. Any successor to the Master Servicer as successor servicer under any
      Subservicing Agreement shall give notice to the applicable Mortgagors of such
      change of servicer and shall, during the term of its service as successor
      servicer maintain in force the policy or policies that the Master Servicer
      is
      required to maintain pursuant to Section 4.04.

     

    Section
      9.03  Notification
      to Certificateholders and Rating Agencies. 

     

    (a)  Upon
      any
      termination of or appointment of a successor to the Master Servicer, the Trustee
      shall give prompt written notice thereof to Certificateholders and to each
      Rating Agency.

     

    (b)  Within
      60
      days after the occurrence of any Event of Default, the Trustee shall transmit
      by
      mail to all Certificateholders notice of each such Event of Default hereunder
      actually known to a Responsible Officer of the Trustee, unless such Event of
      Default shall have been cured or waived.

     

    Section
      9.04  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 hereunder known to the Trustee. Holders of
      Certificates evidencing not less than 51% of the Voting Rights 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 of any required distribution
      on the Certificates. 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
      9.05  Company
      Default. 

     

    In
      case
      one or more of the following events of default by the Company (each, a “Company
      Default”) shall occur and be continuing, that is to say:

     

    (i)  any
      failure by the Company to remit to the Master Servicer any payment including
      any
      Advance required to be made under the terms of this Agreement on any Remittance
      Date; or

     

    (ii)  failure
      on the part of the Company duly to observe or perform in any material respect
      any other of the covenants or agreements (other than Sections 3.13 or 3.14)
      on
      the part of the Company set forth in this Agreement, the breach of which has
      a
      material adverse effect and which continue unremedied for a period of sixty
      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 Company by the Master Servicer;
      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 Company and such decree or order shall have
      remained in force undischarged or unstayed for a period of sixty days;
      or

     

    (iv)  the
      Company 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 Company
      or
      of or relating to all or substantially all of its property; or

     

    (v)  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
      or
      reorganization statute, make an assignment for the benefit of its creditors,
      or
      voluntarily suspend payment of its obligations; or

     

    (vi)  the
      Company attempts to assign its right to servicing compensation hereunder or
      the
      Company attempts 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; 

     

    (vii)  the
      Company 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 Company’s ability to perform its
      obligations hereunder; or

     

    (viii)  failure
      by the Company to duly perform, within the required time period, its obligations
      under Sections 4.16, 4.17 or Section 4.18;

     

    then,
      and
      in each and every such case, so long as a Company Default shall not have been
      remedied, the Master Servicer, by notice in writing to the Company may, in
      addition to whatever rights the Master Servicer and the Trustee on behalf of
      the
      Certificateholders may have under Section 8.03 and at law or equity to damages,
      including injunctive relief and specific performance, terminate all the rights
      and obligations of the Company under this Agreement and in and to the EMC
      Mortgage Loans and the proceeds thereof without compensating the Company for
      the
      same. On or after the receipt by the Company of such written notice, all
      authority and power of Company under this Agreement, whether with respect to
      the
      EMC Mortgage Loans or otherwise, shall pass to and be vested in the Master
      Servicer. Upon written request from the Master Servicer, the Company shall
      prepare, execute and deliver, any and all documents and other instruments,
      place
      in the Master Servicer’s possession all Mortgage Files relating to the EMC
      Mortgage Loans, 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 EMC Mortgage Loans
      and related documents, or otherwise, at the Company’s sole expense. The Company
      agrees to pay any costs and expenses incurred by the Master Servicer in
      accordance with Section 4.03(c) and to cooperate with the Master Servicer 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 its Protected Account or Escrow Account or thereafter received
      with respect to the EMC Mortgage Loans or any related REO Property.

     

    Section
      9.06  Waiver
      of
      Company Defaults. 

     

    The
      Master Servicer, with the consent of the Trustee may waive only by written
      notice any default by the Company 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 Company 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

    CONCERNING
      THE TRUSTEE AND THE

    SECURITIES
      ADMINISTRATOR

     

    Section
      10.01  Duties
      of
      Trustee and Securities Administrator. 

     

    (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, and the Securities
      Administrator each undertake to perform such duties and only such duties as
      are
      specifically set forth in this Agreement as duties of the Trustee and the
      Securities Administrator, respectively. 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 the same degree of care and skill
      in
      their exercise, as a prudent person would exercise under the circumstances
      in
      the conduct of such Person’s 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 or the Securities Administrator pursuant to any
      provision of this Agreement, the Trustee or the Securities Administrator,
      respectively, shall examine them to determine whether they are, on their face,
      in the form required by this Agreement; provided, however, that neither the
      Trustee nor the Securities Administrator shall be responsible for the accuracy
      or content of any resolution, certificate, statement, opinion, report, document,
      order or other instrument furnished by the Master Servicer; provided, further,
      that neither the Trustee nor the Securities Administrator shall be responsible
      for the accuracy or verification of any calculation provided to it pursuant
      to
      this Agreement.

     

    (c)  On
      each
      Distribution Date, the Securities Administrator shall make monthly distributions
      and the final distribution to the Certificateholders from funds in the
      Distribution Account as provided in Sections 6.04 and 11.02 herein based solely
      on the applicable Remittance Report.

     

    (d)  No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator 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 with respect to the Trustee
      and
      at all times with respect to the Securities Administrator, the duties and
      obligations of the Trustee and the Securities Administrator shall be determined
      solely by the express provisions of this Agreement, neither the Trustee nor
      the
      Securities Administrator shall be liable except for the performance of their
      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 or the Securities Administrator and, in the absence of
      bad
      faith on the part of the Trustee or the Securities Administrator, respectively,
      the Trustee or the Securities Administrator, respectively, 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
      or
      the Securities Administrator, respectively, and conforming to the requirements
      of this Agreement;

     

    (ii)  Neither
      the Trustee nor the Securities Administrator shall 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 or an officer or officers of the Securities
      Administrator, respectively, unless it shall be proved that the Trustee or
      the
      Securities Administrator, respectively, was negligent in ascertaining the
      pertinent facts;

     

    (iii)  Neither
      the Trustee nor the Securities Administrator shall 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 not less than
      25%
      of the aggregate Voting Rights of the Certificates (or such other percentage
      as
      specifically set forth herein), 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 the Securities Administrator, respectively, or exercising any
      trust or other power conferred upon the Trustee or the Securities Administrator,
      respectively, 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 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
      Securities Administrator shall not in any way be liable by reason of any
      insufficiency in any Account held in the name of Trustee unless it is determined
      by a court of competent jurisdiction in a non-appealable judgment that the
      Securities Administrator’s gross negligence or willful misconduct was the
      primary cause of such insufficiency (except to the extent that the Securities
      Administrator is obligor and has defaulted thereon);

     

    (vi)  The
      Trustee shall not in any way be liable by reason of any insufficiency in any
      Account held in the name of Trustee unless it is determined by a court of
      competent jurisdiction in a non-appealable judgment 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);

     

    (vii)  Anything
      in this Agreement to the contrary notwithstanding, in no event shall the Trustee
      or the Securities Administrator 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 or the Securities Administrator, respectively,
      has
      been advised of the likelihood of such loss or damage and regardless of the
      form
      of action; and

     

    (viii)  None
      of
      the Securities Administrator, the Master Servicer, the Seller, 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.

     

    Neither
      the Trustee nor the Securities Administrator shall 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 or the Securities Administrator to perform, or be
      responsible for the manner of performance of, any of the obligations of the
      Master Servicer or the Company hereunder or any Servicer under the related
      Servicing Agreement.

     

    (e)  All
      funds
      received by the Securities Administrator and required to be deposited in the
      Distribution Account pursuant to this Agreement shall be promptly so deposited
      by the Securities Administrator.

     

    Section
      10.02  Certain
      Matters Affecting the Trustee and the Securities Administrator. 

     

    (a)  Except
      as
      otherwise provided in Section 10.01:

     

    (i)  The
      Trustee and the Securities Administrator may rely and shall be protected in
      acting or refraining from acting in reliance on any resolution or certificate
      of
      the Seller, the Company, the Master Servicer or the related Servicer, any
      certificates 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 and the Securities Administrator 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)  Neither
      the Trustee nor the Securities Administrator shall 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 or the Securities Administrator, as applicable, 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 with respect to the Trustee
      and
      at all times with respect to the Securities Administrator, neither the Trustee
      nor the Securities Administrator shall 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)  Neither
      the Trustee nor the Securities Administrator shall 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 not less than 25% of the aggregate Voting
      Rights of the Certificates and provided that the payment within a reasonable
      time to the Trustee or the Securities Administrator, as applicable, 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 or the Securities Administrator,
      as applicable, reasonably assured to the Trustee or the Securities
      Administrator, as applicable, by the security afforded to it by the terms of
      this Agreement. The Trustee or the Securities Administrator 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 and the Securities Administrator 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
      paying agent other than the Securities Administrator to perform any paying
      agent
      functions under this Agreement without the express written consent of the Master
      Servicer, which consents will not be unreasonably withheld. Neither the Trustee
      nor the Securities Administrator shall be liable or responsible for the
      misconduct or negligence of any of the Trustee’s or the Securities
      Administrator’s agents or attorneys or paying agent appointed hereunder by the
      Trustee or the Securities Administrator with due care and, when required, with
      the consent of the Master Servicer;

     

    (vii)  Should
      the Trustee or the Securities Administrator deem the nature of any action
      required on its part to be unclear, the Trustee or the Securities Administrator,
      respectively, may require prior to such action that it be provided by the
      Depositor with reasonable further instructions; the right of the Trustee or
      the
      Securities Administrator to perform any discretionary act enumerated in this
      Agreement shall not be construed as a duty, and neither the Trustee nor the
      Securities Administrator shall be accountable for other than its negligence
      or
      willful misconduct in the performance of any such act;

     

    (viii)  Neither
      the Trustee nor the Securities Administrator shall 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 10.07;
      and

     

    (ix)  Neither
      the Trustee nor the Securities Administrator shall have any duty to conduct
      any
      affirmative investigation as to the occurrence of any condition requiring the
      repurchase of any Mortgage Loan by any Person pursuant to this Agreement, or
      the
      eligibility of any Mortgage Loan for purposes of this Agreement.

     

    (b)  The
      Trustee is hereby directed by the Depositor to execute and deliver the Insurance
      Agreement.

     

    Section
      10.03  Trustee
      and Securities Administrator Not Liable for Certificates or Mortgage
      Loans. 

     

    The
      recitals contained herein and in the Certificates (other than the signature
      and
      countersignature of the Securities Administrator on the Certificates) shall
      be
      taken as the statements of the Depositor, and neither the Trustee nor the
      Securities Administrator shall have any responsibility for their correctness.
      Neither the Trustee nor the Securities Administrator makes any representation
      as
      to the validity or sufficiency of the Certificates (other than the signature
      and
      countersignature of the Securities Administrator on the Certificates) or of
      any
      Mortgage Loan except as expressly provided in Sections 2.02 and 2.06 hereof;
      provided, however, that the foregoing shall not relieve the Trustee, or the
      Custodian on its behalf, of the obligation to review the Mortgage Files pursuant
      to Section 2.02 of this Agreement. Neither the Trustee or the Securities
      Administrator shall 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 Section 2.06, neither the Trustee nor the Securities
      Administrator shall 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. Neither the Trustee nor the Securities Administrator shall 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. Neither the Trustee nor the Securities
      Administrator shall have any responsibility for filing any financing 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
      10.04  Trustee
      and Securities Administrator May Own Certificates. 

     

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

     

    Section
      10.05  Trustee’s
      and Securities Administrator’s Fees and Expenses. 

     

    The
      Securities Administrator shall be entitled to the Securities Administrator
      Fee
      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
      Securities Administrator and at the expense of the Securities Administrator.
      In
      addition, the Trustee and the Securities Administrator shall be entitled to
      recover from the Distribution Account pursuant to Section 5.09 all reasonable
      out-of-pocket expenses, disbursements and advances and the expenses of the
      Trustee and the Securities Administrator, respectively, 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) incurred or made
      by
      the Trustee or the Securities Administrator, respectively, 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 or the Trust Fund hereunder. If funds
      in the Distribution Account are insufficient therefor, the Trustee and the
      Securities Administrator shall recover such expenses, disbursements or advances
      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
      10.06  Eligibility
      Requirements for Trustee and Securities Administrator. 

     

    The
      Trustee and any successor Trustee and the Securities Administrator and any
      successor Securities Administrator 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 a 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 Fitch, Inc. with respect to their long-term rating and rated
“BBB” or higher by Standard & Poor’s 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 or successor Securities Administrator other than
      pursuant to Section 10.10, rated in one of the two highest long-term debt
      categories of, or otherwise acceptable to, each of the Rating Agencies (which
      consent shall not be unreasonably withheld). The Trustee shall not be an
      Affiliate of the Master Servicer. 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 10.06
      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 or
      the
      Securities Administrator, as applicable, shall cease to be eligible in
      accordance with the provisions of this Section 10.06, the Trustee or the
      Securities Administrator shall resign immediately in the manner and with the
      effect specified in Section 10.08.

     

    Section
      10.07  Insurance. 

     

    The
      Trustee and the Securities Administrator, at their 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 or the Securities
      Administrator as to the Trustee’s or the Securities Administrator’s,
      respectively, compliance with this Section 10.07 shall be furnished to any
      Certificateholder upon reasonable written request.

     

    Section
      10.08  Resignation
      and Removal of Trustee and Securities Administrator. 

     

    The
      Trustee and the Securities Administrator may at any time resign and be
      discharged from the Trust hereby created by giving written notice thereof to
      the
      Depositor, the Seller, the Securities Administrator (or the Trustee, if the
      Securities Administrator resigns) 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 or successor securities administrator,
      as
      applicable, by written instrument, in triplicate, one copy of which instrument
      shall be delivered to each of the resigning trustee or securities administrator,
      as applicable, and the successor trustee or securities administrator, as
      applicable. If no successor trustee or successor securities administrator shall
      have been so appointed and have accepted appointment within 30 days after the
      giving of such notice of resignation, the resigning Trustee or Securities
      Administrator may petition any court of competent jurisdiction for the
      appointment of a successor trustee or securities administrator.

     

    If
      at any
      time (i) the Trustee or the Securities Administrator shall cease to be eligible
      in accordance with the provisions of Section 10.06 hereof and shall fail to
      resign after written request thereto by the Depositor, (ii) the Trustee or
      the
      Securities Administrator shall become incapable of acting, or shall be adjudged
      as bankrupt or insolvent, or a receiver of the Trustee or the Securities
      Administrator or of its property shall be appointed, or any public officer
      shall
      take charge or control of the Trustee or the Securities Administrator or of
      its
      property or affairs for the purpose of rehabilitation, conservation or
      liquidation, or (iii)(A) a tax is imposed with respect to the Trust Fund by
      any
      state in which the Trustee or the Securities Administrator or the Trust Fund
      is
      located, (B) the imposition of such tax would be avoided by the appointment
      of a
      different trustee or securities administrator and (C) the Trustee or the
      Securities Administrator, as applicable fails to indemnify the Trust Fund
      against such tax, then the Depositor or the Master Servicer may remove the
      Trustee or the Securities Administrator, as applicable, and appoint a successor
      trustee or successor securities administrator, as applicable, by written
      instrument, in multiple copies, a copy of which instrument shall be delivered
      to
      the Trustee, the Securities Administrator, each Master Servicer and the
      successor trustee or successor securities administrator, as
      applicable.

     

    The
      Holders evidencing at least 51% of the Voting Rights of each Class of
      Certificates may at any time remove the Trustee or Securities Administrator
      and
      appoint a successor trustee or securities administrator by written instrument
      or
      instruments, in multiple copies, signed by such Holders or their
      attorneys-in-fact duly authorized, one complete set of which instruments shall
      be delivered by the successor trustee or successor securities administrator
      to
      each of the Master Servicer, the Trustee or Securities Administrator so removed
      and the successor trustee or securities administrator so appointed. Notice
      of
      any removal of the Trustee or Securities Administrator shall be given to each
      Rating Agency by the Trustee or successor trustee.

     

    Any
      resignation or removal of the Trustee or Securities Administrator and
      appointment of a successor trustee or securities administrator pursuant to
      any
      of the provisions of this Section 10.08 shall become effective upon acceptance
      of appointment by the successor trustee or securities administrator as provided
      in Section 10.09 hereof.

     

    Section
      10.09  Successor
      Trustee or Securities Administrator. 

     

    Any
      successor trustee or securities administrator appointed as provided in Section
      10.08 hereof shall execute, acknowledge and deliver to the Depositor and to
      its
      predecessor trustee or predecessor securities administrator, as applicable,
      and
      the Master Servicer an instrument accepting such appointment hereunder and
      thereupon the resignation or removal of the predecessor trustee or securities
      administrator shall become effective and such successor trustee or securities
      administrator, without any further act, deed or conveyance, shall become fully
      vested with all the rights, powers, duties and obligations of its predecessor
      hereunder, with the like effect as if originally named as trustee or securities
      administrator herein.

     

    No
      successor trustee or securities administrator shall accept appointment as
      provided in this Section 10.09 unless at the time of such acceptance such
      successor trustee or securities administrator shall be eligible under the
      provisions of Section 10.06 hereof and its appointment shall not adversely
      affect the then current rating of the Certificates.

     

    Upon
      acceptance of appointment by a successor trustee or securities administrator
      as
      provided in this Section 10.09, the successor trustee or securities
      administrator shall mail notice of the succession of such trustee or securities
      administrator hereunder to all Holders of Certificates. If the successor trustee
      or securities administrator fails to mail such notice within ten days after
      acceptance of appointment, the Depositor shall cause such notice to be mailed
      at
      the expense of the Trust Fund.

     

    Section
      10.10  Merger
      or
      Consolidation of Trustee or Securities Administrator. 

     

    Any
      corporation, state bank or national banking association into which the Trustee
      or the Securities Administrator may be merged or converted or with which it
      may
      be consolidated or any corporation, state bank or national banking association
      resulting from any merger, conversion or consolidation to which the Trustee
      or
      the Securities Administrator shall be a party, or any corporation, state bank
      or
      national banking association succeeding to substantially all of the corporate
      trust business of the Trustee or of the business of the Securities
      Administrator, shall be the successor of the Trustee or the Securities
      Administrator hereunder, provided that such corporation shall be eligible under
      the provisions of Section 10.06 hereof 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
      10.11  Appointment
      of Co-Trustee or Separate Trustee. 

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust Fund
      or property securing any Mortgage Note may at the time be located, the Master
      Servicer and the Trustee acting jointly shall have the power and shall execute
      and deliver all instruments to appoint one or more Persons approved by the
      Trustee to act as co-trustee or co-trustees jointly with the Trustee, or
      separate trustee or separate trustees, of all or any part of the Trust Fund,
      and
      to vest in such Person or Persons, in such capacity and for the benefit of
      the
      Certificateholders, such title to the Trust Fund or any part thereof, whichever
      is applicable, and, subject to the other provisions of this Section 10.11,
      such
      powers, duties, obligations, rights and trusts as the Master Servicer and the
      Trustee may consider necessary or desirable. If the Master Servicer shall not
      have joined in such appointment within 15 days after the receipt by it of a
      request to do so, or in the case an Event of Default shall have occurred and
      be
      continuing, the Trustee alone shall have the power to make such appointment.
      No
      co-trustee or separate trustee hereunder shall be required to meet the terms
      of
      eligibility as a successor trustee under Section 10.06 and no notice to
      Certificateholders of the appointment of any co-trustee or separate trustee
      shall be required under Section 10.09.

     

    Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i)  All
      rights, powers, duties and obligations conferred or imposed upon the Trustee,
      except for the obligation of the Trustee under this Agreement to advance funds
      on behalf of the Master Servicer, shall be conferred or imposed upon and
      exercised or performed by the Trustee and such separate trustee or co-trustee
      jointly (it being understood that such separate trustee or co-trustee is not
      authorized to act separately without the Trustee joining in such act), except
      to
      the extent that under any law of any jurisdiction in which any particular act
      or
      acts are to be performed (whether a Trustee hereunder or as a Successor Master
      Servicer hereunder), the Trustee shall be incompetent or unqualified to perform
      such act or acts, in which event such rights, powers, duties and obligations
      (including the holding of title to the Trust Fund or any portion thereof in
      any
      such jurisdiction) shall be exercised and performed singly by such separate
      trustee or co-trustee, but solely at the direction of the Trustee;

     

    (ii)  No
      trustee hereunder shall be held personally liable by reason of any act or
      omission of any other trustee hereunder; and

     

    (iii)  The
      Trustee may at any time accept the resignation of or remove any separate trustee
      or co-trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      X.
      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 and a copy thereof given to
      the
      Master Servicer and the Depositor.

     

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

     

    Section
      10.12  Tax
      Matters. 

     

    It
      is
      intended that the Trust Fund shall constitute one or more REMICs, and that
      the
      affairs of the Trust Fund shall be conducted so that each REMIC formed hereunder
      qualifies as a “real estate mortgage investment conduit” as defined in and in
      accordance with the REMIC Provisions. In furtherance of such intention, the
      Securities Administrator covenants and agrees that it shall act as agent for
      so
      long as it is also Master Servicer (and the Securities Administrator is hereby
      appointed to act as agent) on behalf of the Trust Fund. The Trustee and/or
      the
      Securities Administrator, as agent on behalf of the Trust Fund, shall do or
      refrain from doing, as applicable, the following: (a) the Securities
      Administrator shall prepare and file, or cause to be prepared and filed, in
      a
      timely manner, U.S. Real Estate Mortgage Investment Conduit Income Tax Returns
      (Form 1066 or any successor form adopted by the Internal Revenue Service) and
      prepare and file or cause to be prepared and filed with the Internal Revenue
      Service and applicable state or local tax authorities income tax or information
      returns for each taxable year with respect to each such REMIC containing such
      information and at the times and in the manner as may be required by the Code
      or
      state or local tax laws, regulations or rules, and furnish or cause to be
      furnished, to Certificateholders the schedules, statements or information at
      such times and in such manner as may be required thereby; (b) the Securities
      Administrator shall apply for an employer identification number with the
      Internal Revenue Service via a Form SS-4 or other comparable method for each
      REMIC that is or becomes a taxable entity, and within thirty days of the Closing
      Date, furnish or cause to be furnished to the Internal Revenue Service on Forms
      8811 or as otherwise may be required by the Code, the name, title, address,
      and
      telephone number of the person that the Holders of the Certificates may contact
      for tax information relating thereto, together with such additional information
      as may be required by such form, and update such information at the time or
      times in the manner required by the Code for the Trust Fund; (c) the Trustee
      shall make, or cause to be made, elections on behalf of each REMIC formed
      hereunder to be treated as a REMIC on the federal tax return of such REMIC
      for
      its first taxable year (and, if necessary, under applicable state law); (d)
      the
      Securities Administrator shall prepare and forward, or cause to be prepared
      and
      forwarded, to the Certificateholders and to the Internal Revenue Service and,
      if
      necessary, state tax authorities, all information returns and reports as and
      when required to be provided to them in accordance with the REMIC Provisions,
      including without limitation, the calculation of any original issue discount
      using the Prepayment Assumption; (e) the Securities Administrator shall provide
      information necessary for the computation of tax imposed on the transfer of
      a
      Residual Certificate to a Person that is not a Permitted Transferee, or an
      agent
      (including a broker, nominee or other middleman) of a Person that is not a
      Permitted Transferee, or a pass-through entity in which a Person that is not
      a
      Permitted Transferee is the record Holder of an interest (the reasonable cost
      of
      computing and furnishing such information may be charged to the Person liable
      for such tax); (f) each of the Securities Administrator and the Trustee shall,
      to the extent under its control, conduct the affairs of the Trust Fund at all
      times that any Certificates are outstanding so as to maintain the status of
      each
      REMIC formed hereunder as a REMIC under the REMIC Provisions; (g) neither the
      Trustee nor the Securities Administrator shall knowingly or intentionally take
      any action or omit to take any action that could (i) cause the termination
      of
      the REMIC status of any REMIC formed hereunder or (ii) 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); (h) the
      Securities Administrator shall pay, from the sources specified in this Section
      10.12, the amount of any federal, state and local taxes, including prohibited
      transaction taxes as described below, imposed on any REMIC formed hereunder
      prior to the termination of the Trust Fund when and as the same shall be due
      and
      payable (but such obligation shall not prevent the Trustee, the Securities
      Administrator at the written request of the Trustee, or any other appropriate
      Person from contesting any such tax in appropriate proceedings and shall not
      prevent the Securities Administrator from withholding payment of such tax,
      if
      permitted by law, pending the outcome of such proceedings); (i) the Trustee
      shall sign or cause to be signed federal, state or local income tax or
      information returns or any other document prepared by the Securities
      Administrator pursuant to this Section 10.12 requiring a signature thereon
      by
      the Trustee; (j) the Securities Administrator shall maintain records relating
      to
      each REMIC formed hereunder including but not limited to the income, expenses,
      assets and liabilities of each such REMIC and adjusted basis of the Trust Fund
      property determined at such intervals as may be required by the Code, as may
      be
      necessary to prepare the foregoing returns, schedules, statements or
      information; (k) the Securities Administrator shall, for federal income tax
      purposes, maintain books and records with respect to the REMICs on a calendar
      year and on an accrual basis; (l) neither the Trustee nor the Master Servicer
      shall enter into any arrangement not otherwise provided for in this Agreement
      by
      which the REMICs will receive a fee or other compensation for services nor
      permit the REMICs to receive any income from assets other than “qualified
      mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
      investments” as defined in Section 860G(a)(5) of the Code; and (m) as and when
      necessary and appropriate, the Trustee, or at the written request of the
      Trustee, the Securities Administrator, shall represent the Trust Fund in any
      administrative or judicial proceedings relating to an examination or audit
      by
      any governmental taxing authority, request an administrative adjustment as
      to
      any taxable year of any REMIC formed hereunder, enter into settlement agreements
      with any governmental taxing agency, extend any statute of limitations relating
      to any tax item of the Trust Fund, and otherwise act on behalf of each REMIC
      formed hereunder in relation to any tax matter involving any such
      REMIC.

     

    In
      order
      to enable each of the Trustee and the Securities Administrator to perform its
      duties as set forth herein, the Depositor shall provide, or cause to be
      provided, to the Trustee or the Securities Administrator within 10 days after
      the Closing Date all information or data that the Trustee or the Securities
      Administrator requests in writing and determines to be relevant for tax purposes
      to the valuations and offering prices of the Certificates, including, without
      limitation, the price, yield, prepayment assumption and projected cash flows
      of
      the Certificates and the related Mortgage Loans. Thereafter, the Depositor
      shall
      provide to the Trustee or the Securities Administrator promptly upon written
      request therefor, any such additional information or data that the Trustee
      or
      the Securities Administrator may, from time to time, request in order to enable
      the Trustee or the Securities Administrator to perform its duties as set forth
      herein. The Depositor hereby indemnifies each of Trustee and the Securities
      Administrator for any losses, liabilities, damages, claims or expenses of the
      Trustee or the Securities Administrator arising from any errors or
      miscalculations of the Trustee or the Securities Administrator, as applicable,
      that result from any failure of the Depositor to provide, or to cause to be
      provided, accurate information or data to the Trustee or the Securities
      Administrator, as applicable, on a timely basis.

     

    In
      the
      event that any tax is imposed on “prohibited transactions” of any of REMIC I,
      REMIC II, REMIC III, REMIC IV or REMIC V as defined in Section 860F(a)(2) of
      the
      Code, on the “net income from foreclosure property” of the Trust Fund as defined
      in Section 860G(c) of the Code, on any contribution to any of REMIC I, REMIC
      II,
      REMIC III, REMIC IV or REMIC V after the Startup Day pursuant to Section 860G(d)
      of the Code, or any other tax is imposed, including, without limitation, any
      federal, state or local tax or minimum tax imposed upon any of REMIC I, REMIC
      II, REMIC III, REMIC IV or REMIC V and is not paid as otherwise provided for
      herein, such tax shall be paid (i) by the Master Servicer or the Securities
      Administrator, if any such tax arises out of or results from a breach by the
      Master Servicer or the Securities Administrator of any of its obligations under
      this Agreement, provided, however, in no event shall the Master Servicer or
      the
      Securities Administrator have
      any
      liability (1) for any action or omission that is taken in accordance with and
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (2) for any losses other than those arising out of
      a
      negligent performance by the Master Servicer or the Securities Administrator
      of
      its duties and obligations set forth herein, or (3) for any special or
      consequential damages to Certificateholders (in addition to payment of principal
      and interest on the Certificates), (ii) by
      any
      party
      hereto (other than the Master Servicer or
      the
      Securities Administrator) to the extent any such
      tax
      arises out of or results from a breach by such other party of any of its
      obligations under this Agreement or (iii) in all other cases, or in the event
      that any liable party hereto fails to honor its obligations under the preceding
      clauses (i) or (ii), first with amounts otherwise to be distributed to the
      Class
      R Certificateholders, and second with amounts otherwise to be distributed to
      all
      the Holders of the following Certificates in the following order of priority:
      first,
      to
      the
      Class B-4 Certificates, second, to the Class B-3 Certificates, third, to the
      Class B-2 Certificates, fourth, to the Class B-1 Certificates, fifth, to the
      Class M-4 Certificates, sixth, to the Class M-3 Certificates, seventh, to the
      Class M-2 Certificates, eighth, to the Class M-1 Certificates, and ninth, to
      the
      Class A Certificates (pro
      rata
      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
      Certificates, the Securities Administrator is hereby authorized to retain on
      any
      Distribution Date, from the Holders of the Class R Certificates (and, if
      necessary, second, from the Holders of the other Certificates in the priority
      specified in the preceding sentence), funds otherwise distributable to such
      Holders in an amount sufficient to pay such tax. The
      Securities Administrator shall include in its Remittance Report instructions
      as
      to distributions to such parties taking into account the priorities described
      in
      the preceding sentence. The
      Securities Administrator shall promptly notify in writing the party liable
      for
      any such tax of the amount thereof and the due date for the payment
      thereof.

     

    Notwithstanding
      any other provision of this Agreement, the Securities Administrator shall comply
      with all federal withholding requirements respecting payments to
      Certificateholders of interest or original issue discount that the Securities
      Administrator reasonably believes are applicable under the Code. The consent
      of
      Certificateholders shall not be required for such withholding. In the event
      the
      Securities Administrator does withhold any amount from interest or original
      issue discount payments or advances thereof to any Certificateholder pursuant
      to
      federal withholding requirements, the Securities Administrator shall indicate
      the amount withheld to such Certificateholders.

     

    The
      Trustee and the Securities Administrator each agree that, in the event it should
      obtain any information necessary for the other party to perform its obligations
      pursuant to this Section 10.12, it will promptly notify and provide such
      information to such other party. Notwithstanding anything in this Agreement
      to
      the contrary, the Trustee agrees that, in the event that the Trustee obtains
      actual knowledge that the Securities Administrator has breached any of its
      obligations pursuant to this Section 10.12, the Trustee shall perform such
      obligations on its behalf to the extent that the Trustee possesses all documents
      necessary to so perform and receives reasonable compensation therefor, provided,
      however, that the Trustee shall not be liable for any losses resulting from
      any
      such breach.

     

    Section
      10.13  Indemnification
      of the Securities Administrator. 

     

    The
      Securities Administrator 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 (i) related to the Securities Administrator’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 Securities Administrator’s willful misfeasance, bad
      faith or gross negligence in the performance of duties hereunder or by reason
      of
      reckless disregard of 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 Securities
      Administrator Master Servicer, and the Seller written notice thereof promptly
      after a responsible officer of the Trustee shall have with respect to such
      claim
      or legal action actual knowledge thereof; provided, however, the failure to
      give
      such notice shall not relieve the Securities Administrator of its
      indemnification obligations hereunder. This indemnity shall survive the
      resignation or removal of the Trustee, Master Servicer or the Securities
      Administrator and the termination of this Agreement. 

     

    Section
      10.14  Limitations
      on Liability of the Securities Administrator. 

     

    Subject
      to the obligation of the Securities Administrator to indemnify the Indemnified
      Persons pursuant to Section 10.13:

     

    (a)  Neither
      the Securities Administrator nor any of the directors, officers, employees
      or
      agents of the Securities Administrator shall be under any liability to the
      Indemnified Persons, 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 Securities Administrator 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
      Securities Administrator and any director, officer, employee or agent of the
      Securities Administrator 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
      Securities Administrator and any director, officer, employee or agent of the
      Securities Administrator 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 Assignment Agreements, the Custodial Agreement, the Certificates
      or the Servicing Agreements.

     

    (d)  The
      Securities Administrator 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 Securities Administrator may in its
      discretion, with written notice to the Trustee, provided that such action is
      consistent with the terms of this Agreement and the Securities Administrator’s
      duties and standard of care set forth herein, 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 Securities Administrator shall be entitled to be reimbursed
      therefor out of the Distribution Account as provided by Section
      5.09.

     

     

     

    ARTICLE
      XI

    TERMINATION

     

    Section
      11.01  Termination
      upon Liquidation or Repurchase of all Mortgage Loans.

     

    Subject
      to Section 11.03, the obligations and responsibilities of the Depositor, the
      Master Servicer, the Securities
      Administrator
      and the
      Trustee created hereby with respect to the Trust Fund shall terminate upon
      the
      earlier of (a) the exercise of the Majority Class C Certificateholder (or its
      designee) of its right to repurchase all of the Mortgage Loans (and REO
      Properties) remaining in the Trust Fund at a price (the “Mortgage Loan Purchase
      Price”) equal to the sum of (i) 100% of the Stated Principal Balance of each
      Mortgage Loan (other than in respect of REO Property), (ii) accrued interest
      thereon at the applicable Mortgage Rate to, but not including, the first day
      of
      the month of such purchase, (iii) the appraised value of any REO Property in
      the
      Trust Fund (up to the Stated Principal Balance of the related Mortgage Loan),
      such appraisal to be conducted by an appraiser mutually agreed upon by the
      Master Servicer and the Trustee, and (iv) unreimbursed out-of pocket costs
      of
      the Company, the Servicers or the Master Servicer, including unreimbursed
      servicing advances and the principal portion of any unreimbursed Advances,
      made
      on the Mortgage Loans prior to the exercise of such repurchase right, (v) any
      unreimbursed costs and expenses of the Trustee and the Securities Administrator
      payable pursuant to Section 10.05, and (b) the later of (i) the maturity or
      other liquidation (or any Advance with respect thereto) of the last Mortgage
      Loan remaining in the Trust Fund and the disposition of all REO Property and
      (ii) the distribution to Certificateholders of all amounts required to be
      distributed to them pursuant to this Agreement, as applicable. In no event
      shall
      the trusts created hereby continue beyond the earlier of (i) the expiration
      of
      21 years from the death of the last survivor of the descendants of Joseph P.
      Kennedy, the late Ambassador of the United States to the Court of St. James,
      living on the date hereof and (ii) the Latest Possible Maturity
      Date.

     

    The
      right
      to repurchase all Mortgage Loans and REO Properties by the Majority Class C
      Certificateholder pursuant to clause (a) in the preceding paragraph shall be
      conditioned upon the Stated Principal Balance of all of the Mortgage Loans
      in
      the Trust Fund, at the time of any such repurchase, aggregating 10% or less
      of
      the aggregate Cut-off Date Principal Balance of all of the Mortgage Loans.
      

     

    Section
      11.02  Final
      Distribution on the Certificates.

     

    If
      on any
      Determination Date, (i) the Master Servicer determines that there are no
      Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other
      than the funds in the Distribution Account, the Master Servicer shall
      direct
      the
Securities
      Administrator to send a final distribution notice promptly to each
      Certificateholder or (ii) the Securities Administrator determines that a Class
      of Certificates shall be retired after a final distribution on such Class,
      the
      Securities Administrator
      shall
      notify the Certificateholders within five (5) Business Days after such
      Determination Date that the final distribution in retirement of such Class
      of
      Certificates is scheduled to be made on the immediately following Distribution
      Date. Any final
      distribution made pursuant to the immediately preceding sentence will be made
      only upon presentation
      and
      surrender of the Certificates at the Corporate Trust Office of the Securities
      Administrator. If the Majority Class C Certificateholder elects to terminate
      the
      Trust Fund pursuant to Section 11.01, at least 20 days prior to the date notice
      is to be mailed to the Certificateholders, the Majority Class C
      Certificateholder shall notify the Depositor, the Securities Administrator
      and
      the Trustee of the date the Majority Class C Certificateholder intends to
      terminate the Trust Fund. The Majority Class C Certificateholder shall remit
      the
      Mortgage Loan Purchase Price to the Securities Administrator on the Business
      Day
      prior to the Distribution Date for such Optional Termination by the Majority
      Class C Certificateholder.

     

    Notice
      of
      any termination of the Trust Fund, specifying the Distribution Date on which
      Certificateholders may surrender their Certificates for payment of the final
      distribution and cancellation, shall be given promptly by the Securities
      Administrator by letter to Certificateholders mailed not later than two Business
      Days after the Determination Date in the month of such final distribution.
      Any
      such notice shall specify (a) the Distribution Date upon which final
      distribution on the Certificates will be made upon presentation and surrender
      of
      Certificates at the office therein designated, (b) the amount of such final
      distribution, (c) the location of the office or agency at which such
      presentation and surrender must be made and (d) that the Record Date otherwise
      applicable to such Distribution Date is not applicable, distributions being
      made
      only upon presentation and surrender of the Certificates at the office therein
      specified. The Securities Administrator will give such notice to each Rating
      Agency at the time such notice is given to Certificateholders.

     

    Upon
      such
      final deposit with respect to the Trust Fund and the receipt by the Custodian
      of
      a Request for Release therefor, the Custodian shall promptly release to the
      Master Servicer, as applicable the Mortgage Files for the Mortgage Loans and
      the
      Trustee shall execute and deliver any documents prepared and delivered to it
      which are necessary to transfer any REO Property.

     

    Upon
      presentation and surrender of the Certificates, the Securities Administrator
      shall distribute to Certificateholders of each Class the amounts allocable
      to
      such Certificates held in the Distribution Account in the order and priority
      set
      forth in Section 6.04 hereof on the final Distribution Date and in proportion
      to
      their respective Percentage Interests.

     

    In
      the
      event that any affected Certificateholders shall not surrender Certificates
      for
      cancellation within six months after the date specified in the above mentioned
      written notice, the Securities Administrator 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 all the applicable Certificates shall not
      have been surrendered for cancellation, the Securities Administrator may take
      appropriate steps, or may appoint an 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 that remain
      a
      part of the Trust Fund. If within one year after the second notice all
      Certificates shall not have been surrendered for cancellation, the Class R
      Certificateholders shall be entitled to all unclaimed funds and other assets
      of
      the Trust Fund that remain subject hereto.

     

    Section
      11.03  Additional
      Termination Requirements. 

     

    (a)  Upon
      exercise by the Majority Class C Certificateholder of its purchase option as
      provided in Section 11.01, the Trust Fund shall be terminated in accordance
      with
      the following additional requirements, unless the Trustee and the Securities
      Administrator have been supplied with an Opinion of Counsel addressed to the
      Trustee and the Securities Administrator at the expense of the Majority Class
      C
      Certificateholder to the effect that the failure of the Trust Fund to comply
      with the requirements of this Section 11.03 will not (i) result in the
      imposition of taxes on “prohibited transactions” of a REMIC, or (ii) cause a
      REMIC to fail to qualify as a REMIC at any time that any Certificates are
      outstanding:

     

    (1) The
      Majority Class C Certificateholder shall establish a 90-day liquidation period
      and notify the Securities Administrator thereof, and the Securities
      Administrator shall in turn specify the first day of such period in a statement
      attached to the tax return for each of REMIC I, REMIC II, REMIC III, REMIC
      IV
      and REMIC V pursuant to Treasury Regulation Section 1.860F-1. The Majority
      Class
      C Certificateholder shall satisfy all the requirements of a qualified
      liquidation under Section 860F of the Code and any regulations thereunder,
      as
      evidenced by an Opinion of Counsel addressed to the Securities Administrator
      and
      the Trustee obtained at the expense of the Majority Class C
      Certificateholder;

     

    (2) During
      such 90-day liquidation period, and at or prior to the time of making the final
      payment on the Certificates, the Securities Administrator on behalf of the
      Trustee, shall sell all of the assets of REMIC I for cash; and

     

    (3) At
      the
      time of the making of the final payment on the Certificates, the Securities
      Administrator shall distribute or credit, or cause to be distributed or
      credited, to the Holders of the Residual Certificates, all cash on hand (other
      than cash retained to meet claims), and REMIC I shall terminate at that
      time.

     

    (b)  By
      their
      acceptance of the Certificates, the Holders thereof hereby authorize the
      adoption of a 90-day liquidation period and the adoption of a plan of complete
      liquidation for each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC V,
      which authorization shall be binding upon all successor
      Certificateholders.

     

    (c)  The
      Securities Administrator as agent for each REMIC hereby agrees to adopt and
      cause the Trustee to sign, to the extent such signature is required thereon,
      such a plan of complete liquidation meeting the requirements for a qualified
      liquidation under Section 860F of the Code and any regulations thereunder upon
      the written request of the Majority Class C Certificateholder and the receipt
      of
      the Opinion of Counsel referred to in Section 11.03(a)(1) and to take such
      other
      action in connection therewith as may be reasonably requested by the Majority
      Class C Certificateholder.

     

     

     

    ARTICLE
      XII

    MISCELLANEOUS
      PROVISIONS

     

    Section
      12.01  Amendment. 

     

    This
      Agreement may be amended from time to time by parties hereto without the consent
      of any of the Certificateholders to cure any ambiguity, to correct or supplement
      any provisions herein (including to give effect to the expectations of
      investors), 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 maintained
      by the Securities Administrator or the Protected Account maintained by the
      Company is maintained or to make such other provisions with respect to matters
      or questions arising under this Agreement as shall not be inconsistent with
      any
      other provisions herein if such action shall not, as evidenced by an Opinion
      of
      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.

     

    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 each of REMIC
      I,
      REMIC II, REMIC III, REMIC IV or REMIC V,
      as a
      REMIC under the Code or to avoid or minimize the risk of the imposition of
      any
      tax on any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V pursuant to
      the
      Code that would be a claim against any of REMIC I, REMIC II, REMIC III, REMIC
      IV
      or REMIC V at any time prior to the final redemption of the Certificates,
      provided that the Trustee and the Securities Administrator have been provided
      an
      Opinion of Counsel addressed to the Trustee and the Securities Administrator,
      which opinion shall be an expense of the party requesting such opinion but
      in
      any case shall not be an expense of the Trustee, the Securities Administrator
      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.

     

    This
      Agreement may also be amended from time to time by the parties hereto with
      the
      consent of the Holders of each Class of Certificates affected thereby evidencing
      over 50% of the Voting Rights of 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 Holders of
      Certificates; provided that no such amendment shall (i) reduce in any manner
      the
      amount of, or delay the timing of, payments required to be distributed on any
      Certificate without the consent of the Holder of such Certificate, (ii) cause
      any of REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V to cease to qualify
      as
      a REMIC or (iii) reduce the aforesaid percentages of Certificates of each Class
      the Holders of which are required to consent to any such amendment without
      the
      consent of the Holders of all Certificates of such Class then
      outstanding.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel addressed to the Trustee, which opinion shall be an expense of the
      party
      requesting such amendment but in any case shall not be an expense of the Trustee
      or the Securities Administrator, to the effect that such amendment will not
      (other than an amendment pursuant to clause (ii) of, and in accordance with,
      the
      preceding paragraph) cause the imposition of any tax on REMIC I, REMIC II,
      REMIC
      III, REMIC IV or REMIC V or the Certificateholders or cause REMIC I, REMIC
      II,
      REMIC III, REMIC IV or REMIC V to cease to qualify as a REMIC at any time that
      any Certificates are outstanding. Further, nothing in this Agreement shall
      require the Trustee to enter into an amendment without receiving an Opinion
      of
      Counsel, satisfactory to the Trustee (i) that such amendment is permitted and
      is
      not prohibited by this Agreement and (ii) that all requirements for amending
      this Agreement (including any consent of the applicable Certificateholders)
      have
      been complied with.

     

    Promptly
      after the execution of any amendment to this Agreement requiring the consent
      of
      Certificateholders, the Trustee shall furnish written notification of the
      substance of such amendment to each Certificateholder and each Rating
      Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section to
      approve the particular form of any proposed amendment, but it shall be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    Section
      12.02  Recordation
      of Agreement; Counterparts. 

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all of 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 Master Servicer shall effect such recordation at the Trust’s
      expense 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.

     

    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
      12.03  Governing
      Law. 

     

    THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
      LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
      IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
      HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
      LAWS WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF (OTHER THAN
      SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAWS).

     

    Section
      12.04  Intention
      of Parties. 

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Notes,
      Mortgages, assignments of Mortgages, title insurance policies and any
      modifications, extensions and/or assumption agreements and private mortgage
      insurance policies relating to the Mortgage Loans by the Seller to the
      Depositor, and by the Depositor to the Trustee be, and be construed as, an
      absolute sale thereof to the Depositor or the Trustee, as applicable. It is,
      further, not the intention of the parties that such conveyance be deemed a
      pledge thereof by the Seller to the Depositor, or by the Depositor to the
      Trustee. However, in the event that, notwithstanding the intent of the parties,
      such assets are held to be the property of the Seller or the Depositor, as
      applicable, or if for any other reason the Mortgage Loan Purchase Agreement
      or
      this Agreement is held or deemed to create a security interest in such assets,
      then (i) the Mortgage Loan Purchase Agreement and this Agreement shall each
      be
      deemed to be a security agreement within the meaning of the Uniform Commercial
      Code of the State of New York and (ii) the conveyance provided for in the
      Mortgage Loan Purchase Agreement from the Seller to the Depositor, and the
      conveyance provided for in this Agreement from the Depositor to the Trustee,
      shall be deemed to be an assignment and a grant by the Seller or the Depositor,
      as applicable, for the benefit of the Certificateholders, of a security interest
      in all of the assets that constitute the Trust Fund, whether now owned or
      hereafter acquired.

     

    The
      Depositor for the benefit of the Certificateholders shall, to the extent
      consistent with this Agreement, take such actions as may be necessary to ensure
      that, if this Agreement were deemed to create a security interest in the assets
      of the Trust Fund, such security interest would be deemed to be a perfected
      security interest of first priority under applicable law and shall be maintained
      as such throughout the term of the Agreement.

     

    Section
      12.05  Notices. 

     

    (a)  The
      Trustee shall use its best efforts to 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:

     

    (i)  Any
      material change or amendment to this Agreement;

     

    (ii)  The
      occurrence of any Event of Default that has not been cured;

     

    (iii)  The
      resignation or termination of the Master Servicer, the Securities Administrator
      or the Trustee and the appointment of any successor;

     

    (iv)  The
      repurchase or substitution of Mortgage Loans pursuant to Sections 2.02, 2.03,
      4.21 and 11.01; and

     

    (v)  The
      final
      payment to Certificateholders.

     

    (b)  All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when delivered at or mailed by registered mail,
      return receipt requested, postage prepaid, or by recognized overnight courier,
      or by facsimile transmission to a number provided by the appropriate party
      if
      receipt of such transmission is confirmed to (i) in the case of the Depositor,
      Bear Stearns Asset Backed Securities I LLC, 383 Madison Avenue, New York, New
      York 10179, Attention: Chief Counsel, and with respect to Regulation AB
      notifications to the Depositor at regabnotifications@bear.com; (ii) in the
      case
      of the Seller and the Company, EMC Mortgage Corporation, 2780 Lake Vista Drive,
      Lewisville, Texas 75067 (Facsimile: (469-759-4714), attention: General Counsel,
      or such other address as may be hereafter furnished to the other parties hereto
      by the Company in writing; (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; (iii) in the case of the Trustee, at each Corporate Trust Office or
      such other address as the Trustee may hereafter furnish to the other parties
      hereto; (iv) in the case of the Securities Administrator, P. O. Box 98,
      Columbia, Maryland 21046 (or, for overnight deliveries, 9062 Old Annapolis
      Road,
      Columbia, Maryland 21045), Attention: BSABS I 2007-AC1 or such other address
      as
      may be hereafter furnished to the other parties hereto by the Securities
      Administrator in writing, and (v) in the case of the Rating Agencies, (x)
      Moody’s Investors Service, Inc., 99 Church Street, New York, New York 10007,
      Attention: Home Equity Monitoring and (y) Standard & Poor’s, 55 Water
      Street, 41st Floor, New York, New York 10041, Attention: Mortgage Surveillance
      Group. Any notice delivered to the Seller, the Master Servicer, the Securities
      Administrator 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, whether or not the
      Certificateholder receives such notice.

     

    Section
      12.06  Severability
      of Provisions. 

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    Section
      12.07  Assignment. 

     

    Notwithstanding
      anything to the contrary contained herein, except as provided pursuant to
      Section 8.07, this Agreement may not be assigned by the Master Servicer, EMC
      (on
      its own behalf as Seller and on behalf of Master Funding) or the
      Depositor.

     

    Section
      12.08  Limitation
      on Rights of Certificateholders. 

     

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

     

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

     

    No
      Certificateholder shall have any right by virtue or by availing itself of any
      provisions of this Agreement to institute any suit, action or proceeding in
      equity or at law upon or under or with respect to this Agreement, unless such
      Holder previously shall have given to the Trustee or the Securities
      Administrator, as appropriate, a written notice of an Event of Default and
      of
      the continuance thereof, as hereinbefore provided, the Holders of Certificates
      evidencing not less than 25% of the Voting Rights evidenced by the Certificates
      shall also have made written request to the Trustee or the Securities
      Administrator, as appropriate to institute such action, suit or proceeding
      in
      its own name as Trustee or the Securities Administrator, as appropriate,
      hereunder and shall have offered to the Trustee or the Securities Administrator,
      as appropriate, such reasonable indemnity as it may require against the costs,
      expenses, and liabilities to be incurred therein or thereby, and the Trustee
      or
      the Securities Administrator, as appropriate, for 60 days after its receipt
      of
      such notice, request and offer of indemnity shall have neglected or refused
      to
      institute any such action, suit or proceeding; it being understood and intended,
      and being expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue or by availing itself
      or
      themselves of any provisions of this Agreement to affect, disturb or prejudice
      the rights of the Holders of any other of the Certificates, or to obtain or
      seek
      to obtain priority over or preference to any other such Holder or to enforce
      any
      right under this Agreement, except in the manner herein provided and for the
      common benefit of all Certificateholders. For the protection and enforcement
      of
      the provisions of this Section 12.08, each and every Certificateholder, the
      Trustee or the Securities Administrator shall be entitled to such relief as
      can
      be given either at law or in equity.

     

    Section
      12.09  Inspection
      and Audit Rights. 

     

    The
      Master Servicer agrees that, on reasonable prior notice, it will permit any
      representative of the Depositor or the Trustee during the Master Servicer’s
      normal business hours, to examine all the books of account, records, reports
      and
      other papers of the Master Servicer relating to the Mortgage Loans, to make
      copies and extracts therefrom, to cause such books to be audited by independent
      certified public accountants selected by the Depositor or the Trustee and to
      discuss its affairs, finances and accounts relating to such Mortgage Loans
      with
      its officers, employees and independent public accountants (and by this
      provision the Master Servicer hereby authorizes such accountants to discuss
      with
      such representative such affairs, finances and accounts), all at such reasonable
      times and as often as may be reasonably requested. Any out-of-pocket expense
      incident to the exercise by the Depositor or the Trustee of any right under
      this
      Section 12.09 shall be borne by the party requesting such inspection, subject
      to
      such party’s right to reimbursement hereunder (in the case of the Trustee,
      pursuant to Section 10.05 hereof).

     

    The
      Securities Administrator agrees that, on reasonable prior notice, it will permit
      any representative of the Depositor or the Trustee during the Securities
      Administrator’s normal business hours, to examine all the books of account,
      records, reports and other papers of the Securities Administrator relating
      to
      the Certificates, to make copies and extracts therefrom, to cause such books
      to
      be audited by independent certified public accountants selected by the Depositor
      or the Trustee and to discuss its affairs, finances and accounts relating to
      such Certificates with its officers, employees and independent public
      accountants (and by this provision the Securities Administrator hereby
      authorizes such accountants to discuss with such representative such affairs,
      finances and accounts), all at such reasonable times and as often as may be
      reasonably requested. Any out-of-pocket expense incident to the exercise by
      the
      Depositor or the Trustee of any right under this Section 12.09 shall be borne
      by
      the party requesting such inspection, subject to such party’s right to
      reimbursement hereunder (in the case of the Trustee, pursuant to Section 10.05
      hereof).

     

    Section
      12.10  Certificates
      Nonassessable and Fully Paid. 

     

    It
      is the
      intention of the Depositor that Certificateholders shall not be personally
      liable for obligations of the Trust Fund, that the interests in the Trust Fund
      represented by the Certificates shall be nonassessable for any reason
      whatsoever, and that the Certificates, upon due authentication thereof by the
      Securities Administrator pursuant to this Agreement, are and shall be deemed
      fully paid.

     

    * * *

    

    

     

    IN
      WITNESS WHEREOF, the Depositor, the Master Servicer, the Seller, the Company,
      the Securities Administrator and the Trustee have caused their names to be
      signed hereto by their respective officers thereunto duly authorized as of
      the
      day and year first above written.

     

    
      	 	 	 	 	 	 	
              BEAR
                STEARNS ASSET BACKED

              SECURITIES
                I LLC,

              as
                Depositor

               

            
	 	 	 	 	 	 	 	
              /s/
                Joseph T. Jurkowski, Jr. 

            
	 	 	 	 	 	 	 	
              Name: Joseph
                T. Jurkowski, Jr.

            
	 	 	 	 	 	 	 	
              Title:  
                Vice
                President

            

    

    

    
      	 	 	 	 	 	 	
              EMC
                MORTGAGE CORPORATION,

              as
                Master Servicer, Seller and Company

               

            
	 	 	 	 	 	 	 	/s/
              Sue Stepanek 
	 	 	 	 	 	 	 	
              Name: 
                Sue Stepanek

            
	 	 	 	 	 	 	 	
              Title:    Executive
                Vice President  

            

    

    

    
      	 	 	 	 	 	 	
              WELLS
                FARGO BANK, NATIONAL 

              ASSOCIATION,

              as
                Securities Administrator 

               

            
	 	 	 	 	 	 	 	/s/
              Stacey M. Taylor 
	 	 	 	 	 	 	 	
              Name: 
                Stacey M. Taylor 

            
	 	 	 	 	 	 	 	
              Title:   
                Vice President

            

    

    

    
      	 	 	 	 	 	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

              as
                Trustee

            
	 	 	 	 	 	 	 	/s/
              Mary Ellen Hunter 
	 	 	 	 	 	 	 	
              Name: 
                Mary Ellen Hunter

            
	 	 	 	 	 	 	 	
              Title:   
                Assistant Vice President

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

    

    On
      this
      30th day of January, 2007, before me, a notary public in and for said State,
      appeared Joseph T. Jurkowski, Jr., personally known to me on the basis of
      satisfactory evidence to be a Vice President of Bear Stearns Asset Backed
      Securities I LLC, one of the companies that executed the within instrument,
      and
      also known to me to be the person who executed it on behalf of such limited
      liability company and acknowledged to me that such limited liability company
      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 BALTIMORE

            	
              )

            	 

    

    

    On
      this
      30th day of January, 2007, before me, a notary public in and for said State,
      appeared ____________________, personally known to me on the basis of
      satisfactory evidence to be an authorized representative of Wells Fargo Bank,
      National Association that executed the within instrument, and also known to
      me
      to be the person who executed it on behalf of such 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

            

    

    

    

    

    [Notarial
      Seal]

    

    

    

    
      	
              STATE
                OF TEXAS

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF DALLAS

            	
              )

            	 

    

    

    On
      this
      30th day of January, 2007, before me, a notary public in and for said State,
      appeared ________________________, personally known to me on the basis of
      satisfactory evidence 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 such 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 MASSACHUSETTS

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF SUFFOLK

            	
              )

            	 

    

    

    On
      this
      30th day of January, 2007, before me, a notary public in and for said State,
      appeared ______________________, personally known to me on the basis of
      satisfactory evidence to be an authorized representative of U.S. Bank National
      Association that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of such 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

       

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

       

      THE
        CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
        PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
        IN
        THE AGREEMENT. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES,
        THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM
        THE
        DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN
        ITS
        CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES ADMINISTRATOR
        NAMED
        HEREIN.

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE SECURITIES ADMINISTRATOR OR ITS AGENT FOR REGISTRATION
        OF
        TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS 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 IS 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

              	
                Fixed
                  Pass-Through Rate

              
	 	 
	
                 

                Class
                  A-[1][2][3] Senior

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                January
                  1, 2007

              	
                 

                Aggregate
                  Initial Certificate Principal Balance of this Certificate as of
                  the
                  Cut-off Date:

                $[_____________]

              
	 	 
	
                 

                First
                  Distribution Date:

                February
                  25, 2007

              	
                 

                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:
                  $[_____________]

              
	 	 
	
                 

                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	
                 

                CUSIP:
                  [___________]

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                February
                  25,
                  2037

              	 
	 	 

      

      

      ASSET-BACKED
        CERTIFICATE

      SERIES
        2007-AC1

       

      evidencing
        a percentage interest in the distributions allocable to the Class A-[1][2][3]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        conventional, one- to four-family, fixed interest rate mortgage loans sold
        by
        BEAR STEARNS ASSET BACKED SECURITIES I LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Bear Stearns Asset Backed Securities
        I
        LLC, the Master Servicer, the Trustee or the Securities Administrator 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 Bear Stearns Asset Backed Securities I LLC, the
        Master
        Servicer, the Trustee or the Securities Administrator or any of their affiliates
        or any other person. None of Bear Stearns Asset Backed Securities I LLC,
        the
        Master Servicer or any of their affiliates will have any obligation with
        respect
        to any certificate or other obligation secured by or payable from payments
        on
        the Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the
“Depositor”), EMC, as Master Servicer, seller and company, Wells Fargo Bank,
        National Association, as securities administrator (the “Securities
        Administrator”) and U.S. Bank National Association, 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 set forth
        above
        and as further described in the Agreement. The Securities Administrator 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
        Business Day immediately preceding such Distribution Date, an amount equal
        to
        the product of the Percentage Interest evidenced by this Certificate and
        the
        amount (of interest and principal, if any) required to be distributed to
        the
        Holders of Certificates of the same Class as this Certificate. The Assumed
        Final
        Distribution Date is the Distribution Date in the month following the latest
        scheduled maturity date of any Mortgage Loan and is not likely to be the
        date on
        which the Certificate Principal Balance of this Class of Certificates will
        be
        reduced to zero.

       

      Distributions
        on this Certificate will be made by the Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The Initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal hereon and
        any
        Realized Losses allocable thereto.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). 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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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 Percentage 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 Percentage 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 Securities Administrator 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 Securities Administrator,
        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
        Depositor, the Master Servicer, the Securities Administrator, 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 (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) 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 related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the first Distribution Date on which the aggregate Stated Principal Balance
        of
        the Mortgage Loans is less than or equal to a certain percentage of the
        aggregate Stated Principal Balance of the Mortgage Loans as of 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 (as defined in the Agreement).

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator 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 Securities Administrator has caused this

      Certificate
        to be duly executed.

      

      
        	
                Dated:
                  January 30, 2007

              	 	 	 	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class
        A-[1][2][3] Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	 	 	 	 	 	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      

       

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        assignee should include the following for purposes of distribution:

      

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        A-2

      

      FORM
        OF CLASS X CERTIFICATES

       

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

      

      THE
        NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS
        HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED IN THE AGREEMENT.
        ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE NOTIONAL
        AMOUNT OF THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN
        BELOW.
        ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS NOTIONAL AMOUNT BY INQUIRY
        OF THE SECURITIES ADMINISTRATOR NAMED HEREIN.

      

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE SECURITIES ADMINISTRATOR OR ITS AGENT FOR REGISTRATION
        OF
        TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS 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 IS 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

              	
                Fixed
                  Pass-Through Rate

              
	 	 
	
                 

                Class
                  X Senior

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                January
                  1, 2007

              	
                 

                Aggregate
                  Certificate Notional Amount of this Certificate as of the Cut-off
                  Date:

                $[_____________]

              
	 	 
	
                 

                First
                  Distribution Date:

                February
                  25, 2007

              	
                 

                Aggregate
                  Certificate Notional Amount of this Certificate as of the Cut-off
                  Date:
                  $[_____________]

              
	 	 
	
                 

                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	
                 

                CUSIP:
                  [___________]

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                February
                  25, 2037

              	 
	 	 

      

      

      ASSET-BACKED
        CERTIFICATE

      SERIES
        2007-AC1

       

      evidencing
        a percentage interest in the distributions allocable to the Class X Certificates
        with respect to a Trust Fund consisting primarily of a pool of conventional,
        one- to four-family, fixed interest rate mortgage loans sold by BEAR STEARNS
        ASSET BACKED SECURITIES I LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Bear Stearns Asset Backed Securities
        I
        LLC, the Master Servicer, the Trustee or the Securities Administrator 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 Bear Stearns Asset Backed Securities I LLC, the
        Master
        Servicer, the Trustee or the Securities Administrator or any of their affiliates
        or any other person. None of Bear Stearns Asset Backed Securities I LLC,
        the
        Master Servicer or any of their affiliates will have any obligation with
        respect
        to any certificate or other obligation secured by or payable from payments
        on
        the Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the
“Depositor”), EMC, as Master Servicer, seller and company, Wells Fargo Bank,
        National Association, as securities administrator (the “Securities
        Administrator”) and U.S. Bank National Association, 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 Notional
        Amount
        hereof at a per annum rate equal to the Pass-Through Rate set forth above
        and as
        further described in the Agreement. The Securities Administrator 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 Business Day
        immediately preceding such Distribution Date, an amount equal to the product
        of
        the Percentage Interest evidenced by this Certificate and the amount (of
        interest and principal, if any) required to be distributed to the Holders
        of
        Certificates of the same Class as this Certificate. The Assumed Final
        Distribution Date is the Distribution Date in the month following the latest
        scheduled maturity date of any Mortgage Loan and is not likely to be the
        date on
        which the Certificate Principal Balance of this Class of Certificates will
        be
        reduced to zero.

       

      Distributions
        on this Certificate will be made by the Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The Initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal hereon and
        any
        Realized Losses allocable thereto.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). 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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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 Percentage 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 Percentage 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 Securities Administrator 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 Securities Administrator,
        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
        Depositor, the Master Servicer, the Securities Administrator, 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 (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) 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 related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the first Distribution Date on which the aggregate Stated Principal Balance
        of
        the Mortgage Loans is less than or equal to a certain percentage of the
        aggregate Stated Principal Balance of the Mortgage Loans as of 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 (as defined in the Agreement).

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator 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 Securities Administrator has caused this

      Certificate
        to be duly executed.

      

      
        	
                Dated:
                  January 30, 2007

              	 	 	 	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

       

      

      CERTIFICATE
        OF AUTHENTICATION

      

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

      

      
        	 	 	 	 	 	 	 	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

       

      

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        assignee should include the following for purposes of distribution:

      

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-3

      

      FORM
        OF CLASS M CERTIFICATES

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
        [,]
        [AND] [CLASS M-1 CERTIFICATES] [,] [AND] [CLASS M-2
        CERTIFICATES]
        [,] [AND] [CLASS M-3 CERTIFICATES] [,] [AND] [CLASS M-4 CERTIFICATES] AS
        DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).

       

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

       

      THE
        CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
        PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
        IN
        THE AGREEMENT. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES,
        THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM
        THE
        DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN
        ITS
        CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES ADMINISTRATOR
        NAMED
        HEREIN.

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE SECURITIES ADMINISTRATOR OR ITS AGENT FOR REGISTRATION
        OF
        TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS 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 IS 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.

       

      EACH
        HOLDER OF A CERTIFICATE OR BENEFICIAL OWNERSHIP SHALL BE DEEMED TO HAVE MADE
        THE
        REPRESENTATIONS SET FORTH IN SECTION 7.02(b) OF THE
        AGREEMENT.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                 

                Certificate
                  No.1

              	
                 

                Adjustable
                  Pass-Through Rate

              
	 	 
	
                 

                Class
                  M-[1][2][3][4] Subordinate

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                January
                  1, 2007

              	
                 

                Aggregate
                  Initial Certificate Principal Balance of this Certificate as of
                  the
                  Cut-off Date:

                $[________________]

              
	 	 
	
                 

                First
                  Distribution Date:

                February
                  25, 2007

              	
                 

                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:
                  

                $[________________]

              
	 	 
	
                 

                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	
                 

                CUSIP:
                  [_______________]

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                February
                  25, 2037

              	 
	 	 

      

      

      ASSET-BACKED
        CERTIFICATE

      SERIES
        2007-AC1

       

      evidencing
        a percentage interest in the distributions allocable to the Class M-[1][2][3][4]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        conventional, one- to four-family, fixed interest rate mortgage loans sold
        by
        BEAR STEARNS ASSET BACKED SECURITIES I LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Bear Stearns Asset Backed Securities
        I
        LLC, the Master Servicer, the Trustee or the Securities Administrator 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 Bear Stearns Asset Backed Securities I LLC, the
        Master
        Servicer, the Trustee or the Securities Administrator or any of their affiliates
        or any other person. None of Bear Stearns Asset Backed Securities I LLC,
        the
        Master Servicer or any of their affiliates will have any obligation with
        respect
        to any certificate or other obligation secured by or payable from payments
        on
        the Certificates.

       

      This
        certifies that Cede & Co. is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the
“Depositor”), EMC, as Master Servicer, seller and company, Wells Fargo Bank,
        National Association, as securities administrator (the “Securities
        Administrator”) and U.S. Bank National Association 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 from and including the 25th day of the calendar
        month preceding the month in which a Distribution Date (as hereinafter defined)
        occurs (or, with respect to the first accrual period, the Closing Date) to
        and
        including the 24th day of the calendar month in which that Distribution Date
        occurs on the Certificate Principal Balance hereof at a per annum rate equal
        to
        the Pass-Through Rate set forth above and as further described in the Agreement.
        The Securities Administrator 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 Business Day immediately preceding such
        Distribution Date, an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount (of interest and principal,
        if any)
        required to be distributed to 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
        Certificate Principal Balance of this Class of Certificates will be reduced
        to
        zero.

       

      Distributions
        on this Certificate will be made by the Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The Initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal 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”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      Each
        holder of a Certificate or beneficial ownership shall be deemed to have made
        the
        representations set forth in section 7.02(b) of 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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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 Percentage 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 Percentage 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 Securities Administrator 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 Securities Administrator,
        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 Securities Administrator, 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 (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) 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 related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the first Distribution Date on which the aggregate Stated Principal Balance
        of
        the Mortgage Loans is less than or equal to a certain percentage of the
        aggregate Stated Principal Balance of the Mortgage Loans as of 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 (as defined in the Agreement).

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator 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 Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated:
                  January 30, 2007

              	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

       

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class M-[1][2][3][4] Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION, as Securities
                  Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      

       

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        assignee should include the following for purposes of distribution:

      

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-4

      

      FORM
        OF CLASS B CERTIFICATES

       

      THIS
        CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
        [,]
        [AND] [CLASS M-1 CERTIFICATES] [,] [AND] [CLASS M-2 CERTIFICATES] [,] [AND]
        [CLASS M-3 CERTIFICATES] [,] [AND] [CLASS M-4 CERTIFICATES] [,] [AND] [CLASS
        B-1
        CERTIFICATES] [,] [AND] [CLASS B-2 CERTIFICATES] [,] [CLASS B-3 CERTIFICATES]
        AS
        DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).

       

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

       

      THE
        CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
        PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
        IN
        THE AGREEMENT. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES,
        THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM
        THE
        DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN
        ITS
        CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES ADMINISTRATOR
        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 SECURITIES
        ADMINISTRATOR OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
        AND ANY CERTIFICATE ISSUED IS 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 IS 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 HOLDER OF A CERTIFICATE OR BENEFICIAL
        OWNERSHIP SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
        7.02(b) OF THE AGREEMENT.]

       

      [For
        Class B-4] [THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED (THE “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 ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO
        RULE
        144A UNDER THE 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 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) (OR ANY ENTITY IN WHICH
        ALL OF
        THE EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE
        ACT
        PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
        RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE
        FORM
        PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE SECURITIES ADMINISTRATOR
        OF
        AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS
        OF
        THE UNITED STATES. 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 SECURITIES ADMINISTRATOR, THE MASTER SERVICER OR THE TRUSTEE,
        WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE
        OR A
        GLOBAL CERTIFICATE, OR PROVIDES AN OPINION OF COUNSEL TO SUCH
        EFFECT.]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                 

                Certificate
                  No.1

              	
                 

                Adjustable
                  Pass-Through Rate

              
	 	 
	
                 

                Class
                  B-[1][2][3][4] Subordinate

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                January
                  1, 2007

              	
                 

                Aggregate
                  Initial Certificate Principal Balance of this Certificate as of
                  the
                  Cut-off Date:

                $[________________]

              
	 	 
	
                 

                First
                  Distribution Date:

                February
                  25, 2007

              	
                 

                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:
                  

                $[________________]

              
	 	 
	
                 

                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	
                 

                CUSIP:
                  [_______________]

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                February
                  25, 2037

              	 
	 	 

      

      

      ASSET-BACKED
        CERTIFICATE

      SERIES
        2007-AC1

       

      evidencing
        a percentage interest in the distributions allocable to the Class B-[1][2][3][4]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        conventional, one- to four-family, fixed interest rate mortgage loans sold
        by
        BEAR STEARNS ASSET BACKED SECURITIES I LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Bear Stearns Asset Backed Securities
        I
        LLC, the Master Servicer, the Trustee or the Securities Administrator 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 Bear Stearns Asset Backed Securities I LLC, the
        Master
        Servicer, the Trustee or the Securities Administrator or any of their affiliates
        or any other person. None of Bear Stearns Asset Backed Securities I LLC,
        the
        Master Servicer or any of their affiliates will have any obligation with
        respect
        to any certificate or other obligation secured by or payable from payments
        on
        the Certificates.

       

      This
        certifies that ___________ is the registered owner of the Percentage Interest
        evidenced hereby in the beneficial ownership interest of Certificates of
        the
        same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the
“Depositor”), EMC, as Master Servicer, seller and company, Wells Fargo Bank,
        National Association, as securities administrator (the “Securities
        Administrator”) and U.S. Bank National Association 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.

       

      [For
        Class B-1, Class B-2 and Class B-3] [Interest on this Certificate will accrue
        from and including the 25th day of the calendar month preceding the month
        in
        which a Distribution Date (as hereinafter defined) occurs (or, with respect
        to
        the first accrual period, the Closing Date) to and including the 24th day
        of the
        calendar month in which that Distribution Date occurs on the Certificate
        Principal Balance hereof at a per annum rate equal to the Pass-Through Rate
        set
        forth above and as further described in the Agreement. The Securities
        Administrator 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 Business Day immediately preceding such Distribution Date,
        an
        amount equal to the product of the Percentage Interest evidenced by this
        Certificate and the amount (of interest and principal, if any) required to
        be
        distributed to 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 Certificate
        Principal Balance of this Class of Certificates will be reduced to
        zero.]

       

      [For
        Class B-4] [Interest on this Certificate will accrue from and including the
        25th
        day of the calendar month preceding the month in which a Distribution Date
        (as
        hereinafter defined) occurs (or, with respect to the first accrual period,
        the
        Closing Date) to and including the 24th day of the calendar month in which
        that
        Distribution Date occurs on the Certificate Principal Balance hereof at a
        per
        annum rate equal to the Pass-Through Rate set forth above and as further
        described in the Agreement. The Securities Administrator 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 month immediately preceding the month of such Distribution date so long
        as
        this Certificate remains in non book-entry form (and otherwise, the close
        of
        business on the Business Day immediately preceding such Distribution Date)
        an
        amount equal to the product of the Percentage Interest evidenced by this
        Certificate and the amount (of interest and principal, if any) required to
        be
        distributed to the Holders of Certificates of the same Class as this
        Certificate. The Assumed Final Distribution Date is the Distribution Date
        in the
        month following the latest scheduled maturity date of any Mortgage
        Loan.]

       

      Distributions
        on this Certificate will be made by the Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice. The Initial Certificate Principal Balance of this
        Certificate is set forth above. The Certificate Principal Balance hereof
        will be
        reduced to the extent of distributions allocable to principal hereon and
        any
        Realized Losses allocable hereto.

       

      [For
        Class B-4] [No transfer of this Class B-4 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
        7.02
        of the Agreement. In the event that such transfer is to be made the Securities
        Administrator shall register such transfer if, (i) made to a transferee who
        has
        provided the Securities Administrator with evidence as to its QIB status;
        or
        (ii) (A) the transferor has advised the Securities Administrator in writing
        that
        the Certificate is being transferred to an Institutional Accredited Investor
        and
        (B) prior to such transfer the transferee furnishes to the Securities
        Administrator 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 Securities Administrator 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.]

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      [For
        Class B-1, Class B-2 and Class B-3] [Each holder of a Certificate or beneficial
        ownership shall be deemed to have made the representations set forth in section
        7.02(b) of the Agreement.]

       

      [For
        Class B-4] [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, the Securities Administrator or the Trustee, which will be deemed
        represented by an owner of a Book-Entry Certificate or a Global Certificate,
        or
        an Opinion of Counsel specified in section 7.02 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”). 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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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 Percentage 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 Percentage 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 Securities Administrator 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 Securities Administrator,
        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 Securities Administrator, 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 (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) 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 related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the first Distribution Date on which the aggregate Stated Principal Balance
        of
        the Mortgage Loans is less than or equal to a certain percentage of the
        aggregate Stated Principal Balance of the Mortgage Loans as of 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 (as defined in the Agreement).

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator 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 Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated:
                  January 30, 2007

              	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

      

      

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class B-[1][2][3][4] Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION, as Securities
                  Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      

       

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        assignee should include the following for purposes of distribution:

      

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-5

      

      FORM
        OF CLASS
        C CERTIFICATEs

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “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
        ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
        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 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) (OR ANY ENTITY IN WHICH ALL OF
        THE
        EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
        PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
        RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE
        FORM
        PROVIDED IN THE AGREEMENT (as defined below) AND (B) THE RECEIPT BY THE
        SECURITIES ADMINISTRATOR OF AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL
        APPLICABLE SECURITIES LAWS OF THE UNITED STATES.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT
        OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE AGREEMENT, SATISFACTORY
        TO THE SECURITIES ADMINISTRATOR THAT THE PURCHASE AND HOLDING OF THIS
        CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
        RESULT
        IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE
        RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF
        THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER, THE SECURITIES
        ADMINISTRATOR, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION
        TO
        THOSE UNDERTAKEN IN THE AGREEMENT.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No. 1

              	
                Percentage
                  Interest: 100%

              
	 	 
	
                Class
                  C

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement 

                and
                  Cut-off Date:

                January
                  1, 2007

              	
                Aggregate
                  Certificate Notional Amount of this Certificate as of the Cut-off
                  Date:

                $[____________]

              
	 	 
	
                First
                  Distribution Date:

                February
                  25, 2007

              	
                Initial
                  Certificate Notional Amount of this Certificate as of the Cut-off
                  Date:

                $[____________]

              
	 	 
	
                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	
                CUSIP:
                  [_______________]

              
	 	 
	
                Assumed
                  Final Distribution Date:

                February
                  25, 2037

              	 
	 	 

      

      

      ASSET-BACKED
        CERTIFICATE

      SERIES
        2007-AC1

       

      evidencing
        a percentage interest in the distributions allocable to the Class C Certificates
        with respect to a Trust Fund consisting primarily of a pool of conventional,
        one- to four-family, fixed interest rate mortgage loans sold by BEAR STEARNS
        ASSET BACKED SECURITIES I LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Bear Stearns Asset Backed Securities
        I
        LLC, the Master Servicer, the Trustee or the Securities Administrator 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 Bear Stearns Asset Backed Securities I LLC, the
        Master
        Servicer, the Trustee or the Securities Administrator or any of their affiliates
        or any other person. None of Bear Stearns Asset Backed Securities I LLC,
        the
        Master Servicer or any of their affiliates will have any obligation with
        respect
        to any certificate or other obligation secured by or payable from payments
        on
        the Certificates.

       

      This
        certifies that ________________ is the registered owner of the Percentage
        Interest evidenced hereby in the beneficial ownership interest of Certificates
        of the same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the
“Depositor”), EMC, as Master Servicer, seller and company, Wells Fargo Bank,
        National Association, as securities administrator (the “Securities
        Administrator”) and U.S. Bank National Association, 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
        Securities Administrator 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 day (or if such last day is not a Business
        Day, the Business Day immediately preceding such last day) of the calendar
        month
        immediately preceding the month in which the Distribution Date occurs, an
        amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amounts 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 following the latest scheduled maturity date
        of
        any Mortgage Loan.

       

      Distributions
        on this Certificate will be made by the Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder’s prospective transferee, substantially in the
        forms attached to the Agreement as Exhibit D and either Exhibit E or Exhibit
        F,
        as applicable, and (ii) in all other cases, an Opinion of Counsel satisfactory
        to it that such transfer may be made without such registration or qualification
        (which Opinion of Counsel shall not be an expense of the Trust Fund or of
        the
        Depositor, the Trustee, the Securities Administrator or the Master Servicer
        in
        their respective capacities as such), together with copies of the written
        certification(s) of the Holder of the Certificate desiring to effect the
        transfer and/or such Holder’s prospective transferee upon which such Opinion of
        Counsel is based. Neither the Depositor nor the Securities Administrator
        is
        obligated to register or qualify the Class of Certificates specified on the
        face
        hereof under the 1933 Act or any other securities law or to take any action
        not
        otherwise required under the Agreement to permit the transfer of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Trustee, the Securities Administrator, the Depositor, the Seller and the
        Master
        Servicer against any liability that may result if the transfer is not so
        exempt
        or is not made in accordance with such federal and state laws.

       

      No
        transfer of this Certificate shall be made to any person, unless the transferee
        provides either (i) a certification pursuant to section 7.02(b) of the Agreement
        or an (ii) Opinion of Counsel pursuant to section 7.02(b) of the Agreement,
        satisfactory to the Securities Administrator that the purchase and holding
        of
        this Certificate are permissible under applicable law, will not constitute
        or
        result in any non-exempt prohibited transactions under Section 406 ERISA
        or
        Section 4975 of the Code and will not subject the Trustee, Master Servicer,
        the
        Securities Administrator, or the Depositor to any obligation or liability
        in
        addition to those undertaken in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). 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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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 Percentage 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 Percentage 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 Securities Administrator 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 Securities Administrator
        and
        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 Securities Administrator, 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 (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) 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 related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the first Distribution Date on which the aggregate Stated Principal Balance
        of
        the Mortgage Loans is less than or equal to a certain percentage of the
        aggregate Stated Principal Balance of the Mortgage Loans as of 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 (as defined in the Agreement).

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator 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 Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      
        	
                Dated:
                  January 30, 2007

              	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

       

      

      CERTIFICATE
        OF AUTHENTICATION

       

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

       

      
        	 	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        assignee should include the following for purposes of distribution:

      

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        A-6

      

      FORM
        OF CLASS P CERTIFICATES

       

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

       

      THE
        CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
        PRINCIPAL PAYMENTS HEREON. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF
        THE
        CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
        BE
        DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
        MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
        ADMINISTRATOR NAMED HEREIN.

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “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
        ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
        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 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) (OR ANY ENTITY IN WHICH ALL OF
        THE
        EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
        PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
        RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE
        FORM
        PROVIDED IN THE AGREEMENT (AS DEFINED BELOW) AND (B) THE RECEIPT BY THE
        SECURITIES ADMINISTRATOR OF AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL
        APPLICABLE SECURITIES LAWS OF THE UNITED STATES.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT
        OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE AGREEMENT, SATISFACTORY
        TO THE SECURITIES ADMINISTRATOR THAT THE PURCHASE AND HOLDING OF THIS
        CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
        RESULT
        IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE
        RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF
        THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER, THE SECURITIES
        ADMINISTRATOR, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN ADDITION
        TO
        THOSE UNDERTAKEN IN THE AGREEMENT.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                 

                Certificate
                  No.1

              	
                 

                Percentage
                  Interest: 100%

              
	 	 
	
                 

                Class
                  P

              	 
	 	 
	
                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                January
                  1, 2007

              	
                 

                Aggregate
                  Initial Certificate Principal Balance of this Certificate as of
                  the
                  Cut-off Date:

                $100.00

              
	 	 
	
                 

                First
                  Distribution Date:

                February
                  25, 2007

              	
                 

                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:
                  

                $100.00

              
	 	 
	
                 

                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	
                 

                CUSIP:
                  [_________________]

              
	 	 
	
                 

                Assumed
                  Final Distribution Date:

                February
                  25, 2037

              	 
	 	 

      

      

      ASSET-BACKED
        CERTIFICATE

      SERIES
        2007-AC1

       

      evidencing
        a percentage interest in the distributions allocable to the Class P Certificates
        with respect to a Trust Fund consisting primarily of a pool of conventional,
        one- to four-family, fixed interest rate mortgage loans sold by BEAR STEARNS
        ASSET BACKED SECURITIES I LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Bear Stearns Asset Backed Securities
        I
        LLC, the Master Servicer, the Trustee or the Securities Administrator 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 Bear Stearns Asset Backed Securities I LLC, the
        Master
        Servicer, the Trustee or the Securities Administrator or any of their affiliates
        or any other person. None of Bear Stearns Asset Backed Securities I LLC,
        the
        Master Servicer or any of their affiliates will have any obligation with
        respect
        to any certificate or other obligation secured by or payable from payments
        on
        the Certificates.

       

      This
        certifies that ________________ is the registered owner of the Percentage
        Interest evidenced hereby in the beneficial ownership interest of Certificates
        of the same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the
“Depositor”), EMC, as Master Servicer, seller and company, Wells Fargo Bank,
        National Association, as securities administrator (the “Securities
        Administrator”) and U.S. Bank National Association, 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
        Securities Administrator 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 day (or if such last day
        is
        not a Business Day, the Business Day immediately preceding such last day)
        of the
        calendar month immediately preceding the month in which the Distribution
        Date
        occurs, an amount equal to the product of the Percentage Interest evidenced
        by
        this Certificate and the amounts 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 following the latest
        scheduled maturity date of any Mortgage Loan.

       

      Distributions
        on this Certificate will be made by the Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder’s prospective transferee, substantially in the
        forms attached to the Agreement as Exhibit D and either E or F, as applicable,
        and (ii) in all other cases, an Opinion of Counsel satisfactory to it that
        such
        transfer may be made without such registration or qualification (which Opinion
        of Counsel shall not be an expense of the Trust Fund or of the Depositor,
        the
        Trustee, the Securities Administrator or the Master Servicer in their respective
        capacities as such), together with copies of the written certification(s)
        of the
        Holder of the Certificate desiring to effect the transfer and/or such Holder’s
        prospective transferee upon which such Opinion of Counsel is based. Neither
        the
        Depositor nor the Securities Administrator is obligated to register or qualify
        the Class of Certificates specified on the face hereof under the 1933 Act
        or any
        other securities law or to take any action not otherwise required under the
        Agreement to permit the transfer of such Certificates without registration
        or
        qualification. Any Holder desiring to effect a transfer of this Certificate
        shall be required to indemnify the Trustee, the Securities Administrator,
        the
        Depositor, the Seller and the Master Servicer against any liability that
        may
        result if the transfer is not so exempt or is not made in accordance with
        such
        federal and state laws.

       

      No
        transfer of this Certificate shall be made to any person, unless the transferee
        provides either (i) a certification pursuant to section 7.02(b) of the Agreement
        or an (ii) Opinion of Counsel pursuant to section 7.02(b) of the Agreement,
        satisfactory to the Securities Administrator that the purchase and holding
        of
        this Certificate are permissible under applicable law, will not constitute
        or
        result in any non-exempt prohibited transactions under Section 406 ERISA
        or
        Section 4975 of the Code and will not subject the Trustee, Master Servicer,
        the
        Securities Administrator, or the Depositor to any obligation or liability
        in
        addition to those undertaken in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). 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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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 Securities
        Administrator
        upon
        surrender of this Certificate for registration of transfer at the offices
        or
        agencies maintained by the Securities Administrator for such purposes, duly
        endorsed by, or accompanied by a written instrument of transfer in form
        satisfactory to the Securities Administrator 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
        Percentage 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 Percentage 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 Securities Administrator 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 Securities Administrator,
        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 Securities Administrator, 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 (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) 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 related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the first Distribution Date on which the aggregate Stated Principal Balance
        of
        the Mortgage Loans is less than or equal to a certain percentage of the
        aggregate Stated Principal Balance of the Mortgage Loans as of 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 (as defined in the Agreement).

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator 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 Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated:
                  January 30, 2007

              	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

       

      

      CERTIFICATE
        OF AUTHENTICATION

      

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

      

      
        	 	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,
                  

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

       

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        assignee should include the following for purposes of distribution:

      

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-7

      

      FORM
        OF CLASS R-[1][2][X] CERTIFICATES

       

      THIS
        CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
        OR A
        DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE 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”).

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT
        (AS DEFINED BELOW) OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE
        AGREEMENT, SATISFACTORY TO THE SECURITIES ADMINISTRATOR THAT THE PURCHASE
        AND
        HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
        CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION
        406
        OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR
        SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER,
        THE
        SECURITIES ADMINISTRATOR, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY
        IN
        ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

       

      ANY
        RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
        IF
        THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE SECURITIES
        ADMINISTRATOR 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) NO PURPOSE OF SUCH TRANSFER
        IS
        TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX, (3) SUCH TRANSFEREE SATISFIES
        CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE
        PROPOSED TRANSFEREE AND (4) SUCH TRANSFEREE IS A UNITED STATES PERSON.
        NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER,
        SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION
        OR
        AN AGENT OF A DISQUALIFIED ORGANIZATION OR A NON-UNITED STATES PERSON, SUCH
        REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER
        AND
        SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
        HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON
        THIS
        CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
        SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
        PARAGRAPH.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                 

                Certificate
                  No.1

              	 
	 	 
	
                 

                Class
                  R-[1][2][X]

              	 
	 	
                 

                Percentage
                  Interest: 100%

              
	
                 

                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                January
                  1, 2007

              	 
	 	 
	
                 

                First
                  Distribution Date:

                February
                  25, 2007

              	 
	 	 
	
                 

                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	 
	 	
                 

                CUSIP:
                  [____________]

              
	
                 

                Assumed
                  Final Distribution Date:

                February
                  25, 2037

              	 
	 	 

      

      

      ASSET-BACKED
        CERTIFICATE

      SERIES
        2007-AC1

       

      evidencing
        a percentage interest in the distributions allocable to the Class R-[1][2][X]
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        conventional, one- to four-family, fixed interest rate mortgage loans sold
        by
        BEAR STEARNS ASSET BACKED SECURITIES I LLC.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Bear Stearns Asset Backed Securities
        I
        LLC, the Master Servicer, the Trustee or the Securities Administrator 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 Bear Stearns Asset Backed Securities I LLC, the
        Master
        Servicer, the Trustee or the Securities Administrator or any of their affiliates
        or any other person. None of Bear Stearns Asset Backed Securities I LLC,
        the
        Master Servicer or any of their affiliates will have any obligation with
        respect
        to any certificate or other obligation secured by or payable from payments
        on
        the Certificates.

       

      This
        certifies that ________________ is the registered owner of the Percentage
        Interest evidenced hereby in the beneficial ownership interest of Certificates
        of the same Class as this Certificate in a trust (the “Trust Fund”) generally
        consisting of conventional, first lien, fixed rate mortgage loans secured
        by
        one- to four- family residences (collectively, the “Mortgage Loans”) sold by
        Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
        sold by EMC Mortgage Corporation (“EMC”) to BSABS I. 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 BSABS I, as depositor (the
“Depositor”), EMC, as Master Servicer, seller and company, Wells Fargo Bank,
        National Association, as securities administrator (the “Securities
        Administrator”) and U.S. Bank National Association, 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.

       

      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
        Securities Administrator 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.

       

      The
        Securities Administrator 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 day (or if such last day is not a Business
        Day, the Business Day immediately preceding such last day) of the calendar
        month
        immediately preceding the month in which the Distribution Date occurs, an
        amount
        equal to the product of the Percentage Interest evidenced by this Certificate
        and the amounts 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 following the latest scheduled maturity date
        of
        any Mortgage Loan.

       

      Distributions
        on this Certificate will be made by the Securities Administrator 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 Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the above, the final distribution on this Certificate will
        be
        made after due notice by the Securities Administrator of the pendency of
        such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

       

      No
        transfer of this Certificate shall be made to any person, unless the transferee
        provides either (i) a certification pursuant to section 7.02(b) of the Agreement
        or an (ii) Opinion of Counsel pursuant to section 7.02(b) of the Agreement,
        satisfactory to the Securities Administrator that the purchase and holding
        of
        this Certificate are permissible under applicable law, will not constitute
        or
        result in any non-exempt prohibited transactions under Section 406 ERISA
        or
        Section 4975 of the Code and will not subject the Trustee, Master Servicer,
        the
        Securities Administrator, or the Depositor to any obligation or liability
        in
        addition to those undertaken in the Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). 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
        or the
        Securities Administrator 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 and the Securities Administrator.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes. 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 Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator 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 Percentage 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 Percentage 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 Securities Administrator 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 Securities Administrator,
        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
        Depositor, the Master Servicer, the Securities Administrator, 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 (A) the maturity or other liquidation (or Advance with respect thereto)
        of
        the last Mortgage Loan remaining in the Trust Fund and disposition of all
        property acquired upon foreclosure or deed in lieu of foreclosure of any
        Mortgage Loan and (B) 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 related assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made only on or after
        the first Distribution Date on which the aggregate Stated Principal Balance
        of
        the Mortgage Loans is less than or equal to a certain percentage of the
        aggregate Stated Principal Balance of the Mortgage Loans as of 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 (as defined in the Agreement).

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator 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 Securities Administrator has caused this Certificate
        to be
        duly executed.

      

      
        	
                Dated:
                  January 30, 2007

              	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION,

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

       

      

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is
        one of the Class R-[1][2][X] Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	
                WELLS
                  FARGO BANK, NATIONAL 

                ASSOCIATION,
                  

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                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 Percentage Interest evidenced by
        the
        within Asset-Backed Certificate and hereby authorizes the transfer of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      

      
        	 	 
	 	
                Signature
                  Guaranteed

              

      

      
 

      

      DISTRIBUTION
        INSTRUCTIONS

      

      This
        assignee should include the following for purposes of distribution:

      

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      MORTGAGE
        LOAN SCHEDULE

       

      
LOAN_ID                                 LOAN_SEQ                  CITY1                                                 STATE                             ZIP_CODE                  PROPTYPE                                                 CURRENT_GROSS_COUPON                       SERV_FEE                    LPMI                       MSERV                               CURRENT_NET_COUPON                          MATURITY_DATE                              STATED_ORIGINAL_TERM
-------                                 --------                  -----                                                 -----                             --------                  --------                                                 --------------------                       --------                    ----                       -----                               ------------------                          -------------                              --------------------
16684756                                16684756                  Newark                                                NJ                                    7105                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20360801                                               360
16665775                                16665775                  YUMA                                                  AZ                                   85364                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16656694                                16656694                  Laconia                                               NH                                    3246                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20360901                                               360
16661987                                16661987                  HICKSVILLE                                            NY                                   11801                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665689                                16665689                  BALTIMORE                                             MD                                   21224                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16616045                                16616045                  San Jose                                              CA                                   95126                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16640564                                16640564                  Crested Butte                                         CO                                   81224                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16609830                                16609830                  Raleigh                                               NC                                   27610                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16652239                                16652239                  ELKO                                                  NV                                   89801                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16656719                                16656719                  Cologne                                               MN                                   55322                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16596952                                16596952                  Midland                                               TX                                   79705                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16656209                                16656209                  BRYAN                                                 TX                                   77801                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16632436                                16632436                  Naples                                                FL                                   34114                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16791043                                16791043                  REDONDO BEACH                                         CA                                   90277                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16791055                                16791055                  SPRING HILL                                           FL                                   34608                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16651585                                16651585                  Miami                                                 FL                                   33193                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20461001                                               360
16650246                                16650246                  Kildeer                                               IL                                   60047                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16648965                                16648965                  NORCROSS                                              GA                                   30092                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16339458                                16339458                  WASHINGTON                                            DC                                   20003                  CO-OP                                                                       7                           0.25                       0                       0.012                                            6.738                               20360801                                               360
16706583                                16706583                  Destin                                                FL                                   32541                  Hi-Rise Condo                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16662560                                16662560                  OMAHA                                                 NE                                   68117                  Single Family                                                             8.5                           0.25                    0.67                       0.012                                            7.568                               20361101                                               360
16662581                                16662581                  GARLAND                                               TX                                   75040                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16662602                                16662602                  Pensacola                                             FL                                   32501                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16662422                                16662422                  Wichita                                               KS                                   67213                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16662446                                16662446                  PAHRUMP                                               NV                                   89048                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16662467                                16662467                  LAS VEGAS                                             NV                                   89141                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16662371                                16662371                  TUSCALOOSA                                            AL                                   35405                  PUD                                                                      7.75                           0.25                    0.36                       0.012                                            7.128                               20361101                                               360
16662372                                16662372                  HENDERSONVILLE                                        TN                                   37075                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16662374                                16662374                  UNIVERSITY PARK                                       IL                                   60466                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16662380                                16662380                  UNIVERSITY PARK                                       IL                                   60466                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16662392                                16662392                  UNIVERSITY PARK                                       IL                                   60466                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16662279                                16662279                  JACKSONVILLE                                          FL                                   32210                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16662284                                16662284                  WASHINGTON                                            DC                                   20009                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16662275                                16662275                  Sebring                                               FL                                   33872                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16775002                                16775002                  Glendale                                              AZ                                   85310                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16777131                                16777131                  Broomfield                                            CO                                   80020                  PUD                                                                      6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16779025                                16779025                  Bluffton                                              SC                                   29909                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16784747                                16784747                  GRANGER                                               UT                                   84119                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16772058                                16772058                  Lansdale                                              PA                                   19446                  Condominium                                                             6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16723643                                16723643                  Voorhees                                              NJ                                    8043                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16723654                                16723654                  Maple Grove                                           MN                                   55311                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16723668                                16723668                  Henderson                                             NV                                   89044                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16728701                                16728701                  PINEHURST                                             TX                                   77362                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16729468                                16729468                  Arlington                                             TX                                   76017                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16729903                                16729903                  Ocala                                                 FL                                   34474                  PUD                                                                      6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16722219                                16722219                  Orlando                                               FL                                   32808                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16765163                                16765163                  Trenton                                               NJ                                    8610                  Single Family                                                            6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16768494                                16768494                  Manteno                                               IL                                   60950                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16771161                                16771161                  Henderson                                             NV                                   89002                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16771175                                16771175                  Ocala                                                 FL                                   34474                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16684499                                16684499                  WILLIAMSTON                                           SC                                   29697                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16616169                                16616169                  Pleasantville                                         NJ                                    8232                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16790861                                16790861                  Riverside                                             CA                                   92508                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20461101                                               360
16670886                                16670886                  Dixon                                                 CA                                   95620                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16670890                                16670890                  Orlando                                               FL                                   32828                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20461101                                               360
16670894                                16670894                  Henderson                                             NV                                   89044                  PUD                                                                     6.999                           0.25                       0                       0.012                                            6.737                               20361101                                               360
16672818                                16672818                  Champions Gate                                        FL                                   33896                  Condominium                                                              7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16673116                                16673116                  CLAYTON                                               NC                                   27520                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16674185                                16674185                  North Las Vegas                                       NV                                   89084                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16674188                                16674188                  Henderson                                             NV                                   89044                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16676575                                16676575                  Wilmington                                            NC                                   28411                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16676783                                16676783                  North Las Vegas                                       NV                                   89084                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16681522                                16681522                  ATASCOCITA                                            TX                                   77346                  PUD                                                                         8                           0.25                    0.75                       0.012                                            6.988                               20361101                                               360
16681532                                16681532                  ATASCOCITA                                            TX                                   77346                  Townhouse                                                                7.75                           0.25                    0.51                       0.012                                            6.978                               20361101                                               360
16684102                                16684102                  KATY                                                  TX                                   77449                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16685745                                16685745                  OKLAHOMA CITY                                         OK                                   73115                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16693556                                16693556                  Lake Elsinore                                         CA                                   92532                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16693652                                16693652                  Anthem                                                AZ                                   85086                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16693679                                16693679                  Anthem                                                AZ                                   85086                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16693680                                16693680                  Maple Grove                                           MN                                   55311                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16693687                                16693687                  Jacksonville                                          FL                                   32256                  Condominium                                                             6.999                           0.25                       0                       0.012                                            6.737                               20361201                                               360
16693711                                16693711                  Plymouth                                              MA                                    2360                  PUD                                                                      6.25                           0.25                       0                       0.012                                            5.988                               20361101                                               360
16693790                                16693790                  Sun City West                                         AZ                                   85375                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16696195                                16696195                  PROVO                                                 UT                                   84606                  Condominium                                                              8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16696238                                16696238                  PROVO                                                 UT                                   84606                  Condominium                                                              8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16696480                                16696480                  CAMP POINT                                            IL                                   62320                  Single Family                                                           8.625                           0.25                       0                       0.012                                            8.363                               20361101                                               360
16697411                                16697411                  Anthem                                                AZ                                   85086                  PUD                                                                      6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16706766                                16706766                  CHESAPEAKE                                            VA                                   23323                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16706835                                16706835                  Oswego                                                IL                                   60543                  Condominium                                                             6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16706910                                16706910                  Rancho Cucamonga                                      CA                                   91739                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16706921                                16706921                  LAS VEGAS                                             NV                                   89147                  PUD                                                                         7                           0.25                    0.57                       0.012                                            6.168                               20361101                                               360
16707080                                16707080                  BARTLESVILLE                                          OK                                   74006                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16707129                                16707129                  Suwanee                                               GA                                   30024                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16707884                                16707884                  DORCHESTER                                            IL                                   62033                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16708089                                16708089                  ALACHUA                                               FL                                   32615                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16710767                                16710767                  CYPRESS                                               TX                                   77433                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16711091                                16711091                  CYPRESS                                               TX                                   77429                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16713909                                16713909                  Alpharetta                                            GA                                   30022                  Single Family                                                           6.999                           0.25                       0                       0.012                                            6.737                               20361201                                               360
16714075                                16714075                  Phoenix                                               AZ                                   85339                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16714091                                16714091                  Henderson                                             NV                                   89044                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16714812                                16714812                  PUEBLO WEST                                           CO                                   81007                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16715114                                16715114                  Sun City West                                         AZ                                   85375                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16715226                                16715226                  Anthem                                                AZ                                   85086                  Single Family                                                           6.999                           0.25                       0                       0.012                                            6.737                               20361201                                               360
16715231                                16715231                  Charlotte                                             NC                                   28262                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16717253                                16717253                  Ore City                                              TX                                   75683                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16717405                                16717405                  Queen Creek                                           AZ                                   85243                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16717408                                16717408                  Ocala                                                 FL                                   34474                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16718999                                16718999                  Queen Creek                                           AZ                                   85242                  Single Family                                                           5.875                           0.25                       0                       0.012                                            5.613                               20361201                                               360
16665581                                16665581                  Richardson                                            TX                                   75080                  Condominium                                                              8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16665586                                16665586                  Richardson                                            TX                                   75080                  Condominium                                                              8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16611820                                16611820                  PLEASANT HILL                                         IA                                   50327                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16661960                                16661960                  Flint                                                 TX                                   75762                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16112156                                16112156                  SACRAMENTO                                            CA                                   95838                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20360201                                               360
16643870                                16643870                  Baltimore                                             MD                                   21213                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16661995                                16661995                  GAINESVILLE                                           GA                                   30506                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20360901                                               360
16165649                                16165649                  Washington                                            DC                                   20003                  CO-OP                                                                    6.75                           0.25                       0                       0.012                                            6.488                               20360801                                               360
16628929                                16628929                  SAINT LOUIS                                           MO                                   63121                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16397233                                16397233                  Riverdale                                             GA                                   30274                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20450201                                               360
16650485                                16650485                  Miami                                                 FL                                   33131                  Hi-Rise Condo                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361001                                               360
16650288                                16650288                  BOISE                                                 ID                                   83706                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16649206                                16649206                  Mapleton                                              OR                                   97453                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16650043                                16650043                  Plainfield                                            IL                                   60586                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16650079                                16650079                  Charlotte                                             NC                                   28205                  Single Family                                                           8.125                           0.25                    0.57                       0.012                                            7.293                               20361101                                               360
16648969                                16648969                  DAWSONVILLE                                           GA                                   30534                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16648980                                16648980                  Douglasville                                          GA                                   30134                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16648848                                16648848                  SEMINOLE                                              FL                                   33776                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16648727                                16648727                  LINCOLN PARK                                          MI                                   48146                  2-4 Family                                                               8.99                           0.25                    0.55                       0.012                                            8.178                               20361001                                               360
16648615                                16648615                  Peoria                                                AZ                                   85381                  Condominium                                                             7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16648586                                16648586                  San Diego                                             CA                                   92154                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16648519                                16648519                  MONTICELLO                                            GA                                   31064                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16648528                                16648528                  College Station                                       TX                                   77840                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16648453                                16648453                  Miami                                                 FL                                   33131                  Hi-Rise Condo                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361001                                               360
16648479                                16648479                  AMARILLO                                              TX                                   79124                  Single Family                                                               8                           0.25                    1.03                       0.012                                            6.708                               20361001                                               360
16648480                                16648480                  Mcallen                                               TX                                   78501                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16648419                                16648419                  DENVER                                                CO                                   80241                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16648335                                16648335                  CLEVELAND                                             OH                                   44103                  2-4 Family                                                              7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16648364                                16648364                  LONGS                                                 SC                                   29568                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16648396                                16648396                  VIRGINIA BCH                                          VA                                   23456                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16395764                                16395764                  YUMA                                                  AZ                                   85364                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20360801                                               360
16798172                                16798172                  STOCKBRIDGE                                           GA                                   30281                  PUD                                                                     6.875                           0.25                    0.77                       0.012                                            5.843                               20361201                                               360
16790984                                16790984                  Visalia                                               CA                                   93277                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16790985                                16790985                  Pomona                                                CA                                   91766                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16661969                                16661969                  PANAMA CITY                                           FL                                   32409                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16659219                                16659219                  LAGUNA HILLS                                          CA                                   92653                  Condominium                                                               7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16659066                                16659066                  Dundee                                                MI                                   48131                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361001                                               360
16659112                                16659112                  Palm Bay                                              FL                                   32907                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16659026                                16659026                  STOCKBRIDGE                                           GA                                   30281                  PUD                                                                       7.5                           0.25                    0.72                       0.012                                            6.518                               20361001                                               360
16659033                                16659033                  WILMER                                                TX                                   75172                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16658934                                16658934                  Memphis                                               TN                                   38127                  Single Family                                                               9                           0.25                    0.96                       0.012                                            7.778                               20361001                                               360
16658953                                16658953                  North Plainfield                                      NJ                                    7060                  2-4 Family                                                               7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16658988                                16658988                  Plainfield                                            NJ                                    7060                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16658846                                16658846                  LOUISVILLE                                            KY                                   40214                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16662637                                16662637                  Elgin                                                 IL                                   60124                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16670635                                16670635                  Newnan                                                GA                                   30263                  Townhouse                                                                7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16670621                                16670621                  Newnan                                                GA                                   30263                  Townhouse                                                                7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16665753                                16665753                  JACKSONVILLE                                          FL                                   32210                  Condominium                                                               8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16704510                                16704510                  Panama City Beach                                     FL                                   32413                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16651232                                16651232                  MIRAMAR                                               FL                                   33025                  Condominium                                                               7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16632930                                16632930                  Washington                                            DC                                   20019                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16704433                                16704433                  CARMEL                                                NJ                                    8332                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16706900                                16706900                  MANDEVILLE                                            LA                                   70471                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16695594                                16695594                  LAS VEGAS                                             NV                                   89178                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16654025                                16654025                  Greenacres                                            FL                                   33143                  Townhouse                                                                   7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16654357                                16654357                  ONTARIO                                               CA                                   91764                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16654477                                16654477                  Peoria                                                AZ                                   85383                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16654490                                16654490                  Ocala                                                 FL                                   34474                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16656637                                16656637                  Salt Lake City                                        UT                                   84118                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16656990                                16656990                  SUGARHILL                                             GA                                   30518                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16658522                                16658522                  Sanford                                               FL                                   32771                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16658907                                16658907                  BAKER                                                 LA                                   70714                  Single Family                                                           8.875                           0.25                    0.63                       0.012                                            7.983                               20361101                                               360
16643854                                16643854                  Orlando                                               FL                                   32827                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16659192                                16659192                  Heath                                                 TX                                   75032                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16659193                                16659193                  Raleigh                                               NC                                   27612                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16649125                                16649125                  Las Vegas                                             NV                                   89122                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16650412                                16650412                  PALM BEACH GARDENS                                    FL                                   33418                  2-4 Family                                                              7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16664147                                16664147                  LAS VEGAS                                             NV                                   89141                  PUD                                                                         7                           0.25                    0.59                       0.012                                            6.148                               20361001                                               360
16665790                                16665790                  RICHMOND                                              VA                                   23222                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16665984                                16665984                  Anthem                                                AZ                                   85086                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16667117                                16667117                  Glendale                                              AZ                                   85310                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16667411                                16667411                  Orefield                                              PA                                   18069                  Condominium                                                               6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16394053                                16394053                  Oro Valley                                            AZ                                   85755                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20360901                                               360
16634406                                16634406                  Sun City West                                         AZ                                   85375                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16640965                                16640965                  HUTTO                                                 TX                                   78634                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16611855                                16611855                  San Marcos                                            CA                                   92078                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16600850                                16600850                  Albuquerque                                           NM                                   87114                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20461001                                               360
16601342                                16601342                  Chester Springs                                       PA                                   19425                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16393867                                16393867                  HOT SULPHUR SPRINGS                                   CO                                   80451                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20360801                                               360
16790829                                16790829                  San Antonio                                           TX                                   78218                  PUD                                                                      7.25                           0.25                    0.25                       0.012                                            6.738                               20361201                                               360
16790833                                16790833                  Plano                                                 TX                                   75075                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16790842                                16790842                  Killeen                                               TX                                   76541                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16790862                                16790862                  Upland                                                CA                                   91786                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20461201                                               360
16790737                                16790737                  Santa Maria                                           CA                                   93454                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16790799                                16790799                  ANTELOPE                                              CA                                   95843                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16789035                                16789035                  Oak Ridge                                             TN                                   37830                  Single Family                                                           7.625                           0.25                    0.52                       0.012                                            6.843                               20361201                                               360
16790433                                16790433                  BEAUMONT                                              CA                                   92223                  Single Family                                                             5.5                           0.25                       0                       0.012                                            5.238                               20361201                                               360
16790438                                16790438                  Colorado Springs                                      CO                                   80917                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16790484                                16790484                  Warsaw                                                OH                                   43844                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16790698                                16790698                  Denver                                                CO                                   80231                  Townhouse                                                                6.75                           0.25                       0                       0.012                                            6.488                               20470101                                               360
16788695                                16788695                  LYNCHBURG                                             VA                                   24501                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16788714                                16788714                  BAKERSFIELD                                           CA                                   93312                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20461201                                               360
16788751                                16788751                  RICHMOND                                              VA                                   23236                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16788775                                16788775                  VIRGINIA BCH                                          VA                                   23452                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16788801                                16788801                  CLAYTON                                               NC                                   27527                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16788806                                16788806                  AVON                                                  IN                                   46123                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16788818                                16788818                  HOMESTEAD                                             FL                                   33030                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20470101                                               360
16788828                                16788828                  PEORIA                                                AZ                                   85345                  Single Family                                                            6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16788892                                16788892                  Tuttle                                                OK                                   73089                  Single Family                                                              10                           0.25                     0.8                       0.012                                            8.938                               20361201                                               360
16788659                                16788659                  WILLIS                                                TX                                   77318                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16788676                                16788676                  MARIETTA                                              GA                                   30066                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16633099                                16633099                  Atlanta                                               GA                                   30331                  PUD                                                                     6.999                           0.25                       0                       0.012                                            6.737                               20361001                                               360
16634314                                16634314                  Brea                                                  CA                                   92821                  Single Family                                                            7.25                           0.25                    0.57                       0.012                                            6.418                               20360901                                               360
16634452                                16634452                  HOLLIS                                                NY                                   11423                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16419530                                16419530                  SEABROOK                                              NH                                    3874                  2-4 Family                                                               9.25                           0.25                       0                       0.012                                            8.988                               20360901                                               360
16571659                                16571659                  Oro Valley                                            AZ                                   85755                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20461101                                               360
16591556                                16591556                  Boyds                                                 MD                                   20841                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20360901                                               360
16420717                                16420717                  Jacksonville                                          FL                                   32216                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16645829                                16645829                  Plymouth                                              NH                                    3264                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16661807                                16661807                  Austin                                                TX                                   78721                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16663563                                16663563                  Miami                                                 FL                                   33155                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16665300                                16665300                  GRAY                                                  ME                                    4039                  Single Family                                                           8.125                           0.25                    0.99                       0.012                                            6.873                               20361101                                               360
16669984                                16669984                  Temple                                                GA                                   30179                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16669987                                16669987                  Ellenwood                                             GA                                   30294                  Single Family                                                             7.5                           0.25                    0.71                       0.012                                            6.528                               20361201                                               360
16692431                                16692431                  PERU                                                  IN                                   46970                  Single Family                                                               8                           0.25                    0.63                       0.012                                            7.108                               20361201                                               360
16692707                                16692707                  Sherwood                                              OR                                   97140                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16693797                                16693797                  Orlando                                               FL                                   32819                  Condominium                                                               7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16696383                                16696383                  Youngstown                                            OH                                   44512                  2-4 Family                                                               8.25                           0.25                       0                       0.012                                            7.988                               20361001                                               360
16696632                                16696632                  LAKE FOREST                                           CA                                   92630                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20461201                                               360
16688275                                16688275                  Philadelphia                                          PA                                   19131                  2-4 Family                                                               7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16688369                                16688369                  UPPER MARLBORO                                        MD                                   20774                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16692102                                16692102                  COLUMBUS                                              OH                                   43206                  2-4 Family                                                                  8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16676634                                16676634                  WILLIS                                                TX                                   77378                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16676754                                16676754                  WILLIS                                                TX                                   77378                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16676847                                16676847                  Cordova                                               TN                                   38018                  Single Family                                                             8.5                           0.25                    1.01                       0.012                                            7.228                               20361201                                               360
16680222                                16680222                  SHEBOYGAN                                             WI                                   53081                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16680306                                16680306                  YOUNGSTOWN                                            OH                                   44507                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16680405                                16680405                  Miami                                                 FL                                   33173                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16681634                                16681634                  DECATUR                                               GA                                   30034                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361001                                               360
16684690                                16684690                  Leesburg                                              FL                                   34748                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16685771                                16685771                  Plano                                                 TX                                   75093                  PUD                                                                      8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16674414                                16674414                  GOODYEAR                                              AZ                                   85338                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16674837                                16674837                  MC ALLEN                                              TX                                   78503                  2-4 Family                                                                8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16667377                                16667377                  KINGSPORT                                             TN                                   37665                  Single Family                                                            8.75                           0.25                    1.84                       0.012                                            6.648                               20361101                                               360
16667380                                16667380                  PIKESVILLE                                            MD                                   21208                  Condominium                                                             8.375                           0.25                    1.34                       0.012                                            6.773                               20361001                                               360
16667423                                16667423                  Woodbridge                                            VA                                   22191                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16670361                                16670361                  BALTIMORE                                             MD                                   21230                  Townhouse                                                               7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16670474                                16670474                  WACO                                                  TX                                   76710                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16670622                                16670622                  JACKSONVILLE                                          FL                                   32246                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361001                                               360
16672487                                16672487                  KANNAPOLIS                                            NC                                   28083                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16672806                                16672806                  STAFFORD                                              VA                                   22554                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20360901                                               360
16672867                                16672867                  COLBERT                                               GA                                   30628                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16672895                                16672895                  EVANSTON                                              IL                                   60201                  2-4 Family                                                                9.5                           0.25                       0                       0.012                                            9.238                               20361101                                               360
16672951                                16672951                  PERU                                                  IN                                   46970                  PUD                                                                     8.625                           0.25                    0.87                       0.012                                            7.493                               20361201                                               360
16665560                                16665560                  Dumfries                                              VA                                   22025                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16665576                                16665576                  REDMOND                                               OR                                   97756                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16665589                                16665589                  COTTAGE GROVE                                         OR                                   97424                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16664012                                16664012                  Raleigh                                               NC                                   27612                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16664199                                16664199                  GROVEPORT                                             OH                                   43125                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16664382                                16664382                  Boca Raton                                            FL                                   33434                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16653984                                16653984                  Orlando                                               FL                                   32819                  Condominium                                                             7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16654547                                16654547                  Los Angeles                                           CA                                   90047                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16656002                                16656002                  EL PASO                                               TX                                   79936                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16656704                                16656704                  SCOTTSDALE                                            AZ                                   85254                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16656784                                16656784                  GILBERT                                               AZ                                   85297                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16656869                                16656869                  Puyallup                                              WA                                   98375                  PUD                                                                     8.625                           0.25                       0                       0.012                                            8.363                               20361101                                               360
16656905                                16656905                  Anthem                                                AZ                                   85086                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16656917                                16656917                  La Fayette                                            GA                                   30728                  2-4 Family                                                              7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16662079                                16662079                  CHAMPAIGN                                             IL                                   61820                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16662391                                16662391                  CHICAGO                                               IL                                   60656                  Condominium                                                             7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16663736                                16663736                  DACULA                                                GA                                   30019                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16663798                                16663798                  Union City                                            GA                                   30291                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16651637                                16651637                  Nashville                                             TN                                   37206                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20360901                                               360
16653752                                16653752                  BALTIMORE                                             MD                                   21201                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20360901                                               360
16653759                                16653759                  LANSING                                               MI                                   48912                  2-4 Family                                                              8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16649950                                16649950                  TALLAHASSEE                                           FL                                   32312                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16650280                                16650280                  Marietta                                              GA                                   30060                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16651066                                16651066                  Anthem                                                AZ                                   85086                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16633060                                16633060                  MESA                                                  AZ                                   85205                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16638275                                16638275                  BALTIMORE                                             MD                                   21215                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16638673                                16638673                  DETROIT                                               MI                                   48209                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16641066                                16641066                  MONTGOMERY                                            TX                                   77356                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16643754                                16643754                  RICHMOND                                              VA                                   23223                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361001                                               360
16646366                                16646366                  TAMPA                                                 FL                                   33634                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16616316                                16616316                  SPRINGDALE                                            AR                                   72764                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16632380                                16632380                  Newark                                                NJ                                    7105                  2-4 Family                                                              7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16596747                                16596747                  Nixa                                                  MO                                   65714                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16597707                                16597707                  Red Bluff                                             CA                                   96080                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20360901                                               360
16602631                                16602631                  WORCESTER                                             MA                                    1606                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16603814                                16603814                  Washington                                            DC                                   20024                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16570818                                16570818                  Columbia                                              SC                                   29203                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20360901                                               360
16571675                                16571675                  CHICAGO                                               IL                                   60617                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20360801                                               360
16570514                                16570514                  Crestview                                             FL                                   32536                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20360901                                               360
16540095                                16540095                  Weehawken                                             NJ                                    7086                  CO-OP                                                                     7.5                           0.25                       0                       0.012                                            7.238                               20360701                                               360
16544141                                16544141                  LONG NECK                                             DE                                   19966                  Condominium                                                             6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16646488                                16646488                  CAPE CORAL                                            FL                                   33991                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20450301                                               360
16646388                                16646388                  Spring                                                TX                                   77373                  PUD                                                                     8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16646413                                16646413                  College Station                                       TX                                   77840                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16646231                                16646231                  JACKSONVILLE                                          FL                                   32244                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16646278                                16646278                  LAFAYETTE                                             IN                                   47909                  PUD                                                                     8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16646133                                16646133                  Shafter                                               CA                                   93263                  2-4 Family                                                              6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16643574                                16643574                  Hayes                                                 VA                                   23072                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16643602                                16643602                  CAPE CORAL                                            FL                                   33909                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16643645                                16643645                  HOUSTON                                               TX                                   77061                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16643752                                16643752                  Union City                                            GA                                   30291                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16643755                                16643755                  Woodbridge                                            VA                                   22191                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16643801                                16643801                  SPARTANBURG                                           SC                                   29376                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16643813                                16643813                  ANTIOCH                                               IL                                   60002                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16643977                                16643977                  ROANOKE                                               TX                                   76262                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16643985                                16643985                  Springdale                                            AR                                   72764                  2-4 Family                                                               7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16644000                                16644000                  RIO RICO                                              AZ                                   85648                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361001                                               360
16644042                                16644042                  Ponte Vedra Beach                                     FL                                   32082                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16644067                                16644067                  San Dimas                                             CA                                   91773                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20461101                                               360
16644100                                16644100                  CHEYENNE                                              WY                                   82007                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16641022                                16641022                  Eads                                                  TN                                   38028                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20360901                                               360
16641184                                16641184                  HORIZON CITY                                          TX                                   79928                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16641214                                16641214                  BROOKLYN PARK                                         MN                                   55444                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361201                                               360
16641397                                16641397                  Coral Springs                                         FL                                   33065                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16643535                                16643535                  MANASSAS                                              VA                                   20109                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16640724                                16640724                  DEARBORN                                              MI                                   48124                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16640871                                16640871                  BALTIMORE                                             MD                                   21216                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20461101                                               360
16640643                                16640643                  Brooklyn                                              NY                                   11234                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16638865                                16638865                  Oxon Hill                                             MD                                   20745                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16638896                                16638896                  Yorkville                                             IL                                   60560                  Condominium                                                             7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16638608                                16638608                  DENVER                                                CO                                   80222                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16638611                                16638611                  Kansas City                                           MO                                   64130                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20360801                                               360
16638627                                16638627                  North Richland Hills                                  TX                                   76180                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16638798                                16638798                  CHICAGO                                               IL                                   60647                  2-4 Family                                                                7.5                           0.25                       0                       0.012                                            7.238                               20461101                                               360
16638257                                16638257                  GUILFORD                                              CT                                    6437                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16638309                                16638309                  STERLING                                              VA                                   20164                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16638432                                16638432                  LAFAYETTE                                             IN                                   47905                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16634700                                16634700                  Oshkosh                                               WI                                   54902                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16634765                                16634765                  BELLA VISTA                                           AR                                   72714                  PUD                                                                     9.375                           0.25                    0.98                       0.012                                            8.133                               20361001                                               360
16634237                                16634237                  CONYERS                                               GA                                   30012                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16634272                                16634272                  LEXINGTON                                             KY                                   40516                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16633097                                16633097                  Indianapolis                                          IN                                   46231                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20360901                                               360
16632485                                16632485                  Brazoria                                              TX                                   77422                  Single Family                                                            8.25                           0.25                    0.62                       0.012                                            7.368                               20361001                                               360
16632592                                16632592                  WASHINGTON                                            DC                                   20032                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361001                                               360
16632635                                16632635                  COLUMBIA                                              TN                                   38401                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361001                                               360
16632261                                16632261                  Mariposa                                              CA                                   95338                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361001                                               360
16632333                                16632333                  SCOTTSDALE                                            AZ                                   85257                  Condominium                                                                 7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16629185                                16629185                  Pleasantville                                         NJ                                    8232                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361001                                               360
16629243                                16629243                  CHARLOTTE                                             NC                                   28205                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16629293                                16629293                  FORT WORTH                                            TX                                   76120                  Single Family                                                            7.25                           0.25                    0.47                       0.012                                            6.518                               20361001                                               360
16788432                                16788432                  KENNEDALE                                             TX                                   76060                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16788449                                16788449                  ROANOKE                                               TX                                   76262                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16788495                                16788495                  AM QUI                                                TN                                   37115                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16788563                                16788563                  Galloway Township                                     NJ                                    8205                  Single Family                                                           8.875                           0.25                    1.32                       0.012                                            7.293                               20361201                                               360
16784791                                16784791                  HIGHLAND                                              UT                                   84003                  Single Family                                                            7.25                           0.25                    0.73                       0.012                                            6.258                               20361201                                               360
16784801                                16784801                  Tucson                                                AZ                                   85719                  Condominium                                                                 7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16784875                                16784875                  Reno                                                  NV                                   89506                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20461201                                               360
16784919                                16784919                  LANTANA                                               TX                                   76226                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16784920                                16784920                  ARLINGTON                                             TX                                   76001                  2-4 Family                                                                7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16785017                                16785017                  PICO RIVERA                                           CA                                   90660                  Condominium                                                               6.5                           0.25                       0                       0.012                                            6.238                               20470101                                               360
16786219                                16786219                  Birmingham                                            AL                                   35210                  Single Family                                                             9.5                           0.25                    1.32                       0.012                                            7.918                               20361201                                               360
16786277                                16786277                  Easton                                                PA                                   18045                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16784684                                16784684                  MOORESVILLE                                           NC                                   28117                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16784689                                16784689                  Miami                                                 FL                                   33130                  Hi-Rise Condo                                                           8.625                           0.25                       0                       0.012                                            8.363                               20361201                                               360
16781146                                16781146                  Millsboro                                             DE                                   19966                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16781268                                16781268                  LONG BEACH                                            CA                                   90805                  2-4 Family                                                               6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16784603                                16784603                  STOCKBRIDGE                                           GA                                   30281                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16784639                                16784639                  DIXON                                                 CA                                   95620                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16780801                                16780801                  Mooresville                                           NC                                   28117                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16780814                                16780814                  DRAPER                                                UT                                   84020                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16780836                                16780836                  Saint Petersburg                                      FL                                   33701                  2-4 Family                                                             10.125                           0.25                    0.75                       0.012                                            9.113                               20361101                                               360
16780915                                16780915                  California City                                       CA                                   93505                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16780960                                16780960                  South Padre Island                                    TX                                   78597                  Condominium                                                                 8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16781040                                16781040                  LAS VEGAS                                             NV                                   89145                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16778707                                16778707                  CLEVELAND                                             OH                                   44128                  Single Family                                                            9.75                           0.25                    1.05                       0.012                                            8.438                               20361201                                               360
16778767                                16778767                  Fresno                                                CA                                   93727                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20461201                                               360
16778889                                16778889                  Atlanta                                               GA                                   30331                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16776931                                16776931                  Riverside                                             CA                                   92505                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16777004                                16777004                  LAS VEGAS                                             NV                                   89149                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16777024                                16777024                  MORRISTON                                             FL                                   32668                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16777037                                16777037                  BURTONSVILLE                                          MD                                   20866                  Townhouse                                                                 6.5                           0.25                       0                       0.012                                            6.238                               20461201                                               360
16777059                                16777059                  RANCHO CUCAMONGA                                      CA                                   91730                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16777106                                16777106                  CHANDLER                                              AZ                                   85225                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16778233                                16778233                  Johnstown                                             OH                                   43031                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16778273                                16778273                  MIAMI                                                 FL                                   33143                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16778379                                16778379                  Eagle Mountain                                        UT                                   84005                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16778405                                16778405                  SAN LUIS OBISPO                                       CA                                   93401                  2-4 Family                                                               6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16778408                                16778408                  CHARLOTTE                                             NC                                   28216                  PUD                                                                      6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16778416                                16778416                  Richmond                                              TX                                   77469                  PUD                                                                      6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16778438                                16778438                  CHARLOTTE                                             NC                                   28269                  PUD                                                                      7.25                           0.25                    0.63                       0.012                                            6.358                               20361201                                               360
16778457                                16778457                  Woodbine                                              NJ                                    8270                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20360901                                               360
16778465                                16778465                  CAPE CORAL                                            FL                                   33914                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361201                                               360
16778467                                16778467                  Friday Harbor                                         WA                                   98250                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361001                                               360
16778473                                16778473                  Houston                                               TX                                   77053                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16778487                                16778487                  Des Moines                                            IA                                   50310                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361001                                               360
16778523                                16778523                  Fort Myers                                            FL                                   33919                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16778528                                16778528                  Corinth                                               MS                                   38834                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16778547                                16778547                  HOLIDAY                                               FL                                   34690                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16778570                                16778570                  GARLAND                                               TX                                   75040                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16776809                                16776809                  LEHIGH                                                FL                                   33971                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16776886                                16776886                  DALLAS                                                GA                                   30157                  PUD                                                                     6.875                           0.25                    0.41                       0.012                                            6.203                               20361101                                               360
16775628                                16775628                  EXETER                                                CA                                   93221                  Single Family                                                               8                           0.25                    1.19                       0.012                                            6.548                               20461201                                               360
16775633                                16775633                  Baltimore                                             MD                                   21223                  2-4 Family                                                               9.75                           0.25                    1.19                       0.012                                            8.298                               20361101                                               360
16776677                                16776677                  Sugar Land                                            TX                                   77479                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16776681                                16776681                  Houston                                               TX                                   77098                  Single Family                                                           9.625                           0.25                    0.71                       0.012                                            8.653                               20361201                                               360
16776687                                16776687                  SAN ANTONIO                                           TX                                   78261                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16628966                                16628966                  MIDLOTHIAN                                            VA                                   23112                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16628700                                16628700                  GLENSIDE                                              PA                                   19038                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16628716                                16628716                  East Petersburg                                       PA                                   17520                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16628802                                16628802                  East Orange                                           NJ                                    7018                  2-4 Family                                                              8.875                           0.25                       0                       0.012                                            8.613                               20361001                                               360
16616279                                16616279                  BALTIMORE                                             MD                                   21205                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16616314                                16616314                  COLUMBUS                                              MS                                   39702                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16615994                                16615994                  Venice                                                FL                                   34293                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16616018                                16616018                  BIXBY                                                 OK                                   74008                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16616065                                16616065                  SPRING                                                TX                                   77382                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16616182                                16616182                  Saint Louis                                           MO                                   63121                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16616243                                16616243                  Rockingham                                            NC                                   28379                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16612984                                16612984                  PETERSBURG                                            VA                                   23803                  2-4 Family                                                              8.875                           0.25                       0                       0.012                                            8.613                               20361101                                               360
16613179                                16613179                  Centereach                                            NY                                   11720                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16612953                                16612953                  GRANTSVILLE                                           UT                                   84029                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16775428                                16775428                  Riviera Beach                                         FL                                   33404                  Single Family                                                           8.375                           0.25                    0.51                       0.012                                            7.603                               20361201                                               360
16775379                                16775379                  AUGUSTA                                               GA                                   30907                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16612798                                16612798                  Glendale                                              AZ                                   85310                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16612854                                16612854                  DACULA                                                GA                                   30019                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16612906                                16612906                  OXFORD                                                GA                                   30054                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16650402                                16650402                  Tyler                                                 TX                                   75708                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16774946                                16774946                  RICHLAND                                              TX                                   76118                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361201                                               360
16774954                                16774954                  SAN ANTONIO                                           TX                                   78233                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16774969                                16774969                  ABERDEEN                                              MD                                   21001                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20470101                                               360
16775056                                16775056                  HUNTINGTON PARK                                       CA                                   90255                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16775057                                16775057                  MANSFIELD                                             TX                                   76063                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16775078                                16775078                  DIAMOND                                               CA                                   92704                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16784763                                16784763                  Tuolumne                                              CA                                   95379                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16780948                                16780948                  Des Moines                                            IA                                   50314                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16772602                                16772602                  Placerville                                           CA                                   95667                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16772616                                16772616                  SPRING                                                TX                                   77386                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16772661                                16772661                  COLMA                                                 CA                                   94014                  2-4 Family                                                              8.625                           0.25                       0                       0.012                                            8.363                               20361101                                               360
16772665                                16772665                  HESPERIA                                              CA                                   92395                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16772696                                16772696                  TORRANCE                                              CA                                   90501                  2-4 Family                                                              7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16772267                                16772267                  INGLEWOOD                                             CA                                   90301                  2-4 Family                                                               6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16772377                                16772377                  SANTA ROSA                                            CA                                   95404                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16772452                                16772452                  SUISUN CITY                                           CA                                   94585                  Single Family                                                           6.125                           0.25                       0                       0.012                                            5.863                               20361201                                               360
16772518                                16772518                  PHOENIX                                               AZ                                   85085                  PUD                                                                      6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16772529                                16772529                  NEW BRAUNFELS                                         TX                                   78130                  Single Family                                                            7.25                           0.25                    0.54                       0.012                                            6.448                               20361201                                               360
16771900                                16771900                  Brownsville                                           TX                                   78520                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16771957                                16771957                  PALM BAY                                              FL                                   32909                  Single Family                                                           6.125                           0.25                       0                       0.012                                            5.863                               20470101                                               360
16772015                                16772015                  ALAMO                                                 TX                                   78516                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16772068                                16772068                  Las Vegas                                             NV                                   89122                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16771711                                16771711                  HALTOM CITY                                           TX                                   76117                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16771730                                16771730                  MCKINLEYVILLE                                         CA                                   95519                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16771748                                16771748                  PHOENIX                                               AZ                                   85085                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16771752                                16771752                  WILLOW CREEK                                          CA                                   95573                  Single Family                                                             8.5                           0.25                    0.47                       0.012                                            7.768                               20361201                                               360
16771773                                16771773                  SCOTTSDALE                                            AZ                                   85250                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16771781                                16771781                  OWINGS                                                MD                                   20736                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16771803                                16771803                  Arp                                                   TX                                   75750                  2-4 Family                                                                8.5                           0.25                    0.58                       0.012                                            7.658                               20361201                                               360
16771827                                16771827                  HOUSTON                                               TX                                   77065                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16770842                                16770842                  TULARE                                                CA                                   93274                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16770853                                16770853                  ALBUQUERQUE                                           NM                                   87110                  PUD                                                                         8                           0.25                    0.61                       0.012                                            7.128                               20361001                                               360
16770856                                16770856                  ALBUQUERQUE                                           NM                                   87110                  Single Family                                                           8.625                           0.25                    0.65                       0.012                                            7.713                               20361201                                               360
16770861                                16770861                  GOODYEAR                                              AZ                                   85338                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16770868                                16770868                  MOODY                                                 AL                                   35004                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16770893                                16770893                  San Miguel                                            CA                                   93451                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16770917                                16770917                  Upper Marlboro                                        MD                                   20772                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16770937                                16770937                  Castle Rock                                           WA                                   98611                  Single Family                                                            7.75                           0.25                     1.1                       0.012                                            6.388                               20461201                                               360
16770945                                16770945                  Brookings                                             OR                                   97415                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16771000                                16771000                  PARKTON                                               NC                                   28371                  Single Family                                                            8.25                           0.25                    1.19                       0.012                                            6.798                               20361201                                               360
16771021                                16771021                  LAGRANGE                                              GA                                   30240                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16771057                                16771057                  PHOENIX                                               AZ                                   85032                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16771077                                16771077                  VIRGINIA BEACH                                        VA                                   23455                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16768125                                16768125                  FORNEY                                                TX                                   75126                  PUD                                                                     8.125                           0.25                       0                       0.012                                            7.863                               20361201                                               360
16768193                                16768193                  TOLLESON                                              AZ                                   85353                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16768213                                16768213                  Converse                                              TX                                   78109                  PUD                                                                     7.125                           0.25                    0.57                       0.012                                            6.293                               20361201                                               360
16768216                                16768216                  BOULDER                                               CO                                   80305                  Condominium                                                             6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16768224                                16768224                  WINGATE                                               NC                                   28174                  Single Family                                                           7.375                           0.25                    0.57                       0.012                                            6.543                               20361201                                               360
16768247                                16768247                  CO SPGS                                               CO                                   80915                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16768252                                16768252                  WILLIS                                                TX                                   77318                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16768288                                16768288                  HOUSTON                                               TX                                   77091                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16768351                                16768351                  Lubbock                                               TX                                   79407                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16768411                                16768411                  MARICOPA                                              AZ                                   85239                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16768430                                16768430                  Hot Springs Village                                   AR                                   71909                  PUD                                                                      8.25                           0.25                    0.77                       0.012                                            7.218                               20361201                                               360
16768442                                16768442                  LAKE FOREST                                           CA                                   92630                  Condominium                                                             6.875                           0.25                       0                       0.012                                            6.613                               20461201                                               360
16768476                                16768476                  SOQUEL                                                CA                                   95073                  2-4 Family                                                              6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16768482                                16768482                  BOSTON                                                MA                                    2124                  Condominium                                                             9.875                           0.25                    1.33                       0.012                                            8.283                               20361201                                               360
16770752                                16770752                  KNEELAND                                              CA                                   95549                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16770783                                16770783                  MAPLEWOOD                                             MN                                   55119                  Condominium                                                             7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16770797                                16770797                  Williamsburg                                          VA                                   23185                  Single Family                                                           8.375                           0.25                    1.19                       0.012                                            6.923                               20361201                                               360
16768061                                16768061                  Kingman                                               AZ                                   86401                  Single Family                                                           8.725                           0.25                    0.47                       0.012                                            7.993                               20361101                                               360
16767997                                16767997                  White Plains                                          NY                                   10606                  2-4 Family                                                               7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16768022                                16768022                  Dundee                                                FL                                   33838                  PUD                                                                     8.125                           0.25                       0                       0.012                                            7.863                               20361201                                               360
16765575                                16765575                  CRESTON                                               WY                                   82301                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16765581                                16765581                  Youngtown                                             AZ                                   85363                  PUD                                                                       7.5                           0.25                    0.48                       0.012                                            6.758                               20361201                                               360
16765582                                16765582                  PEORIA                                                AZ                                   85382                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16765632                                16765632                  Romeoville                                            IL                                   60446                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16765641                                16765641                  Annapolis                                             MD                                   21401                  Condominium                                                             8.875                           0.25                    1.71                       0.012                                            6.903                               20361201                                               360
16765642                                16765642                  Romeoville                                            IL                                   60446                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16767832                                16767832                  WOBURN                                                MA                                    1801                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16767848                                16767848                  BARTLETT                                              TN                                   38135                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16767876                                16767876                  INDIAN HEAD                                           MD                                   20640                  Condominium                                                             6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16767895                                16767895                  Arcadia                                               CA                                   91006                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16767903                                16767903                  Westland                                              MI                                   48186                  2-4 Family                                                              8.625                           0.25                       0                       0.012                                            8.363                               20361201                                               360
16767912                                16767912                  Midlothian                                            TX                                   76065                  Single Family                                                               8                           0.25                    0.71                       0.012                                            7.028                               20361201                                               360
16767913                                16767913                  California City                                       CA                                   93505                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16765356                                16765356                  Santa Barbara                                         CA                                   93103                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16765438                                16765438                  Anthem                                                AZ                                   85086                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16765525                                16765525                  CLEBURNE                                              TX                                   76033                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361201                                               360
16765252                                16765252                  Winter Garden                                         FL                                   34787                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20461201                                               360
16765309                                16765309                  FORT MYERS                                            FL                                   33913                  Condominium                                                               7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16765192                                16765192                  E Providence                                          RI                                    2915                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16765199                                16765199                  HIGHTSTOWN                                            NJ                                    8520                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16765124                                16765124                  Oyster Bay                                            NY                                   11771                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16765134                                16765134                  Allentown                                             PA                                   18109                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16765094                                16765094                  TEMPE                                                 AZ                                   85282                  Single Family                                                             7.5                           0.25                    0.65                       0.012                                            6.588                               20361201                                               360
16765111                                16765111                  TAMPA                                                 FL                                   33647                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16732072                                16732072                  MOUNTAINSIDE                                          NJ                                    7092                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16732105                                16732105                  EL MONTE                                              CA                                   91731                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16732011                                16732011                  San Antonio                                           TX                                   78240                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16721808                                16721808                  Leonard                                               MI                                   48367                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16719154                                16719154                  Dallas                                                TX                                   75236                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16721743                                16721743                  TAKOMA PARK                                           MD                                   20912                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20461101                                               360
16721766                                16721766                  MIAMI                                                 FL                                   33176                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16719057                                16719057                  Santa Rosa                                            CA                                   95404                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16718528                                16718528                  BOYNTON BEACH                                         FL                                   33436                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16718585                                16718585                  FLOWER MOUND                                          TX                                   75028                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20470101                                               360
16718979                                16718979                  SHERMAN                                               TX                                   75092                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361201                                               360
16718742                                16718742                  TITUSVILLE                                            FL                                   32796                  Single Family                                                           8.625                           0.25                       0                       0.012                                            8.363                               20361101                                               360
16718756                                16718756                  CHARLESTON                                            SC                                   29418                  Single Family                                                           8.125                           0.25                    0.65                       0.012                                            7.213                               20361201                                               360
16718803                                16718803                  TAYLORS                                               SC                                   29687                  Single Family                                                           8.625                           0.25                    1.18                       0.012                                            7.183                               20361201                                               360
16718932                                16718932                  Miami Lakes                                           FL                                   33016                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16718402                                16718402                  LAS VEGAS                                             NV                                   89104                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16718343                                16718343                  Peru                                                  IN                                   46970                  PUD                                                                     8.625                           0.25                    1.12                       0.012                                            7.243                               20361101                                               360
16718374                                16718374                  MATTHEWS                                              NC                                   28104                  Townhouse                                                               6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16718375                                16718375                  Lucerne                                               CA                                   95458                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16718268                                16718268                  DETROIT                                               MI                                   48125                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361201                                               360
16718298                                16718298                  GOODYEAR                                              AZ                                   85338                  PUD                                                                      7.75                           0.25                    0.65                       0.012                                            6.838                               20361201                                               360
16717669                                16717669                  RICE                                                  MN                                   56367                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20360801                                               360
16717672                                16717672                  ALTON                                                 IL                                   62002                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16717675                                16717675                  Detroit                                               MI                                   48227                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16717734                                16717734                  The Woodlands                                         TX                                   77380                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361201                                               360
16717741                                16717741                  SANTA ANA                                             CA                                   92705                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20461201                                               360
16717766                                16717766                  Hermosa Beach                                         CA                                   90254                  Condominium                                                              6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16717834                                16717834                  Peru                                                  IN                                   46970                  Townhouse                                                                   7                           0.25                    1.34                       0.012                                            5.398                               20361201                                               360
16718144                                16718144                  Dundalk                                               MD                                   21222                  2-4 Family                                                                  9                           0.25                    1.12                       0.012                                            7.618                               20361201                                               360
16717496                                16717496                  PUYALLUP                                              WA                                   98374                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16717560                                16717560                  FRESNO                                                CA                                   93725                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16717573                                16717573                  Nahunta                                               GA                                   31553                  Single Family                                                           8.875                           0.25                    0.88                       0.012                                            7.733                               20361101                                               360
16717617                                16717617                  Kelso                                                 WA                                   98626                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16717620                                16717620                  RICE                                                  MN                                   56367                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20360901                                               360
16717239                                16717239                  SAN ANTONIO                                           TX                                   78260                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16717252                                16717252                  Murrells Inlet                                        SC                                   29576                  Condominium                                                              6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16717261                                16717261                  Hampton                                               GA                                   30228                  PUD                                                                     9.175                           0.25                    0.96                       0.012                                            7.953                               20361101                                               360
16717375                                16717375                  Medford                                               NY                                   11763                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16717389                                16717389                  Houston                                               TX                                   77053                  PUD                                                                      8.75                           0.25                       0                       0.012                                            8.488                               20361201                                               360
16717407                                16717407                  Riverview                                             FL                                   33569                  Condominium                                                             6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16717416                                16717416                  SAN ANTONIO                                           TX                                   78228                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16717430                                16717430                  PARLIER                                               CA                                   93648                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20461101                                               360
16717439                                16717439                  APOPKA                                                FL                                   32712                  PUD                                                                      8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16717448                                16717448                  SAN ANTONIO                                           TX                                   78227                  2-4 Family                                                              8.625                           0.25                       0                       0.012                                            8.363                               20361101                                               360
16717483                                16717483                  SPARTANBURG                                           SC                                   29301                  Single Family                                                               8                           0.25                    0.63                       0.012                                            7.108                               20361201                                               360
16715161                                16715161                  Bremen                                                GA                                   30110                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361101                                               360
16715196                                16715196                  West Des Moines                                       IA                                   50265                  Single Family                                                            7.25                           0.25                    0.65                       0.012                                            6.338                               20361201                                               360
16715211                                16715211                  Orlando                                               FL                                   32835                  Condominium                                                             6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16715251                                16715251                  Jersey City                                           NJ                                    7302                  Condominium                                                              7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16715310                                16715310                  Hopkins                                               SC                                   29061                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16717150                                16717150                  Hallandale Beach                                      FL                                   33009                  Hi-Rise Condo                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361201                                               360
16717162                                16717162                  MIDDLEBURG                                            VA                                   20117                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16714083                                16714083                  San Antonio                                           TX                                   78251                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16714180                                16714180                  greensboro                                            NC                                   27406                  Single Family                                                            8.25                           0.25                    0.62                       0.012                                            7.368                               20361101                                               360
16714186                                16714186                  Newport News                                          VA                                   23608                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16714699                                16714699                  Raleigh                                               NC                                   27603                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16715112                                16715112                  Burtonsville                                          MD                                   20866                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16714719                                16714719                  HUMBLE                                                TX                                   77396                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16714742                                16714742                  Newton                                                MA                                    2461                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16714743                                16714743                  Bel Air                                               MD                                   21014                  Townhouse                                                               7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16714746                                16714746                  Plano                                                 TX                                   75074                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16714811                                16714811                  MANASSAS                                              VA                                   20109                  PUD                                                                     8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16714817                                16714817                  CHICAGO                                               IL                                   60624                  2-4 Family                                                              8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16714828                                16714828                  LAS VEGAS                                             NV                                   89110                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361001                                               360
16714850                                16714850                  Rice                                                  MN                                   53367                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20360801                                               360
16714881                                16714881                  LAWRENCE                                              PA                                   15055                  Townhouse                                                               6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16714920                                16714920                  WATSONVILLE                                           CA                                   95076                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16714921                                16714921                  GLENDALE                                              AZ                                   85306                  Single Family                                                            7.75                           0.25                    0.44                       0.012                                            7.048                               20361101                                               360
16713935                                16713935                  ATLANTA                                               GA                                   30344                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16713973                                16713973                  Houston                                               TX                                   77040                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16713984                                16713984                  SPRINGVILLE                                           AL                                   35146                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361201                                               360
16713729                                16713729                  FALL RIVER                                            MA                                    2724                  Single Family                                                           8.375                           0.25                    1.13                       0.012                                            6.983                               20361201                                               360
16713775                                16713775                  ROUND HILL                                            VA                                   20141                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16713524                                16713524                  Leander                                               TX                                   78641                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361201                                               360
16713547                                16713547                  Schertz                                               TX                                   78154                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16713581                                16713581                  Houston                                               TX                                   77095                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20461201                                               360
16713709                                16713709                  ORLANDO                                               FL                                   32818                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16713716                                16713716                  Martinez                                              GA                                   30907                  PUD                                                                       7.5                           0.25                    1.16                       0.012                                            6.078                               20361101                                               360
16713726                                16713726                  RICHMOND                                              VA                                   23231                  Single Family                                                           8.625                           0.25                    1.11                       0.012                                            7.253                               20361201                                               360
16711093                                16711093                  Fort Worth                                            TX                                   76107                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16711104                                16711104                  Mansfield                                             TX                                   76063                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16711123                                16711123                  CHESAPEAKE                                            VA                                   23324                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16711186                                16711186                  Saint Cloud                                           FL                                   34773                  Condominium                                                              6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16711196                                16711196                  Redmond                                               WA                                   98053                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16711258                                16711258                  HAMPTON                                               GA                                   30228                  Single Family                                                           9.875                           0.25                    1.34                       0.012                                            8.273                               20361201                                               360
16710862                                16710862                  ATLANTA                                               GA                                   30318                  Single Family                                                               9                           0.25                       0                       0.012                                            8.738                               20361101                                               360
16710873                                16710873                  Saint Leonard                                         MD                                   20685                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16710918                                16710918                  Bakersfield                                           CA                                   93313                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16710948                                16710948                  WASHINGTON                                            DC                                   20018                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20461101                                               360
16710988                                16710988                  TULSA                                                 OK                                   74132                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16711039                                16711039                  North Wales                                           PA                                   19454                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16711044                                16711044                  ORLANDO                                               FL                                   32829                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16711066                                16711066                  Arlington                                             TX                                   76014                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16710150                                16710150                  Orlando                                               FL                                   32827                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16710788                                16710788                  CHARLOTTE                                             NC                                   28216                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16710205                                16710205                  Gainesville                                           TX                                   76240                  Single Family                                                            8.75                           0.25                    0.96                       0.012                                            7.528                               20361201                                               360
16709494                                16709494                  MANCHESTER                                            NH                                    3103                  2-4 Family                                                               7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16709500                                16709500                  EASTON                                                OH                                   44270                  Single Family                                                           7.375                           0.25                     0.6                       0.012                                            6.513                               20361101                                               360
16709598                                16709598                  FRESNO                                                CA                                   93705                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16709612                                16709612                  FRESNO                                                CA                                   93705                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16709614                                16709614                  AKRON                                                 OH                                   44321                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16709619                                16709619                  FRESNO                                                CA                                   93722                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16709631                                16709631                  FRESNO                                                CA                                   93705                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16709636                                16709636                  FRESNO                                                CA                                   93705                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16709640                                16709640                  FRESNO                                                CA                                   93727                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16709642                                16709642                  FRESNO                                                CA                                   93705                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16709648                                16709648                  FRESNO                                                CA                                   93720                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16709652                                16709652                  Euless                                                TX                                   76039                  Single Family                                                            7.75                           0.25                    0.71                       0.012                                            6.778                               20361201                                               360
16709723                                16709723                  Joliet                                                IL                                   60432                  PUD                                                                     8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16709742                                16709742                  AUGUSTA                                               GA                                   30909                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16709770                                16709770                  Owings Mills                                          MD                                   21117                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16708165                                16708165                  ROY                                                   UT                                   84067                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16709806                                16709806                  COMFORT                                               TX                                   78013                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361201                                               360
16709846                                16709846                  San Bernardino                                        CA                                   92404                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16709867                                16709867                  San Antonio                                           TX                                   78256                  Single Family                                                           6.125                           0.25                       0                       0.012                                            5.863                               20361201                                               360
16709877                                16709877                  Wesley Chapel                                         FL                                   33544                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16708256                                16708256                  Dallas                                                TX                                   75216                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361201                                               360
16709887                                16709887                  MABLETON                                              GA                                   30126                  PUD                                                                      8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16709895                                16709895                  EL MONTE                                              CA                                   91731                  2-4 Family                                                               6.25                           0.25                       0                       0.012                                            5.988                               20361101                                               360
16709900                                16709900                  DELAND                                                FL                                   32720                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16709904                                16709904                  Dallas                                                TX                                   75202                  Condominium                                                             8.625                           0.25                       0                       0.012                                            8.363                               20361201                                               360
16709949                                16709949                  MARKHAM                                               IL                                   60426                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16709981                                16709981                  TONTO BASIN                                           AZ                                   85553                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16709984                                16709984                  LOS ANGELES                                           CA                                   90062                  2-4 Family                                                                7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16709987                                16709987                  GOODYEAR                                              AZ                                   85338                  PUD                                                                      5.75                           0.25                       0                       0.012                                            5.488                               20361101                                               360
16710012                                16710012                  SOMERTON                                              AZ                                   85350                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16708348                                16708348                  FAYETTEVILLE                                          AR                                   72701                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16706860                                16706860                  Brooksville                                           FL                                   34604                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16706869                                16706869                  Dallas                                                TX                                   75219                  Condominium                                                               8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16706916                                16706916                  Mountain House                                        CA                                   95391                  Single Family                                                            6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16706938                                16706938                  CHICAGO                                               IL                                   60639                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16706967                                16706967                  SAN DIEGO                                             CA                                   92104                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16706968                                16706968                  LAS VEGAS                                             NV                                   89101                  Condominium                                                             8.375                           0.25                    0.62                       0.012                                            7.493                               20361101                                               360
16706998                                16706998                  HOFFMAN EST                                           IL                                   60194                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20470101                                               360
16707031                                16707031                  Kennebec                                              ME                                    4345                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361201                                               360
16707037                                16707037                  Lawrenceville                                         GA                                   30044                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16707054                                16707054                  Providence Forge                                      VA                                   23140                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16707120                                16707120                  Las Vegas                                             NV                                   89122                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16707150                                16707150                  HUNTINGTON BEACH                                      CA                                   92648                  Condominium                                                             6.375                           0.25                       0                       0.012                                            6.113                               20360901                                               360
16707760                                16707760                  YORKTOWN                                              TX                                   78164                  2-4 Family                                                              7.875                           0.25                       0                       0.012                                            7.613                               20360801                                               360
16707804                                16707804                  Deland                                                FL                                   32724                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16707843                                16707843                  CRANBERRY TWP                                         PA                                   16066                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16707886                                16707886                  WINNSBORO                                             SC                                   29180                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16707894                                16707894                  MESA                                                  AZ                                   85205                  PUD                                                                     7.125                           0.25                    0.73                       0.012                                            6.133                               20361101                                               360
16707930                                16707930                  Lexington Park                                        MD                                   20653                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16706721                                16706721                  Spokane                                               WA                                   99202                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16706758                                16706758                  Winter Park                                           FL                                   32789                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16706794                                16706794                  Springfield                                           VA                                   22153                  Townhouse                                                                7.75                           0.25                    0.51                       0.012                                            6.978                               20361101                                               360
16704435                                16704435                  Jacksonville                                          FL                                   32218                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16704456                                16704456                  SAN ANTONIO                                           TX                                   78247                  PUD                                                                     7.875                           0.25                    0.77                       0.012                                            6.843                               20361201                                               360
16704457                                16704457                  MOUNT RAINIER                                         MD                                   20712                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16704488                                16704488                  Riverdale                                             GA                                   30296                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16704492                                16704492                  Naples                                                FL                                   34119                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20360801                                               360
16704496                                16704496                  Chattanooga                                           TN                                   37407                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361001                                               360
16704498                                16704498                  East Ridge                                            TN                                   37412                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361001                                               360
16704499                                16704499                  East Ridge                                            TN                                   37412                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16704500                                16704500                  Rossville                                             GA                                   30741                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361001                                               360
16704504                                16704504                  Alva                                                  FL                                   33920                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16704508                                16704508                  Fort Worth                                            TX                                   76104                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16704516                                16704516                  Pensacola Beach                                       FL                                   32561                  Hi-Rise Condo                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16704537                                16704537                  PEORIA                                                AZ                                   85345                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16704552                                16704552                  La Salle                                              CO                                   80645                  Single Family                                                           7.875                           0.25                    0.57                       0.012                                            7.043                               20361101                                               360
16704562                                16704562                  Mesquite                                              TX                                   75150                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16704580                                16704580                  Garland                                               TX                                   75043                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16706557                                16706557                  Windermere                                            FL                                   34786                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16706570                                16706570                  RANCHO CUCAMONGA                                      CA                                   91739                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16706593                                16706593                  Brooksville                                           FL                                   34613                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361101                                               360
16706418                                16706418                  Berea                                                 OH                                   44017                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16706438                                16706438                  Miami                                                 FL                                   33175                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20461201                                               360
16706445                                16706445                  SACRAMENTO                                            CA                                   95829                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16706461                                16706461                  GREENVILLE                                            TX                                   75401                  Single Family                                                           8.875                           0.25                     0.7                       0.012                                            7.913                               20361001                                               360
16706463                                16706463                  GREENVILLE                                            TX                                   75401                  Single Family                                                           8.875                           0.25                     0.7                       0.012                                            7.913                               20361001                                               360
16706470                                16706470                  Macon                                                 GA                                   31206                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16706473                                16706473                  Ellenwood                                             GA                                   30294                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16706479                                16706479                  Flowery Branch                                        GA                                   30542                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16706487                                16706487                  Houston                                               TX                                   77033                  2-4 Family                                                              8.625                           0.25                       0                       0.012                                            8.363                               20361201                                               360
16706490                                16706490                  Houston                                               TX                                   77033                  2-4 Family                                                              8.625                           0.25                       0                       0.012                                            8.363                               20361101                                               360
16706507                                16706507                  CANTON                                                TX                                   75103                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16704048                                16704048                  ORMOND BEACH                                          FL                                   32174                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16704072                                16704072                  Houston                                               TX                                   77053                  PUD                                                                     8.625                           0.25                    1.02                       0.012                                            7.343                               20361201                                               360
16704177                                16704177                  HOUSTON                                               TX                                   77004                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16704286                                16704286                  Saint Louis                                           MO                                   63146                  Single Family                                                           7.875                           0.25                    1.01                       0.012                                            6.603                               20361101                                               360
16704338                                16704338                  Ocala                                                 FL                                   34474                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16704356                                16704356                  CATASAUQUA                                            PA                                   18032                  2-4 Family                                                               8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16704375                                16704375                  Chiloquin                                             OR                                   97624                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16704378                                16704378                  San Bernardino                                        CA                                   92404                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20461101                                               360
16704406                                16704406                  WOODSTOCK                                             GA                                   30189                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16697910                                16697910                  GREENSBURG                                            KY                                   42743                  Single Family                                                             7.5                           0.25                    0.52                       0.012                                            6.718                               20361101                                               360
16697704                                16697704                  YUMA                                                  AZ                                   85364                  Single Family                                                           6.375                           0.25                    0.37                       0.012                                            5.743                               20361101                                               360
16697743                                16697743                  North Las Vegas                                       NV                                   89084                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16697813                                16697813                  Boynton Beach                                         FL                                   33426                  Condominium                                                               7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16695633                                16695633                  MIAMI GARDENS                                         FL                                   33169                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16695653                                16695653                  EVANS                                                 CO                                   80620                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16695661                                16695661                  SANFORD                                               FL                                   32771                  Condominium                                                                 6                           0.25                       0                       0.012                                            5.738                               20361101                                               360
16695665                                16695665                  WALKER                                                LA                                   70785                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16695669                                16695669                  KISSIMMEE                                             FL                                   34744                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16695676                                16695676                  COMMERCE CITY                                         CO                                   80022                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16695522                                16695522                  CHICAGO                                               IL                                   60610                  Condominium                                                             8.875                           0.25                       0                       0.012                                            8.613                               20360801                                               360
16695531                                16695531                  TEMPE                                                 AZ                                   85281                  Condominium                                                             7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16695542                                16695542                  ALBUQUERQUE                                           NM                                   87114                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16695555                                16695555                  LAKE ELSINORE                                         CA                                   92532                  Condominium                                                             6.875                           0.25                       0                       0.012                                            6.613                               20360801                                               360
16695563                                16695563                  KAPOLEI                                               HI                                   96707                  PUD                                                                      6.25                           0.25                       0                       0.012                                            5.988                               20361001                                               360
16695567                                16695567                  CHINO                                                 CA                                   91710                  Condominium                                                              6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16695570                                16695570                  FORT WORTH                                            TX                                   76248                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16695572                                16695572                  CASTLE ROCK                                           CO                                   80108                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16695576                                16695576                  ORLANDO                                               FL                                   32827                  Condominium                                                              6.25                           0.25                       0                       0.012                                            5.988                               20361001                                               360
16695590                                16695590                  PHOENIX                                               AZ                                   85032                  Condominium                                                             6.375                           0.25                       0                       0.012                                            6.113                               20361001                                               360
16695601                                16695601                  LAS VEGAS                                             NV                                   89123                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16695603                                16695603                  PHOENIX                                               AZ                                   85022                  Condominium                                                             6.375                           0.25                       0                       0.012                                            6.113                               20361001                                               360
16695611                                16695611                  RIO RANCHO                                            NM                                   87144                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16695614                                16695614                  RIVIERA BEACH                                         FL                                   33404                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16695626                                16695626                  BURLESON                                              TX                                   76028                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16673622                                16673622                  LAS VEGAS                                             NV                                   89108                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16673628                                16673628                  JOLIET                                                IL                                   60431                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16673641                                16673641                  BEAUMONT                                              CA                                   92223                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361001                                               360
16673645                                16673645                  LAS VEGAS                                             NV                                   89149                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16673659                                16673659                  JACKSONVILLE                                          FL                                   32244                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16673661                                16673661                  NORTH LAS VEGAS                                       NV                                   89081                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16673669                                16673669                  LANCASTER                                             CA                                   93536                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361001                                               360
16673677                                16673677                  LAS VEGAS                                             NV                                   89131                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361001                                               360
16673682                                16673682                  GOODYEAR                                              AZ                                   85338                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16634799                                16634799                  Charlotte                                             NC                                   28273                  PUD                                                                     8.625                           0.25                    0.47                       0.012                                            7.893                               20361001                                               360
16709384                                16709384                  Mcallen                                               TX                                   78504                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16685549                                16685549                  Auburn                                                WA                                   98002                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20461101                                               360
16780545                                16780545                  Truth Or Consequences                                 NM                                   87901                  Single Family                                                            8.75                           0.25                    1.32                       0.012                                            7.168                               20361201                                               360
16778141                                16778141                  Washington                                            DC                                   20002                  Townhouse                                                                9.25                           0.25                       0                       0.012                                            8.988                               20361201                                               360
16776310                                16776310                  Dumfries                                              VA                                   22025                  Townhouse                                                               7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16776341                                16776341                  Harlingen                                             TX                                   78552                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361201                                               360
16767481                                16767481                  Mission                                               TX                                   78572                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16767500                                16767500                  Pearland                                              TX                                   77581                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16773156                                16773156                  Phoenix                                               AZ                                   85018                  Single Family                                                            9.25                           0.25                       0                       0.012                                            8.988                               20361201                                               360
16773081                                16773081                  Parker                                                CO                                   80138                  Single Family                                                            6.25                           0.25                       0                       0.012                                            5.988                               20461201                                               360
16731229                                16731229                  Stockton                                              CA                                   95204                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16765021                                16765021                  Johnstown                                             CO                                   80534                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20461201                                               360
16730339                                16730339                  Winchester                                            VA                                   22602                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16731346                                16731346                  Milwaukee                                             WI                                   53214                  2-4 Family                                                                8.5                           0.25                    1.34                       0.012                                            6.898                               20361201                                               360
16730413                                16730413                  North Las Vegas                                       NV                                   89081                  Single Family                                                           8.375                           0.25                    0.63                       0.012                                            7.483                               20361201                                               360
16731755                                16731755                  HYATTSVILLE                                           MD                                   20784                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361001                                               360
16731776                                16731776                  ALLENSVILLE                                           OH                                   45651                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20360901                                               360
16731837                                16731837                  PARK FOREST                                           IL                                   60466                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361201                                               360
16731881                                16731881                  Nashville                                             TN                                   37208                  2-4 Family                                                                7.5                           0.25                    1.15                       0.012                                            6.088                               20361101                                               360
16731884                                16731884                  Arlington                                             TX                                   76011                  Condominium                                                             8.625                           0.25                    1.28                       0.012                                            7.083                               20361201                                               360
16731794                                16731794                  GLOUCESTER                                            MA                                    1930                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16730237                                16730237                  Thornton                                              CO                                   80241                  Single Family                                                               8                           0.25                    0.82                       0.012                                            6.918                               20461201                                               360
16730049                                16730049                  GOODYEAR                                              AZ                                   85338                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16728005                                16728005                  Alpharetta                                            GA                                   30004                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16728212                                16728212                  HOUSTON                                               TX                                   77083                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16643834                                16643834                  Wellington                                            FL                                   33414                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16656147                                16656147                  Desoto                                                TX                                   75115                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16770898                                16770898                  NEW ORLEANS                                           LA                                   70130                  2-4 Family                                                                  8                           0.25                       0                       0.012                                            7.738                               20361001                                               360
16658576                                16658576                  CAMPBELLSVILLE                                        KY                                   42718                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16658526                                16658526                  Naples                                                FL                                   34120                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16658561                                16658561                  PHENIX CITY                                           AL                                   36869                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16658464                                16658464                  CHARLOTTE                                             NC                                   28262                  PUD                                                                      6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16658491                                16658491                  Miami Gardens                                         FL                                   33015                  Condominium                                                             9.125                           0.25                    1.31                       0.012                                            7.553                               20461001                                               360
16658501                                16658501                  ATLANTA                                               GA                                   30354                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361001                                               360
16658446                                16658446                  GREELEY                                               CO                                   80631                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16658434                                16658434                  WOODBRIDGE                                            NJ                                    7095                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16658369                                16658369                  FREDERICKSBRG                                         VA                                   22401                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16656891                                16656891                  FT WORTH                                              TX                                   76248                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16656901                                16656901                  Riverside                                             CA                                   92507                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16656848                                16656848                  PFLUGERVILLE                                          TX                                   78660                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16656814                                16656814                  WINNECONNE                                            WI                                   54986                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16656828                                16656828                  CONCORD                                               NC                                   28027                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16656686                                16656686                  Melbourne                                             FL                                   32901                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361101                                               360
16803590                                16803590                  GERMANTOWN                                            MD                                   20876                  Condominium                                                              6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16801892                                16801892                  Surprise                                              AZ                                   85374                  PUD                                                                     6.625                           0.25                    0.72                       0.012                                            5.643                               20361201                                               360
16788889                                16788889                  Winter Haven                                          FL                                   33880                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16778514                                16778514                  Shreveport                                            LA                                   71107                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16771755                                16771755                  COLUMBIA                                              MD                                   21044                  PUD                                                                      7.25                           0.25                    0.49                       0.012                                            6.498                               20361201                                               360
16771992                                16771992                  PRINCE WILLIAM                                        VA                                   22193                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20360901                                               360
16765182                                16765182                  RICE                                                  MN                                   56367                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20360901                                               360
16731745                                16731745                  Charlotte                                             NC                                   28028                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20360901                                               360
16729374                                16729374                  WINSTON-SALEM                                         NC                                   27107                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361101                                               360
16729853                                16729853                  NEW ORLEANS                                           LA                                   70117                  2-4 Family                                                               8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16729917                                16729917                  WATERBURY                                             CT                                    6706                  2-4 Family                                                               10.5                           0.25                       0                       0.012                                           10.238                               20361001                                               360
16723948                                16723948                  Mansfield                                             OH                                   44905                  Single Family                                                           9.125                           0.25                       0                       0.012                                            8.863                               20361001                                               360
16722055                                16722055                  Seaford                                               VA                                   23696                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16718494                                16718494                  FLUSHING                                              NY                                   11365                  2-4 Family                                                                6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16713685                                16713685                  MANASSAS                                              VA                                   20112                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16713889                                16713889                  JACKSONVILLE                                          FL                                   32254                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16714078                                16714078                  Bluffton                                              SC                                   29909                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16714814                                16714814                  BRIGHTON                                              CO                                   80601                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20461201                                               360
16714951                                16714951                  MANSFIELD                                             CT                                    6268                  Single Family                                                           7.875                           0.25                    0.58                       0.012                                            7.033                               20361101                                               360
16715019                                16715019                  OGDEN                                                 UT                                   84403                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16717123                                16717123                  San Francisco                                         CA                                   94109                  2-4 Family                                                               6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16717125                                16717125                  Menlo Park                                            CA                                   94025                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16717127                                16717127                  Palo Alto                                             CA                                   94301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16717233                                16717233                  LEESBURG                                              VA                                   20175                  PUD                                                                      5.75                           0.25                       0                       0.012                                            5.488                               20361101                                               360
16717257                                16717257                  White Plains                                          NY                                   10603                  Single Family                                                           7.375                           0.25                    0.47                       0.012                                            6.643                               20361101                                               360
16708176                                16708176                  CLEMENTON                                             NJ                                    8021                  2-4 Family                                                               9.25                           0.25                       0                       0.012                                            8.988                               20361101                                               360
16708279                                16708279                  Lancaster                                             TX                                   75146                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16710200                                16710200                  Columbia                                              SC                                   29204                  Single Family                                                           9.375                           0.25                    0.94                       0.012                                            8.173                               20361001                                               360
16710960                                16710960                  MIAMI                                                 FL                                   33172                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16710976                                16710976                  Peckville                                             PA                                   18452                  Single Family                                                             9.5                           0.25                       0                       0.012                                            9.238                               20360901                                               360
16706558                                16706558                  Tampa                                                 FL                                   33618                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16707716                                16707716                  Stockbridge                                           GA                                   30281                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16704484                                16704484                  SANDY                                                 UT                                   84070                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16697789                                16697789                  Brooklyn                                              NY                                   11231                  2-4 Family                                                              6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16667186                                16667186                  Chattanooga                                           TN                                   37411                  2-4 Family                                                                  8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16658700                                16658700                  Prescott                                              AZ                                   86305                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16654195                                16654195                  SARASOTA                                              FL                                   34242                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16704363                                16704363                  Elgin                                                 IL                                   60124                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16680194                                16680194                  Palm Bay                                              FL                                   32907                  Single Family                                                            6.75                           0.25                    0.43                       0.012                                            6.058                               20360901                                               360
16672738                                16672738                  Greenwood                                             DE                                   19950                  Single Family                                                             8.5                           0.25                    0.37                       0.012                                            7.868                               20361101                                               360
16656551                                16656551                  Colorado Springs                                      CO                                   80916                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16646000                                16646000                  Hiawassee                                             GA                                   30546                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16803552                                16803552                  PARKER                                                CO                                   80134                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20461201                                               360
16658586                                16658586                  WATERFORD                                             MI                                   48327                  Condominium                                                              6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16695588                                16695588                  ALBUQUERQUE                                           NM                                   87121                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16695540                                16695540                  HUNTLEY                                               IL                                   60142                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16662124                                16662124                  CHICAGO                                               IL                                   60617                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20360901                                               360
16662218                                16662218                  JOPLIN                                                MO                                   64804                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16667148                                16667148                  CHATTANOOGA                                           TN                                   37404                  2-4 Family                                                                  8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16659140                                16659140                  CLEVELAND                                             OH                                   44105                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16667114                                16667114                  SAVANNAH                                              GA                                   31419                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16788756                                16788756                  CHAPEL HILL                                           NC                                   27517                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20360901                                               360
16711054                                16711054                  WALDORF                                               MD                                   20603                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16659114                                16659114                  Newnan                                                GA                                   30263                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16651481                                16651481                  COMMERCE CITY                                         CO                                   80022                  2-4 Family                                                              7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16692105                                16692105                  CHESTER                                               VA                                   23831                  PUD                                                                     8.375                           0.25                    1.19                       0.012                                            6.923                               20361101                                               360
16706931                                16706931                  HURST                                                 TX                                   76053                  Condominium                                                              8.25                           0.25                    1.23                       0.012                                            6.758                               20361101                                               360
16654368                                16654368                  HEMET                                                 CA                                   92544                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20360901                                               360
16710752                                16710752                  PARKER                                                CO                                   80134                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20461101                                               360
16723065                                16723065                  Miami                                                 FL                                   33169                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16634491                                16634491                  ARLINGTON                                             TX                                   76002                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16680274                                16680274                  FORT WORTH                                            TX                                   76179                  PUD                                                                       8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16634447                                16634447                  BALTIMORE                                             MD                                   21223                  2-4 Family                                                                  8                           0.25                       0                       0.012                                            7.738                               20461201                                               360
16768344                                16768344                  Candler                                               NC                                   28715                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16704491                                16704491                  SEATTLE                                               WA                                   98106                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16640938                                16640938                  HINESVILLE                                            GA                                   31313                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361001                                               360
16790706                                16790706                  Cocoa                                                 FL                                   32922                  Hi-Rise Condo                                                           7.125                           0.25                       0                       0.012                                            6.863                               20461201                                               360
16790771                                16790771                  Charlotte                                             NC                                   28210                  Condominium                                                              7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16790997                                16790997                  BELMONT SHORE                                         CA                                   90803                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16798431                                16798431                  Menlo Park                                            CA                                   94025                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16798445                                16798445                  Mt Pleasant                                           SC                                   29466                  Single Family                                                             7.5                           0.25                    0.92                       0.012                                            6.318                               20361201                                               360
16798951                                16798951                  Royal Oak                                             MI                                   48067                  Single Family                                                           8.625                           0.25                       0                       0.012                                            8.363                               20361201                                               360
16801866                                16801866                  Pearland                                              TX                                   77584                  PUD                                                                     7.375                           0.25                    0.47                       0.012                                            6.643                               20361201                                               360
16803802                                16803802                  South Beach                                           OR                                   97366                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16803944                                16803944                  Cambria                                               CA                                   93428                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16803978                                16803978                  Poway                                                 CA                                   92064                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16775572                                16775572                  MANASSAS                                              VA                                   20109                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16780748                                16780748                  MIAMI                                                 FL                                   33143                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361201                                               360
16788565                                16788565                  DETROIT                                               MI                                   48204                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361201                                               360
16788631                                16788631                  CHICAGO                                               IL                                   60646                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16788708                                16788708                  MACON                                                 NC                                   27551                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16788991                                16788991                  KETTERING                                             MD                                   20774                  PUD                                                                     8.625                           0.25                       0                       0.012                                            8.363                               20361201                                               360
16770762                                16770762                  Perris                                                CA                                   92570                  Single Family                                                            5.75                           0.25                       0                       0.012                                            5.488                               20361101                                               360
16771015                                16771015                  SILVER SPRING                                         MD                                   20906                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20461201                                               360
16774884                                16774884                  MIAMI                                                 FL                                   33165                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16774886                                16774886                  Oviedo                                                FL                                   32765                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20360901                                               360
16775075                                16775075                  PARAMOUNT                                             CA                                   90032                  Single Family                                                            6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16656669                                16656669                  Dallas                                                TX                                   75223                  2-4 Family                                                                8.5                           0.25                       0                       0.012                                            8.238                               20361001                                               360
16656573                                16656573                  SURPRISE                                              AZ                                   85388                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16656574                                16656574                  Corte Madera                                          CA                                   94925                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16656541                                16656541                  TULSA                                                 OK                                   74126                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16656439                                16656439                  Purcellville                                          VA                                   20132                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20461101                                               360
16656475                                16656475                  Chicago Heights                                       IL                                   60411                  Single Family                                                           8.375                           0.25                    0.62                       0.012                                            7.493                               20361101                                               360
16387140                                16387140                  Mc Donald                                             PA                                   15057                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20360901                                               360
16388941                                16388941                  Clermont                                              FL                                   34715                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20360801                                               360
16840295                                16840295                  San Diego                                             CA                                   92102                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16838826                                16838826                  WARNER ROBBINS                                        GA                                   31088                  Condominium                                                              8.25                           0.25                       0                       0.012                                            7.988                               20361201                                               360
16838904                                16838904                  BUCKEYE                                               AZ                                   85326                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16826558                                16826558                  COEUR D ALENE                                         ID                                   83815                  Single Family                                                           7.625                           0.25                    0.72                       0.012                                            6.643                               20361201                                               360
16826896                                16826896                  LA JUNTA                                              CO                                   81050                  Single Family                                                            7.25                           0.25                    0.55                       0.012                                            6.438                               20361201                                               360
16819646                                16819646                  DUBLIN                                                OH                                   43016                  Single Family                                                           6.125                           0.25                       0                       0.012                                            5.863                               20361201                                               360
16823679                                16823679                  QUEEN CREEK                                           AZ                                   85242                  PUD                                                                      5.75                           0.25                       0                       0.012                                            5.488                               20361201                                               360
16823681                                16823681                  LAS VEGAS                                             NV                                   89130                  PUD                                                                      5.75                           0.25                       0                       0.012                                            5.488                               20361201                                               360
16809470                                16809470                  Hampton                                               VA                                   23664                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16809514                                16809514                  HAMPTON                                               GA                                   30228                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16809523                                16809523                  NEW BERN                                              NC                                   28562                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16809545                                16809545                  OLD SAYBROOK                                          CT                                    6475                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16809623                                16809623                  GENEVA                                                FL                                   32732                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16809378                                16809378                  Sacramento                                            CA                                   95822                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16806760                                16806760                  Heartland                                             TX                                   75126                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16806935                                16806935                  Anchorage                                             AK                                   99502                  Townhouse                                                               6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16806945                                16806945                  Richmond                                              VA                                   23236                  PUD                                                                     7.375                           0.25                     0.4                       0.012                                            6.713                               20361201                                               360
16806952                                16806952                  Portland                                              OR                                   97216                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16807057                                16807057                  SCOTTSDALE                                            AZ                                   85262                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16807097                                16807097                  HOUSTON                                               TX                                   77084                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16807102                                16807102                  DALLAS                                                TX                                   75254                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16807114                                16807114                  ROWLETT                                               TX                                   75088                  PUD                                                                       8.5                           0.25                       0                       0.012                                            8.238                               20361201                                               360
16809290                                16809290                  NEW SMYRNA BEACH                                      FL                                   32169                  Condominium                                                              6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16804150                                16804150                  Fowlerville                                           MI                                   48836                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16803434                                16803434                  Kelseyville                                           CA                                   95451                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16801461                                16801461                  QUEEN CREEK                                           AZ                                   85242                  PUD                                                                         6                           0.25                       0                       0.012                                            5.738                               20361201                                               360
16801475                                16801475                  ORANGE                                                CA                                   92869                  Condominium                                                               8.5                           0.25                    1.01                       0.012                                            7.228                               20361201                                               360
16801492                                16801492                  ARLINGTON                                             TX                                   76016                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16801496                                16801496                  VERNAL                                                UT                                   84078                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16801500                                16801500                  JEFFERSONTOWN                                         KY                                   40299                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16801508                                16801508                  LEWISVILLE                                            TX                                   75067                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16801576                                16801576                  ATLANTA                                               GA                                   30315                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16801740                                16801740                  Tucson                                                AZ                                   85706                  Single Family                                                           7.625                           0.25                    0.57                       0.012                                            6.793                               20361201                                               360
16801743                                16801743                  Tuscumbia                                             AL                                   35674                  Single Family                                                            8.25                           0.25                    0.84                       0.012                                            7.148                               20361201                                               360
16801755                                16801755                  Show Low                                              AZ                                   85901                  PUD                                                                     6.875                           0.25                    0.63                       0.012                                            5.983                               20361201                                               360
16801784                                16801784                  FISH HAVEN                                            ID                                   83287                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16801791                                16801791                  TRENTON                                               NJ                                    8618                  Single Family                                                          10.875                           0.25                    0.87                       0.012                                            9.743                               20361201                                               360
16801795                                16801795                  LAS CRUCES                                            NM                                   88012                  Single Family                                                            8.25                           0.25                    0.79                       0.012                                            7.198                               20361001                                               360
16801937                                16801937                  Murrieta                                              CA                                   92562                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16801986                                16801986                  Grand Prairie                                         TX                                   75052                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16801991                                16801991                  Bordentown                                            NJ                                    8505                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16798643                                16798643                  MARTINEZ LAKE                                         AZ                                   85365                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16798687                                16798687                  CO SPGS                                               CO                                   80906                  Condominium                                                                 7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16798727                                16798727                  Houston                                               TX                                   77053                  PUD                                                                     8.375                           0.25                       0                       0.012                                            8.113                               20361201                                               360
16798732                                16798732                  REDLANDS                                              CA                                   92374                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16798513                                16798513                  CASSELBERRY                                           FL                                   32708                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20470101                                               360
16798530                                16798530                  MILWAUKEE                                             WI                                   53220                  Single Family                                                             7.5                           0.25                    0.86                       0.012                                            6.378                               20361201                                               360
16798618                                16798618                  HIDDEN VALLEY                                         PA                                   15502                  Condominium                                                                 8                           0.25                    0.52                       0.012                                            7.218                               20361201                                               360
16798207                                16798207                  WHITEWRIGHT                                           TX                                   75491                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16798220                                16798220                  LAS VEGAS                                             NV                                   89103                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16798337                                16798337                  Red Banks                                             MS                                   38661                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361201                                               360
16798425                                16798425                  Sacramento                                            CA                                   95831                  Single Family                                                           6.875                           0.25                    0.21                       0.012                                            6.403                               20361201                                               360
16798466                                16798466                  Visalia                                               CA                                   93291                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16549670                                16549670                  CLEVELAND HEIGHTS                                     OH                                   44121                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20360901                                               360
16656349                                16656349                  HOUSTON                                               TX                                   77075                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16656356                                16656356                  MESQUITE                                              TX                                   75149                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16656326                                16656326                  LITCHFIELD PARK                                       AZ                                   85340                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16656346                                16656346                  MARTINSVILLE                                          VA                                   24112                  2-4 Family                                                              8.875                           0.25                       0                       0.012                                            8.613                               20361101                                               360
16656245                                16656245                  SAINT LOUIS                                           MO                                   63110                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16656246                                16656246                  Riverview                                             FL                                   33569                  Condominium                                                             7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16656178                                16656178                  DANVILLE                                              CA                                   94526                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16656123                                16656123                  Honesdale                                             PA                                   18431                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16656145                                16656145                  MORENO VALLEY                                         CA                                   92555                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16378115                                16378115                  Fort Lauderdale                                       FL                                   33308                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20360801                                               360
16656098                                16656098                  NORTH RICHLAND HILLS                                  TX                                   76180                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16653966                                16653966                  POTTSBORO                                             TX                                   75076                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16653980                                16653980                  POTTSBORO                                             TX                                   75076                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16653986                                16653986                  PONTE VEDRA BEACH                                     FL                                   32082                  Condominium                                                             7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16653995                                16653995                  Orlando                                               FL                                   32819                  Condominium                                                             7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16654031                                16654031                  Orlando                                               FL                                   32828                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16654078                                16654078                  ZIONSVILLE                                            IN                                   46077                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16654185                                16654185                  SAN ANTONIO                                           TX                                   78249                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16654200                                16654200                  HUMBLE                                                TX                                   77338                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16654201                                16654201                  Dallas                                                TX                                   75248                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361101                                               360
16654205                                16654205                  HUMBLE                                                TX                                   77338                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16654217                                16654217                  Katy                                                  TX                                   77494                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16803475                                16803475                  RICHARDSON                                            TX                                   75080                  Single Family                                                           8.625                           0.25                       0                       0.012                                            8.363                               20361101                                               360
16654220                                16654220                  Kirkland                                              WA                                   98033                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16654232                                16654232                  Imperial                                              MO                                   63052                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16654270                                16654270                  Orlando                                               FL                                   32829                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16654409                                16654409                  PEARLAND                                              TX                                   77584                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16377427                                16377427                  Orange Park                                           FL                                   32065                  PUD                                                                     8.375                           0.25                       0                       0.012                                            8.113                               20360901                                               360
16653932                                16653932                  POTTSBORO                                             TX                                   75076                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16653788                                16653788                  NEWTON                                                PA                                   18940                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16651543                                16651543                  APPLETON CITY                                         MO                                   64724                  Single Family                                                           8.375                           0.25                    0.42                       0.012                                            7.693                               20361101                                               360
16651596                                16651596                  EAGAN                                                 MN                                   55123                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16651628                                16651628                  Orlando                                               FL                                   32822                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16651639                                16651639                  PORT CHARLOTTE                                        FL                                   33952                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16651292                                16651292                  SALINE                                                MI                                   48176                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16651318                                16651318                  Raleigh                                               NC                                   27616                  Townhouse                                                               9.375                           0.25                    0.82                       0.012                                            8.293                               20361101                                               360
16651336                                16651336                  BADIN                                                 NC                                   28009                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361001                                               360
16651365                                16651365                  ORANGE PARK                                           FL                                   32003                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16651371                                16651371                  NEW LONDON                                            NC                                   28127                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361001                                               360
16651454                                16651454                  UNIONDALE                                             NY                                   11553                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16651218                                16651218                  LOS ANGELES                                           CA                                   90020                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20460901                                               360
16651239                                16651239                  ROYAL OAK                                             MI                                   48067                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361001                                               360
16651250                                16651250                  ARVADA                                                CO                                   80003                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16651115                                16651115                  LONGS                                                 SC                                   29568                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361001                                               360
16651127                                16651127                  Douglasville                                          GA                                   30135                  PUD                                                                      7.25                           0.25                    0.77                       0.012                                            6.218                               20361001                                               360
16651167                                16651167                  Cedar Park                                            TX                                   78613                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16371878                                16371878                  Anthem                                                AZ                                   85086                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20360801                                               360
16659123                                16659123                  PARKER                                                CO                                   80134                  Condominium                                                                 7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16651312                                16651312                  FREDERICKSBRG                                         VA                                   22407                  PUD                                                                     8.125                           0.25                       0                       0.012                                            7.863                               20361001                                               360
16697608                                16697608                  Douglasville                                          GA                                   30134                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16697651                                16697651                  INDIANAPOLIS                                          IN                                   46219                  2-4 Family                                                              6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16697571                                16697571                  MILWAUKEE                                             WI                                   53209                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16697580                                16697580                  TUCSON                                                AZ                                   85706                  Single Family                                                             7.5                           0.25                    0.84                       0.012                                            6.398                               20361101                                               360
16697463                                16697463                  BARNEGAT                                              NJ                                    8005                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20461101                                               360
16697471                                16697471                  Cincinnati                                            OH                                   45236                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16697492                                16697492                  Oakland                                               CA                                   94611                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16697407                                16697407                  Brentwood                                             CA                                   94513                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16697409                                16697409                  Atlanta                                               GA                                   30331                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16697427                                16697427                  ORLANDO                                               FL                                   32803                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16697429                                16697429                  BRANDON                                               FL                                   33511                  Condominium                                                                 8                           0.25                       0                       0.012                                            7.738                               20360601                                               360
16696572                                16696572                  Charlotte                                             NC                                   28215                  Single Family                                                             8.5                           0.25                    0.39                       0.012                                            7.848                               20361001                                               360
16696620                                16696620                  AURORA                                                CO                                   80013                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16696520                                16696520                  Fayetteville                                          GA                                   30214                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16696352                                16696352                  Senoia                                                GA                                   30276                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16696357                                16696357                  DINUBA                                                CA                                   93618                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20461101                                               360
16696339                                16696339                  DOUGLASVILLE                                          GA                                   30134                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16696328                                16696328                  Anaheim                                               CA                                   92804                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16696288                                16696288                  PORTSMOUTH CITY                                       VA                                   23504                  2-4 Family                                                                7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16696274                                16696274                  Norfolk                                               VA                                   23513                  Townhouse                                                               7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16696278                                16696278                  Norfolk                                               VA                                   23504                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16696285                                16696285                  Norfolk                                               VA                                   23504                  2-4 Family                                                                7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16696256                                16696256                  Norfolk                                               VA                                   23513                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16696261                                16696261                  Norfolk                                               VA                                   23523                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16696262                                16696262                  Hilton Head Island                                    SC                                   29928                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16696264                                16696264                  SAN ANTONIO                                           TX                                   78249                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16696266                                16696266                  CHICAGO                                               IL                                   60609                  2-4 Family                                                               9.25                           0.25                       0                       0.012                                            8.988                               20361101                                               360
16696267                                16696267                  Norfolk                                               VA                                   23504                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16696202                                16696202                  ELK GROVE                                             CA                                   95758                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16696209                                16696209                  TEXARKANA                                             AR                                   71854                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16696151                                16696151                  NEWARK                                                NJ                                    7106                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16696159                                16696159                  CEDAR HILL                                            MO                                   63016                  PUD                                                                      9.75                           0.25                    1.19                       0.012                                            8.298                               20361001                                               360
16696181                                16696181                  STONE MOUNTAIN                                        GA                                   30087                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16696193                                16696193                  EL DORADO HILLS                                       CA                                   95762                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16695936                                16695936                  Dallas                                                TX                                   75227                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361201                                               360
16695981                                16695981                  NEW YORK                                              NY                                   10028                  CO-OP                                                                   8.125                           0.25                       0                       0.012                                            7.863                               20360901                                               360
16694072                                16694072                  LAS VEGAS                                             NV                                   89121                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16694030                                16694030                  Hyattsville                                           MD                                   20783                  Single Family                                                           8.345                           0.25                    1.11                       0.012                                            6.973                               20361101                                               360
16693960                                16693960                  Ontario                                               CA                                   91762                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16657318                                16657318                  MIAMI                                                 FL                                   33156                  Condominium                                                             8.625                           0.25                       0                       0.012                                            8.363                               20360801                                               360
16657481                                16657481                  VOLO                                                  IL                                   60020                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20360901                                               360
16657697                                16657697                  WALKER                                                MI                                   49544                  2-4 Family                                                                7.5                           0.25                       0                       0.012                                            7.238                               20360801                                               360
16657899                                16657899                  PASO ROBLES                                           CA                                   93446                  2-4 Family                                                              6.625                           0.25                       0                       0.012                                            6.363                               20360901                                               360
16693902                                16693902                  MOUNT PLEASANT                                        MI                                   48858                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20461201                                               360
16693940                                16693940                  OSCEOLA                                               IA                                   50213                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16693943                                16693943                  RICE                                                  MN                                   56367                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361001                                               360
16693847                                16693847                  KINSTON                                               NC                                   28504                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361101                                               360
16693861                                16693861                  POWDER SPGS                                           GA                                   30127                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16693873                                16693873                  PENDLETON                                             SC                                   29670                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16655469                                16655469                  SPOKANE                                               WA                                   99201                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20360901                                               360
16693749                                16693749                  ROCKY MOUNT                                           NC                                   27804                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16693770                                16693770                  Plainfield                                            IL                                   60585                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16366767                                16366767                  MIAMI                                                 FL                                   33133                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20360601                                               360
16693674                                16693674                  Las Vegas                                             NV                                   89122                  PUD                                                                      6.25                           0.25                       0                       0.012                                            5.988                               20361101                                               360
16693650                                16693650                  Roseville                                             CA                                   95747                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16693480                                16693480                  Allentown                                             PA                                   18106                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16693547                                16693547                  Arley                                                 AL                                   35541                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16693606                                16693606                  Upper Marlboro                                        MD                                   20772                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16693405                                16693405                  LYMAN                                                 SC                                   29365                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16693446                                16693446                  LAUREL                                                MD                                   20708                  Townhouse                                                                7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16693448                                16693448                  JACKSONVILLE                                          FL                                   32244                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20461101                                               360
16693472                                16693472                  Kissimmee                                             FL                                   34743                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20360901                                               360
16692740                                16692740                  Copley                                                OH                                   44321                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16693331                                16693331                  Fort Worth                                            TX                                   76112                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16693333                                16693333                  Dallas                                                TX                                   75231                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16693350                                16693350                  Mesquite                                              TX                                   75150                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16693351                                16693351                  ENNIS                                                 TX                                   75119                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16693364                                16693364                  GLENDALE                                              AZ                                   85301                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20360801                                               360
16692701                                16692701                  Cape Coral                                            FL                                   33993                  Single Family                                                           7.625                           0.25                    0.43                       0.012                                            6.933                               20361101                                               360
16692574                                16692574                  SNELLVILLE                                            GA                                   30039                  Single Family                                                           8.125                           0.25                    0.47                       0.012                                            7.393                               20361101                                               360
16692632                                16692632                  GRANBURY                                              TX                                   76049                  2-4 Family                                                              7.375                           0.25                    0.77                       0.012                                            6.343                               20361101                                               360
16692460                                16692460                  Humble                                                TX                                   77338                  PUD                                                                     8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16692468                                16692468                  Dallas                                                TX                                   75232                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16692531                                16692531                  MELBOURNE                                             FL                                   32909                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16692540                                16692540                  Tulsa                                                 OK                                   74129                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16692437                                16692437                  NORCROSS                                              GA                                   30093                  2-4 Family                                                              7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16692442                                16692442                  MARIETTA                                              GA                                   30062                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16692445                                16692445                  Houston                                               TX                                   77056                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16692331                                16692331                  CULPEPER                                              VA                                   22701                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16692352                                16692352                  Buna                                                  TX                                   77612                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16692358                                16692358                  Garland                                               TX                                   75041                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16692360                                16692360                  San Antonio                                           TX                                   78242                  PUD                                                                     8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16632439                                16632439                  Sanford                                               FL                                   32771                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16713661                                16713661                  ORANGE PARK                                           FL                                   32073                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16670509                                16670509                  NEWNAN                                                GA                                   30263                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16674048                                16674048                  LEXINGTON                                             KY                                   40516                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16692228                                16692228                  Conyers                                               GA                                   30012                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20360601                                               360
16707783                                16707783                  WOODSBURGH                                            NY                                   11598                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16638451                                16638451                  ROCK HILL                                             SC                                   29732                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16564826                                16564826                  Fort Worth                                            TX                                   76119                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16717198                                16717198                  SWOOPE                                                VA                                   24479                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20360801                                               360
16632666                                16632666                  Hilton Head Island                                    SC                                   29928                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16692232                                16692232                  FORT WORTH                                            TX                                   76112                  2-4 Family                                                               7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16644188                                16644188                  Mckinney                                              TX                                   75071                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16692211                                16692211                  PEORIA                                                AZ                                   85345                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16692154                                16692154                  Clarksville                                           MD                                   21029                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16706903                                16706903                  VALLEJO                                               CA                                   94591                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16658685                                16658685                  FREDERICKSBURG                                        VA                                   22405                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16616511                                16616511                  Huntersville                                          NC                                   28078                  Townhouse                                                                   8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16688438                                16688438                  Arlington                                             TX                                   76014                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16662316                                16662316                  PLEASANT PRAIRIE                                      WI                                   53142                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16656595                                16656595                  Kissimmee                                             FL                                   34746                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16628980                                16628980                  PORTSMOUTH                                            VA                                   23702                  Townhouse                                                                6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16672486                                16672486                  GARLAND                                               TX                                   75040                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16656485                                16656485                  Sunrise                                               FL                                   33351                  Townhouse                                                                   7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16681197                                16681197                  MANASSAS                                              VA                                   20112                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16697858                                16697858                  Birmingham                                            AL                                   35206                  Single Family                                                             8.5                           0.25                    0.45                       0.012                                            7.788                               20361101                                               360
16680582                                16680582                  GLENDORA                                              CA                                   91741                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16672583                                16672583                  PORTSMOUTH                                            VA                                   23701                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16695604                                16695604                  MYRTLE BEACH                                          SC                                   29579                  Condominium                                                                 8                           0.25                       0                       0.012                                            7.738                               20361001                                               360
16665891                                16665891                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16644069                                16644069                  SEAGOVILLE                                            TX                                   75159                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16695662                                16695662                  WALKER                                                LA                                   70785                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16695678                                16695678                  REDMOND                                               WA                                   98053                  Condominium                                                               6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16673100                                16673100                  MC KINNEY                                             TX                                   75071                  PUD                                                                      8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16670278                                16670278                  Conway                                                AR                                   72032                  Single Family                                                            8.25                           0.25                     0.8                       0.012                                            7.188                               20361101                                               360
16709702                                16709702                  Pendleton                                             OR                                   97801                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16692552                                16692552                  ORLANDO                                               FL                                   32839                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16649203                                16649203                  Decatur                                               GA                                   30032                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20360901                                               360
16672546                                16672546                  Clarklake                                             MI                                   49234                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16714058                                16714058                  Detroit                                               MI                                   48235                  Single Family                                                              10                           0.25                    0.93                       0.012                                            8.808                               20361101                                               360
16612814                                16612814                  AURORA                                                IL                                   60506                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16709622                                16709622                  LAS VEGAS                                             NV                                   89141                  PUD                                                                     8.875                           0.25                       0                       0.012                                            8.613                               20360901                                               360
16692084                                16692084                  MONROE                                                VA                                   24574                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16692101                                16692101                  RIVERVIEW                                             FL                                   33569                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16688535                                16688535                  clifon heights                                        PA                                   19018                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16688443                                16688443                  Southampton                                           NY                                   11968                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20370101                                               360
16688450                                16688450                  FOUNTAIN INN                                          SC                                   29644                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16688329                                16688329                  Virginia Beach                                        VA                                   23453                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16688337                                16688337                  BRISTOL                                               TN                                   37620                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361201                                               360
16688348                                16688348                  LITTLE ELM                                            TX                                   75068                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16688115                                16688115                  Daytona Beach                                         FL                                   32124                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20461201                                               360
16688133                                16688133                  Daytona Beach                                         FL                                   32124                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20461101                                               360
16688210                                16688210                  ORLANDO                                               FL                                   32808                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16688406                                16688406                  WORCESTER                                             MA                                    1607                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16688409                                16688409                  WIMBERLEY                                             TX                                   78676                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16688417                                16688417                  Mc Donough                                            GA                                   30253                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16688303                                16688303                  El Paso                                               TX                                   79938                  Single Family                                                             8.5                           0.25                    0.63                       0.012                                            7.608                               20361101                                               360
16686346                                16686346                  SOUTH JORDAN                                          UT                                   84095                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16686227                                16686227                  San Antonio                                           TX                                   78250                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16686185                                16686185                  Carmichael                                            CA                                   95608                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16686076                                16686076                  ALBURTIS                                              PA                                   18011                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16685928                                16685928                  BELTON                                                SC                                   29627                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16685929                                16685929                  RIVERVIEW                                             FL                                   33569                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16685857                                16685857                  WILMINGTON                                            MA                                    1887                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20461101                                               360
16685734                                16685734                  Newnan                                                GA                                   30263                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16685747                                16685747                  Lubbock                                               TX                                   79416                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16685755                                16685755                  Wylie                                                 TX                                   75098                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16685815                                16685815                  Sacramento                                            CA                                   95820                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16685818                                16685818                  La Habra                                              CA                                   90631                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16684780                                16684780                  Phoenix                                               AZ                                   85016                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16684824                                16684824                  Orlando                                               FL                                   32809                  Condominium                                                               7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16684887                                16684887                  Windsor                                               CA                                   95492                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361101                                               360
16685709                                16685709                  BAXTER                                                TN                                   38544                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16684589                                16684589                  Greeneville                                           TN                                   37745                  2-4 Family                                                              7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16684593                                16684593                  Wailuku                                               HI                                   96793                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20461101                                               360
16684626                                16684626                  Portland                                              OR                                   97211                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16684687                                16684687                  NOGALES                                               AZ                                   85621                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16684710                                16684710                  Gainesville                                           GA                                   30507                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16684730                                16684730                  TOWNSEND                                              GA                                   31331                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16684450                                16684450                  Rio Linda                                             CA                                   95673                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20461101                                               360
16684456                                16684456                  El Mirage                                             AZ                                   85335                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16684462                                16684462                  Plano                                                 TX                                   75075                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361001                                               360
16684466                                16684466                  East Providence                                       RI                                    2914                  Condominium                                                              7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16684503                                16684503                  Decatur                                               GA                                   30032                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16684526                                16684526                  APPLETON                                              WI                                   54911                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16684572                                16684572                  CARROLLTON                                            GA                                   30117                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16684576                                16684576                  TUCSON                                                AZ                                   85710                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16684106                                16684106                  DAVENPORT                                             IA                                   52802                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16684139                                16684139                  BALDWIN PARK                                          CA                                   91706                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20461101                                               360
16684156                                16684156                  JACKSONVILLE                                          FL                                   32208                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16684169                                16684169                  Las Vegas                                             NV                                   89121                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16684186                                16684186                  MAE                                                   WA                                   98837                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16681729                                16681729                  CHESTER                                               SC                                   29706                  Single Family                                                               8                           0.25                    0.72                       0.012                                            7.018                               20361201                                               360
16681748                                16681748                  MATTHEWS                                              NC                                   28105                  Single Family                                                           8.375                           0.25                    0.59                       0.012                                            7.523                               20361101                                               360
16681825                                16681825                  Statesville                                           NC                                   28677                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16681844                                16681844                  NAPLES                                                FL                                   34117                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16681850                                16681850                  NAPLES                                                FL                                   34117                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16681983                                16681983                  Portland                                              OR                                   97210                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16681999                                16681999                  Apopka                                                FL                                   32703                  Single Family                                                               9                           0.25                    1.22                       0.012                                            7.518                               20361201                                               360
16681677                                16681677                  Paterson                                              NJ                                    7502                  2-4 Family                                                                7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16681691                                16681691                  Dover                                                 DE                                   19901                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16681651                                16681651                  CARLINVILLE                                           IL                                   62626                  Single Family                                                              10                           0.25                    0.78                       0.012                                            8.958                               20361101                                               360
16681610                                16681610                  Paterson                                              NJ                                    7513                  2-4 Family                                                               7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16681410                                16681410                  Houston                                               TX                                   77082                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16686114                                16686114                  FORT WORTH                                            TX                                   76119                  Single Family                                                           8.875                           0.25                    0.82                       0.012                                            7.793                               20361101                                               360
16681630                                16681630                  Monaca                                                PA                                   15061                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16681527                                16681527                  Woodstock                                             GA                                   30189                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20461101                                               360
16681557                                16681557                  HAVELOCK                                              NC                                   28532                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16681568                                16681568                  HAVELOCK                                              NC                                   28532                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16681476                                16681476                  Marblehead                                            MA                                    1945                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16704513                                16704513                  Marco Island                                          FL                                   34145                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16681344                                16681344                  TYLER                                                 TX                                   75701                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16681388                                16681388                  CHESAPEAKE                                            VA                                   23320                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16681390                                16681390                  CLAYTON                                               GA                                   30525                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16680397                                16680397                  VALE                                                  OR                                   97918                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16680404                                16680404                  Fairfield                                             CA                                   94534                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20461101                                               360
16680459                                16680459                  PINE CITY                                             MN                                   55063                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16680467                                16680467                  Peru                                                  IN                                   46970                  PUD                                                                       8.5                           0.25                    1.03                       0.012                                            7.208                               20361201                                               360
16680479                                16680479                  Miami                                                 FL                                   33147                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16680491                                16680491                  EL PASO                                               TX                                   79912                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16680510                                16680510                  HARTFORD                                              CT                                    6109                  Single Family                                                            7.75                           0.25                    0.47                       0.012                                            7.018                               20361101                                               360
16680536                                16680536                  HAWTHORNE                                             CA                                   90250                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16680541                                16680541                  Kansas City                                           MO                                   64110                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16680580                                16680580                  CO SPGS                                               CO                                   80916                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16680632                                16680632                  KINGSPORT                                             TN                                   37660                  Single Family                                                             8.5                           0.25                    0.81                       0.012                                            7.428                               20361201                                               360
16680646                                16680646                  DENVER                                                CO                                   80223                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16680668                                16680668                  FT WORTH                                              TX                                   76248                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16680699                                16680699                  N Attleboro                                           MA                                    2760                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20360901                                               360
16681199                                16681199                  Miami Beach                                           FL                                   33141                  Condominium                                                              7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16681211                                16681211                  POTTSTOWN                                             PA                                   19464                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16681227                                16681227                  Rumford                                               ME                                    4276                  2-4 Family                                                              8.625                           0.25                       0                       0.012                                            8.363                               20360901                                               360
16680354                                16680354                  HORIZON CITY                                          TX                                   79928                  Single Family                                                            8.75                           0.25                    1.32                       0.012                                            7.168                               20361101                                               360
16680134                                16680134                  STOCKBRIDGE                                           GA                                   30281                  2-4 Family                                                              7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16680147                                16680147                  LAWRENCEVILLE                                         GA                                   30044                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16680149                                16680149                  Olathe                                                KS                                   66061                  Single Family                                                            9.75                           0.25                       0                       0.012                                            9.488                               20360701                                               360
16680155                                16680155                  Kissimmee                                             FL                                   34758                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20360901                                               360
16680178                                16680178                  Plano                                                 TX                                   75093                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16680183                                16680183                  CRYSTAL LAKE                                          IL                                   60014                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16680192                                16680192                  WHEELER                                               TX                                   79096                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16680219                                16680219                  AURORA                                                CO                                   80013                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16680250                                16680250                  CAMAS                                                 WA                                   98607                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361101                                               360
16680253                                16680253                  PEORIA                                                AZ                                   85345                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16680262                                16680262                  FRISCO                                                TX                                   75034                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16680266                                16680266                  FOSTER CITY                                           CA                                   94404                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16680273                                16680273                  hyattsville                                           MD                                   20785                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16680327                                16680327                  HOUSTON                                               TX                                   77058                  Single Family                                                               9                           0.25                    0.77                       0.012                                            7.968                               20361101                                               360
16680333                                16680333                  Shafter                                               CA                                   93263                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16680336                                16680336                  Charlotte                                             NC                                   28216                  Single Family                                                           8.375                           0.25                    0.84                       0.012                                            7.273                               20361201                                               360
16676872                                16676872                  BAKERSFIELD                                           CA                                   93305                  2-4 Family                                                               7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16676879                                16676879                  ST GEORGE                                             UT                                   84770                  Single Family                                                           7.875                           0.25                    0.52                       0.012                                            7.093                               20361101                                               360
16676922                                16676922                  PHOENIX                                               AZ                                   85353                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16676784                                16676784                  Rio Rancho                                            NM                                   87124                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16676756                                16676756                  Winter Haven                                          FL                                   33880                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16676633                                16676633                  CANYON  COUNTRY                                       CA                                   91387                  Condominium                                                             7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16676638                                16676638                  Phoenix                                               AZ                                   85033                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16676700                                16676700                  Newnan                                                GA                                   30263                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16676702                                16676702                  Saint Louis                                           MO                                   63128                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16676502                                16676502                  Burleson                                              TX                                   76028                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16676587                                16676587                  Garland                                               TX                                   75040                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361001                                               360
16676608                                16676608                  Ocean Shores                                          WA                                   98569                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16674433                                16674433                  PAHRUMP                                               NV                                   89061                  PUD                                                                     7.125                           0.25                     0.4                       0.012                                            6.463                               20361101                                               360
16674459                                16674459                  Tampa                                                 FL                                   33605                  2-4 Family                                                               9.75                           0.25                       0                       0.012                                            9.488                               20360901                                               360
16674464                                16674464                  Orlando                                               FL                                   32817                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20360901                                               360
16674467                                16674467                  MONTGOMERY                                            AL                                   36117                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16674537                                16674537                  SAN FRANCISCO                                         CA                                   94122                  2-4 Family                                                               6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16674548                                16674548                  LAS VEGAS                                             NV                                   89113                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16674562                                16674562                  Pittsburgh                                            PA                                   15210                  2-4 Family                                                              7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16674564                                16674564                  Pittsburgh                                            PA                                   15216                  2-4 Family                                                              7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16674569                                16674569                  Pittsburgh                                            PA                                   15227                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16674573                                16674573                  Pittsburgh                                            PA                                   15210                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16674582                                16674582                  Pittsburgh                                            PA                                   15210                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16674602                                16674602                  SAN ANTONIO                                           TX                                   78216                  Condominium                                                             7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16674722                                16674722                  CHARLOTTE                                             NC                                   28210                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16674732                                16674732                  UPPER MARLBORO                                        MD                                   20774                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20461101                                               360
16674401                                16674401                  Mullica Hill                                          NJ                                    8062                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16674406                                16674406                  SANTA ROSA                                            CA                                   95403                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20460901                                               360
16674224                                16674224                  Tampa                                                 FL                                   33617                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20461101                                               360
16674240                                16674240                  EDGEMOOR                                              DE                                   19802                  Townhouse                                                                 7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16674308                                16674308                  VALLEJO                                               CA                                   94590                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361001                                               360
16674309                                16674309                  Hempstead                                             NY                                   11550                  Single Family                                                             8.5                           0.25                    0.59                       0.012                                            7.648                               20361101                                               360
16674321                                16674321                  WEST FALL                                             PA                                   18337                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16674369                                16674369                  Bryan                                                 TX                                   77801                  2-4 Family                                                               7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16673258                                16673258                  MONROE                                                NC                                   28110                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16673262                                16673262                  Indian Trail                                          NC                                   28079                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16674038                                16674038                  Clinton                                               MD                                   20735                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16674093                                16674093                  Lakeland                                              FL                                   33810                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361001                                               360
16674122                                16674122                  HOLLISTON                                             MA                                    1746                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16674166                                16674166                  BRANDON                                               FL                                   33511                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16375358                                16375358                  CHICAGO                                               IL                                   60632                  2-4 Family                                                               8.25                           0.25                       0                       0.012                                            7.988                               20360701                                               360
16384150                                16384150                  FAIRFAX                                               VA                                   22033                  Condominium                                                             7.625                           0.25                       0                       0.012                                            7.363                               20360801                                               360
16672956                                16672956                  MONTGOMERY                                            AL                                   36106                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16672963                                16672963                  MONTGOMERY                                            AL                                   36109                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16672972                                16672972                  MONTGOMERY                                            AL                                   36107                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16672977                                16672977                  CORONA                                                CA                                   92882                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16672997                                16672997                  Delano                                                CA                                   93215                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20461201                                               360
16672887                                16672887                  JASPER                                                GA                                   30143                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16672917                                16672917                  LYNCHBURG                                             VA                                   24502                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16672931                                16672931                  MONTGOMERY                                            AL                                   36111                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16672935                                16672935                  GARNER                                                NC                                   27529                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16672936                                16672936                  Camden Wyoming                                        DE                                   19934                  Single Family                                                           8.625                           0.25                       0                       0.012                                            8.363                               20361101                                               360
16672945                                16672945                  MONTGOMERY                                            AL                                   36109                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16672946                                16672946                  ALTOONA                                               IA                                   50009                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16672807                                16672807                  VENTNOR CITY                                          NJ                                    8406                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16672795                                16672795                  KENOSHA                                               WI                                   53142                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16672746                                16672746                  LAKE CARROLL                                          IL                                   61046                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361101                                               360
16672575                                16672575                  PAHRUMP                                               NV                                   89060                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16672600                                16672600                  Cape Coral                                            FL                                   33904                  Condominium                                                                 7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16672666                                16672666                  GREER                                                 SC                                   29650                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16672690                                16672690                  SAINT SIMONS IS                                       GA                                   31522                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16672516                                16672516                  Rockville                                             MD                                   20853                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16672454                                16672454                  Geneva                                                IL                                   60134                  Townhouse                                                                 6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16672457                                16672457                  Saint Charles                                         IL                                   60175                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16672459                                16672459                  Saint Charles                                         IL                                   60175                  Townhouse                                                                6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16672351                                16672351                  Atlanta                                               GA                                   30354                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16672352                                16672352                  Atlanta                                               GA                                   30354                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16672358                                16672358                  CLINTON                                               MD                                   20735                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16670959                                16670959                  Arlington                                             TX                                   76014                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16670987                                16670987                  Eagle Pass                                            TX                                   78852                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20360901                                               360
16670711                                16670711                  BOSTON                                                MA                                    2115                  Hi-Rise Condo                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16670568                                16670568                  KATY                                                  TX                                   77449                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16670575                                16670575                  ROCKVILLE CENTER                                      NY                                   11570                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16670596                                16670596                  ALOHA                                                 OR                                   97006                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20461101                                               360
16670610                                16670610                  ANNA                                                  TX                                   75409                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16670486                                16670486                  Mesa                                                  AZ                                   85203                  Condominium                                                             6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16670533                                16670533                  SAINT LOUIS                                           MO                                   63115                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16670394                                16670394                  LIVONIA                                               MI                                   48154                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16670400                                16670400                  York                                                  PA                                   17408                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16667469                                16667469                  Blythewood                                            SC                                   29016                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16670296                                16670296                  Fraser                                                MI                                   48026                  Condominium                                                               8.5                           0.25                       0                       0.012                                            8.238                               20361201                                               360
16670309                                16670309                  FAIRFAX                                               VA                                   22031                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16670343                                16670343                  HOOKSETT                                              NH                                    3106                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20461101                                               360
16667461                                16667461                  Newport News                                          VA                                   23601                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16667436                                16667436                  Jeffers                                               MN                                   56145                  Single Family                                                            8.75                           0.25                    1.54                       0.012                                            6.948                               20361001                                               360
16667361                                16667361                  ROSEMONT                                              MN                                   55068                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16667390                                16667390                  Converse                                              TX                                   78109                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16667409                                16667409                  Orlando                                               FL                                   32828                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16667284                                16667284                  San Antonio                                           TX                                   78245                  Single Family                                                             9.5                           0.25                    0.87                       0.012                                            8.368                               20361101                                               360
16667105                                16667105                  Chattanooga                                           TN                                   37411                  2-4 Family                                                                  8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16667112                                16667112                  BOSSIER CITY                                          LA                                   71112                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16667113                                16667113                  CHARLOTT HALL                                         MD                                   20622                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16667118                                16667118                  Wesley Chapel                                         FL                                   33543                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20461101                                               360
16667133                                16667133                  NEW YORK                                              NY                                   10019                  Condominium                                                             7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16667136                                16667136                  MARKHAM                                               IL                                   60428                  Single Family                                                           8.625                           0.25                       0                       0.012                                            8.363                               20361101                                               360
16667140                                16667140                  SARATOGA SPRINGS                                      UT                                   84043                  Single Family                                                           8.125                           0.25                    1.18                       0.012                                            6.683                               20361101                                               360
16667179                                16667179                  CHATTANOOGA                                           TN                                   37404                  2-4 Family                                                                  8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16667199                                16667199                  CHATTANOOGA                                           TN                                   37404                  2-4 Family                                                                  8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16667206                                16667206                  N Versailles                                          PA                                   15137                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16652160                                16652160                  FORT MILL                                             SC                                   29715                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20360701                                               360
16666875                                16666875                  Harleyville                                           SC                                   29448                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16652183                                16652183                  FATE                                                  TX                                   75087                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20360601                                               360
16666803                                16666803                  Round Lake Beach                                      IL                                   60073                  Single Family                                                           8.625                           0.25                       0                       0.012                                            8.363                               20361101                                               360
16666751                                16666751                  HOUSTON                                               TX                                   77084                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16666783                                16666783                  HUNTINGTON STATION                                    NY                                   11746                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16666784                                16666784                  GORE                                                  VA                                   22637                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16666789                                16666789                  QUEEN CREEK                                           AZ                                   85242                  PUD                                                                     8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16665779                                16665779                  Miami                                                 FL                                   33179                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16665784                                16665784                  RINGWOOD                                              NJ                                    7456                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16665787                                16665787                  BAILEY                                                NC                                   27807                  Single Family                                                           8.125                           0.25                    1.16                       0.012                                            6.703                               20361101                                               360
16665847                                16665847                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665849                                16665849                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665855                                16665855                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665860                                16665860                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665868                                16665868                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665872                                16665872                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665882                                16665882                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665884                                16665884                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665888                                16665888                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665894                                16665894                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665898                                16665898                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665899                                16665899                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665900                                16665900                  CONROE                                                TX                                   77301                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16665912                                16665912                  LAS VEGAS                                             NV                                   89141                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16665499                                16665499                  Peoria                                                AZ                                   85383                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16665532                                16665532                  ALBANY                                                MN                                   56307                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16665567                                16665567                  COVINA                                                CA                                   91722                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20461001                                               360
16665579                                16665579                  MILWAUKEE                                             WI                                   53206                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16664434                                16664434                  Palmdale                                              CA                                   93552                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20461101                                               360
16664455                                16664455                  PHOENIX                                               AZ                                   85016                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16665456                                16665456                  Sunman                                                IN                                   47041                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16665468                                16665468                  San Antonio                                           TX                                   78221                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16665473                                16665473                  TAMIMENT                                              PA                                   18371                  Condominium                                                                 7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16664378                                16664378                  Statham                                               GA                                   30666                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16664330                                16664330                  LITHONIA                                              GA                                   30038                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16664333                                16664333                  KNIGHTDALE                                            NC                                   27545                  PUD                                                                       8.5                           0.25                    0.74                       0.012                                            7.498                               20361001                                               360
16664055                                16664055                  LUFKIN                                                TX                                   75904                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16664271                                16664271                  Pearland                                              TX                                   77584                  PUD                                                                       8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16664273                                16664273                  CONCORD                                               NC                                   28025                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16664286                                16664286                  BROOKLYN                                              MD                                   21225                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16663990                                16663990                  Savannah                                              GA                                   31404                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16663961                                16663961                  Aventura                                              FL                                   33180                  Hi-Rise Condo                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16663902                                16663902                  San Diego                                             CA                                   92110                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16663890                                16663890                  GARDEN GROVE                                          CA                                   92843                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361001                                               360
16663864                                16663864                  UNIVERSITY PARK                                       IL                                   60466                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16663824                                16663824                  SMYRNA                                                DE                                   19977                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16681813                                16681813                  NAPLES                                                FL                                   34117                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16350228                                16350228                  ORLANDO                                               FL                                   32828                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20351201                                               360
16591528                                16591528                  ROCKLAND                                              MA                                    2370                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20360901                                               360
16562524                                16562524                  LAFAYETTE                                             CO                                   80026                  Townhouse                                                               6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16595320                                16595320                  Snellville                                            GA                                   30039                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361001                                               360
16571946                                16571946                  BALTIMORE                                             MD                                   21224                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16663777                                16663777                  Garland                                               TX                                   75043                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16663731                                16663731                  VIENNA                                                VA                                   22182                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20461101                                               360
16772826                                16772826                  Temple                                                TX                                   76502                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16713393                                16713393                  Clinton                                               MD                                   20735                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20470101                                               360
16691838                                16691838                  Celina                                                TX                                   75009                  PUD                                                                       7.5                           0.25                    0.73                       0.012                                            6.508                               20361201                                               360
16693205                                16693205                  Miami                                                 FL                                   33161                  Condominium                                                                 8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16700135                                16700135                  Brookfield                                            CT                                    6804                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20461201                                               360
16709225                                16709225                  South Mountain                                        PA                                   17261                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16696144                                16696144                  Anthem                                                AZ                                   85086                  Single Family                                                           7.999                           0.25                       0                       0.012                                            7.737                               20361201                                               360
16696321                                16696321                  Clifton                                               NJ                                    7011                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16696437                                16696437                  NEW ORLEANS                                           LA                                   70114                  2-4 Family                                                              7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16696461                                16696461                  MCKEESPORT                                            PA                                   15132                  Single Family                                                            8.75                           0.25                    1.23                       0.012                                            7.258                               20361101                                               360
16692197                                16692197                  ALPHARETTA                                            GA                                   30005                  PUD                                                                      6.25                           0.25                       0                       0.012                                            5.988                               20360801                                               360
16692485                                16692485                  BRIGHAM                                               UT                                   84302                  2-4 Family                                                               7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16693912                                16693912                  LAHAINA                                               HI                                   96761                  Condominium                                                              8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16688495                                16688495                  Miami                                                 FL                                   33155                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16681283                                16681283                  ORO VALLEY                                            AZ                                   85704                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16681501                                16681501                  Greensboro                                            NC                                   27403                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16681796                                16681796                  JEFFERSON                                             GA                                   30549                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16685908                                16685908                  Jacksonville                                          FL                                   32244                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16655784                                16655784                  Milwaukee                                             WI                                   53219                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20461201                                               360
16655836                                16655836                  Des Plaines                                           IL                                   60016                  Townhouse                                                               7.375                           0.25                     0.6                       0.012                                            6.513                               20361001                                               360
16663577                                16663577                  South Padre Island                                    TX                                   78597                  Condominium                                                                 7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16663667                                16663667                  Kennebunkport                                         ME                                    4046                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16680324                                16680324                  HUNTSVILLE                                            AL                                   35811                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16610994                                16610994                  Stone Mountain                                        GA                                   30083                  2-4 Family                                                                7.5                           0.25                    0.48                       0.012                                            6.758                               20461101                                               360
16569853                                16569853                  Justin                                                TX                                   76247                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16638624                                16638624                  HOUSTON                                               TX                                   77009                  Single Family                                                           7.875                           0.25                    0.44                       0.012                                            7.173                               20361001                                               360
16610090                                16610090                  ELLENWOOD                                             GA                                   30294                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20360901                                               360
16612791                                16612791                  SAN ANTONIO                                           TX                                   78247                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16604398                                16604398                  Chicago                                               IL                                   60611                  Hi-Rise Condo                                                           7.625                           0.25                       0                       0.012                                            7.363                               20360901                                               360
16603822                                16603822                  CHARLOTTE                                             NC                                   28277                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16599655                                16599655                  BALTIMORE                                             MD                                   21211                  2-4 Family                                                                  7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16597371                                16597371                  JACKSONVILLE                                          FL                                   32218                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16574848                                16574848                  Cape Coral                                            FL                                   33991                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20360901                                               360
16684774                                16684774                  NORWALK                                               CA                                   90650                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16674372                                16674372                  Davis                                                 CA                                   95616                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20461101                                               360
16662675                                16662675                  PEACHTREE CITY                                        GA                                   30269                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16662666                                16662666                  COVINGTON                                             GA                                   30016                  PUD                                                                      8.25                           0.25                       0                       0.012                                            7.988                               20361001                                               360
16662668                                16662668                  SNELLVILLE                                            GA                                   30078                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16662655                                16662655                  Columbus                                              PA                                   16405                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16662634                                16662634                  Sanford                                               FL                                   32771                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16665549                                16665549                  RICHMOND                                              VA                                   23235                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16665854                                16665854                  COLUMBUS                                              OH                                   43213                  2-4 Family                                                                9.5                           0.25                       0                       0.012                                            9.238                               20361101                                               360
16665876                                16665876                  COLUMBUS                                              OH                                   43213                  2-4 Family                                                                9.5                           0.25                       0                       0.012                                            9.238                               20361101                                               360
16665908                                16665908                  COLUMBUS                                              OH                                   43213                  2-4 Family                                                                9.5                           0.25                       0                       0.012                                            9.238                               20361101                                               360
16665919                                16665919                  Hyattsville                                           MD                                   20782                  Townhouse                                                                6.75                           0.25                       0                       0.012                                            6.488                               20461001                                               360
16670386                                16670386                  NASHUA                                                NH                                    3064                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16670423                                16670423                  Lancaster                                             CA                                   93536                  Single Family                                                           6.999                           0.25                       0                       0.012                                            6.737                               20461101                                               360
16670948                                16670948                  Little Elm                                            TX                                   75068                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16664272                                16664272                  WINSTON SALEM                                         NC                                   27107                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361001                                               360
16656795                                16656795                  WESTMINSTER                                           CO                                   80021                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16656871                                16656871                  DENVER                                                CO                                   80205                  Condominium                                                             6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16662204                                16662204                  NAPLES                                                FL                                   34120                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16662233                                16662233                  St Augustine                                          FL                                   32095                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16697824                                16697824                  JOSHUA TREE                                           CA                                   92252                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16707721                                16707721                  New Orleans                                           LA                                   70113                  2-4 Family                                                               7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16611280                                16611280                  Lexington                                             SC                                   29073                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16611320                                16611320                  Pinellas Park                                         FL                                   33782                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16611600                                16611600                  Toxaway                                               NC                                   28747                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16611663                                16611663                  COLUMBUS                                              GA                                   31909                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361001                                               360
16609908                                16609908                  Port Saint Lucie                                      FL                                   34952                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16609963                                16609963                  DESOTO                                                TX                                   75115                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16609718                                16609718                  Fort Madison                                          IA                                   52627                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16610113                                16610113                  SPEARFISH                                             SD                                   57783                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16610120                                16610120                  Pflugerville                                          TX                                   78660                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16652241                                16652241                  MANOR                                                 TX                                   78653                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20361001                                               360
16652232                                16652232                  SPARKS                                                NV                                   89436                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16674050                                16674050                  Vancouver                                             WA                                   98682                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16634529                                16634529                  RICHARDSON                                            TX                                   75248                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20360901                                               360
16606119                                16606119                  Newark                                                NJ                                    7105                  2-4 Family                                                              7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16650432                                16650432                  Upper Marlboro                                        MD                                   20772                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20461101                                               360
16605660                                16605660                  Angleton                                              TX                                   77515                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361001                                               360
16605795                                16605795                  CALEXICO                                              CA                                   92231                  2-4 Family                                                               7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16605903                                16605903                  GERMANTOWN                                            MD                                   20874                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16604388                                16604388                  Kingston                                              NH                                    3848                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20360901                                               360
16604120                                16604120                  Stephens City                                         VA                                   22655                  Townhouse                                                                7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16652190                                16652190                  ALLEN                                                 TX                                   75002                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20360901                                               360
16564505                                16564505                  Miami                                                 FL                                   33138                  2-4 Family                                                              8.125                           0.25                       0                       0.012                                            7.863                               20361001                                               360
16646289                                16646289                  Chesapeake                                            VA                                   23320                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16606050                                16606050                  WALLINGFORD                                           PA                                   19086                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16387566                                16387566                  Champions Gate                                        FL                                   33896                  Condominium                                                             7.999                           0.25                       0                       0.012                                            7.737                               20360801                                               360
16604067                                16604067                  GRANDVIEW                                             TX                                   76050                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16603958                                16603958                  WILLISTON                                             ND                                   58801                  2-4 Family                                                              8.875                           0.25                       0                       0.012                                            8.613                               20361101                                               360
16599383                                16599383                  Murrells Inlet                                        SC                                   29576                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16599634                                16599634                  GRAND JCT                                             CO                                   81503                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16597418                                16597418                  LAKE IN THE HILLS                                     IL                                   60156                  Condominium                                                             7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16597714                                16597714                  Bella Vista                                           AR                                   72714                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16595338                                16595338                  Kyle                                                  TX                                   78640                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16596525                                16596525                  Fort Mill                                             SC                                   29715                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361001                                               360
16591255                                16591255                  Charlotte                                             NC                                   28277                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16591298                                16591298                  ATLANTIC BCH                                          FL                                   32233                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16591507                                16591507                  Humble                                                TX                                   77396                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20360901                                               360
16594883                                16594883                  Annandale                                             VA                                   22003                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16585625                                16585625                  GOLDEN                                                CO                                   80403                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16585637                                16585637                  MURRAY                                                UT                                   84107                  Condominium                                                              7.75                           0.25                       0                       0.012                                            7.488                               20360901                                               360
16585812                                16585812                  Lawrenceville                                         GA                                   30044                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16571944                                16571944                  COLLEGE STATION                                       TX                                   77845                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16572039                                16572039                  Mcdonough                                             GA                                   30253                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20360901                                               360
16574899                                16574899                  WASHINGTON                                            DC                                   20020                  2-4 Family                                                                  8                           0.25                    0.94                       0.012                                            6.798                               20361001                                               360
16570328                                16570328                  Leesburg                                              VA                                   20175                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16570491                                16570491                  DORAL                                                 FL                                   33178                  Townhouse                                                               8.875                           0.25                       0                       0.012                                            8.613                               20360901                                               360
16571514                                16571514                  FALLS CHURCH                                          VA                                   22042                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20360901                                               360
16568797                                16568797                  Hubert                                                NC                                   28539                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16568852                                16568852                  LAKEWOOD                                              CA                                   90713                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20360901                                               360
16567772                                16567772                  Kansas City                                           MO                                   64127                  Single Family                                                               9                           0.25                       0                       0.012                                            8.738                               20361001                                               360
16567674                                16567674                  Gainesville                                           GA                                   30507                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16567354                                16567354                  BETHESDA                                              MD                                   20816                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16564767                                16564767                  Kansas City                                           MO                                   64130                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361001                                               360
16564927                                16564927                  Corona                                                CA                                   92881                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20360901                                               360
16562519                                16562519                  ABILENE                                               TX                                   79605                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16563093                                16563093                  Austin                                                TX                                   78735                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16549765                                16549765                  ALLEN                                                 TX                                   75002                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20360901                                               360
16546209                                16546209                  LEWISVILLE                                            TX                                   75067                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20360901                                               360
16546213                                16546213                  HUNTINGTON STATION                                    NY                                   11746                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16544133                                16544133                  MOODY                                                 AL                                   35004                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20360901                                               360
16544149                                16544149                  Freeburg                                              IL                                   62243                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16543940                                16543940                  Swansea                                               SC                                   29160                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16540363                                16540363                  CHARLOTTE                                             NC                                   28213                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16540399                                16540399                  RIVERDALE                                             MD                                   20737                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20360901                                               360
16540430                                16540430                  CO SPGS                                               CO                                   80922                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20360901                                               360
16638610                                16638610                  CONYERS                                               GA                                   30012                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16663746                                16663746                  Millbrook                                             AL                                   36054                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16674269                                16674269                  DEARBORN HEIGHTS                                      MI                                   48125                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16681649                                16681649                  ROSAMOND                                              CA                                   93560                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16419499                                16419499                  Worcester                                             MA                                    1605                  2-4 Family                                                                6.5                           0.25                       0                       0.012                                            6.238                               20360901                                               360
16407393                                16407393                  Weston                                                FL                                   33326                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20360901                                               360
16419087                                16419087                  BROOKLYN                                              NY                                   11214                  2-4 Family                                                               6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16419338                                16419338                  WASHINGTON                                            DC                                   20009                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16406827                                16406827                  POMPANO BEACH                                         FL                                   33064                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20360801                                               360
16407046                                16407046                  Miramar                                               FL                                   33025                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16803559                                16803559                  STANSBURY PARK                                        UT                                   84074                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20470101                                               360
16662214                                16662214                  Riverside                                             CA                                   92501                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20461201                                               360
16713751                                16713751                  Fort Myers                                            FL                                   33917                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16714133                                16714133                  Maywood                                               CA                                   90270                  2-4 Family                                                              6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16728467                                16728467                  CONNELL                                               WA                                   99326                  Single Family                                                            9.25                           0.25                    0.65                       0.012                                            8.338                               20361201                                               360
16729835                                16729835                  Houston                                               TX                                   77014                  PUD                                                                       8.5                           0.25                       0                       0.012                                            8.238                               20361201                                               360
16646317                                16646317                  MESA                                                  AZ                                   85201                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16649057                                16649057                  San Antonio                                           TX                                   78228                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16658970                                16658970                  Montgomery                                            AL                                   36108                  Single Family                                                           9.625                           0.25                     0.8                       0.012                                            8.563                               20361001                                               360
16666810                                16666810                  LAKE DALLAS                                           TX                                   75065                  PUD                                                                      8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16676886                                16676886                  Raleigh                                               NC                                   27604                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16594836                                16594836                  WYLIE                                                 TX                                   75098                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361001                                               360
16692160                                16692160                  ROUND ROCK                                            TX                                   78664                  PUD                                                                     8.375                           0.25                       0                       0.012                                            8.113                               20360801                                               360
16696358                                16696358                  FORNEY                                                TX                                   75126                  Single Family                                                           9.125                           0.25                       0                       0.012                                            8.863                               20361101                                               360
16697589                                16697589                  RICHARDSON                                            TX                                   75080                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16674173                                16674173                  GREAT FALLS                                           MT                                   59401                  Single Family                                                           8.625                           0.25                       0                       0.012                                            8.363                               20361101                                               360
16665513                                16665513                  KENSINGTON                                            MD                                   20895                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16646631                                16646631                  Fruit Heights                                         UT                                   84037                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20360901                                               360
16692096                                16692096                  PFLUGERVILLE                                          TX                                   78660                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361001                                               360
16662136                                16662136                  WITCHFIELD                                            AZ                                   85340                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361101                                               360
16662089                                16662089                  HOUSTON                                               TX                                   77083                  PUD                                                                      8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16662101                                16662101                  Fullerton                                             CA                                   92832                  Single Family                                                           7.625                           0.25                    0.63                       0.012                                            6.733                               20360901                                               360
16405586                                16405586                  College Park                                          GA                                   30349                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20360901                                               360
16402294                                16402294                  Conyers                                               GA                                   30012                  PUD                                                                      8.25                           0.25                       0                       0.012                                            7.988                               20361001                                               360
16404072                                16404072                  Arlington                                             TX                                   76015                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20360801                                               360
16730002                                16730002                  MADISON                                               AL                                   35758                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16730034                                16730034                  VAN NUYS                                              CA                                   91401                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16729547                                16729547                  JOLIET                                                IL                                   60435                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16731461                                16731461                  San Clemente                                          CA                                   92673                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16731469                                16731469                  STONE MOUNTAIN                                        GA                                   30083                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16731490                                16731490                  Hilton Head Island                                    SC                                   29928                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16729554                                16729554                  Sacramento                                            CA                                   95815                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20461201                                               360
16729555                                16729555                  Seguin                                                TX                                   78155                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361201                                               360
16729556                                16729556                  Naples                                                FL                                   34119                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16729598                                16729598                  ORLANDO                                               FL                                   32818                  Single Family                                                               9                           0.25                       0                       0.012                                            8.738                               20361201                                               360
16729669                                16729669                  Naples                                                FL                                   34114                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16729807                                16729807                  SHERMAN OAKS                                          CA                                   91401                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16729837                                16729837                  MADISONVILLE                                          LA                                   70447                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16729841                                16729841                  Orlando                                               FL                                   32825                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16729846                                16729846                  DENTON                                                TX                                   76207                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16731498                                16731498                  WINTER PARK                                           CO                                   80482                  Condominium                                                               6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16731535                                16731535                  Washington                                            DC                                   20002                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16731547                                16731547                  West Paris                                            ME                                    4289                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16731561                                16731561                  Street                                                MD                                   21154                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16731616                                16731616                  Vancouver                                             WA                                   98684                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20461201                                               360
16729934                                16729934                  Charlotte                                             NC                                   28211                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16729952                                16729952                  Austin                                                TX                                   78734                  Condominium                                                             7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16400393                                16400393                  Upper Marlboro                                        MD                                   20772                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20360901                                               360
16728746                                16728746                  Dallas                                                TX                                   75201                  Condominium                                                                 8                           0.25                       0                       0.012                                            7.738                               20361201                                               360
16728754                                16728754                  Hialeah                                               FL                                   33013                  Hi-Rise Condo                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16728762                                16728762                  LOS ANGELES                                           CA                                   90032                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16728776                                16728776                  Los Angeles                                           CA                                   90062                  2-4 Family                                                              6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16728781                                16728781                  SAVAGE                                                MN                                   55378                  Townhouse                                                               6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16728787                                16728787                  Waxhaw                                                NC                                   28173                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16728818                                16728818                  Orlando                                               FL                                   32835                  Condominium                                                              7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16728893                                16728893                  LAKEWOOD                                              CO                                   80232                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16728906                                16728906                  Los Angeles                                           CA                                   90062                  2-4 Family                                                              6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16728908                                16728908                  Desert Hot Springs                                    CA                                   92240                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16729396                                16729396                  LONG VIEW                                             TX                                   75065                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16729433                                16729433                  PAHRUMP                                               NV                                   89048                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361201                                               360
16729452                                16729452                  QUEENS VILLAGE                                        NY                                   11428                  2-4 Family                                                                6.5                           0.25                       0                       0.012                                            6.238                               20370101                                               360
16728293                                16728293                  Birmingham                                            AL                                   35208                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16728302                                16728302                  Allen                                                 TX                                   75002                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16728523                                16728523                  Louisville                                            KY                                   40211                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16728594                                16728594                  Cottage Hills                                         IL                                   62018                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16728394                                16728394                  Roswell                                               GA                                   30075                  Condominium                                                               6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16728427                                16728427                  Pompano Beach                                         FL                                   33064                  Single Family                                                           8.625                           0.25                       0                       0.012                                            8.363                               20461201                                               360
16728643                                16728643                  AUBURNDALE                                            FL                                   33823                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16728699                                16728699                  WINSTED                                               MN                                   55395                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16722842                                16722842                  Blooming Glen                                         PA                                   18911                  Single Family                                                            7.25                           0.25                    1.27                       0.012                                            5.718                               20361201                                               360
16728028                                16728028                  SUNRISE                                               FL                                   33313                  Condominium                                                             6.875                           0.25                       0                       0.012                                            6.613                               20461201                                               360
16727948                                16727948                  Stillwater                                            NJ                                    7860                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16721623                                16721623                  Las Vegas                                             NV                                   89134                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16721514                                16721514                  San Francisco                                         CA                                   94116                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16728287                                16728287                  Prosper                                               TX                                   75078                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16721572                                16721572                  Philadelphia                                          PA                                   19121                  2-4 Family                                                              8.125                           0.25                       0                       0.012                                            7.863                               20361201                                               360
16717901                                16717901                  Wilmington                                            MA                                    1887                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20470101                                               360
16717903                                16717903                  Vallejo                                               CA                                   94590                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16717897                                16717897                  Rodeo                                                 CA                                   94572                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16718005                                16718005                  LOS ANGELES                                           CA                                   91335                  Condominium                                                              7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16709317                                16709317                  Philadelphia                                          PA                                   19148                  Townhouse                                                                   8                           0.25                       0                       0.012                                            7.738                               20461201                                               360
16709332                                16709332                  Philadelphia                                          PA                                   19145                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20470101                                               360
16706280                                16706280                  Philadelphia                                          PA                                   19115                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20461201                                               360
16706306                                16706306                  Tucson                                                AZ                                   85704                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16706329                                16706329                  Jacksonville                                          NC                                   28540                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16723960                                16723960                  Springfield                                           VA                                   22152                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16728228                                16728228                  San Antonio                                           TX                                   78207                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16710509                                16710509                  Griffin                                               GA                                   30223                  Single Family                                                               8                           0.25                     0.6                       0.012                                            7.138                               20361201                                               360
16713385                                16713385                  Philadelphia                                          PA                                   19145                  Townhouse                                                               8.375                           0.25                       0                       0.012                                            8.113                               20470101                                               360
16713357                                16713357                  Springfield                                           VA                                   22152                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20461201                                               360
16714554                                16714554                  McAllen                                               TX                                   78504                  Single Family                                                           9.125                           0.25                       0                       0.012                                            8.863                               20361201                                               360
16709217                                16709217                  Lagrange                                              GA                                   30241                  Single Family                                                           7.875                           0.25                     1.6                       0.012                                            6.013                               20470101                                               360
16709219                                16709219                  Hemet                                                 CA                                   92544                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16709268                                16709268                  Jacksonville                                          NC                                   28546                  Single Family                                                               8                           0.25                    0.71                       0.012                                            7.028                               20361201                                               360
16728251                                16728251                  CABOT                                                 AR                                   72023                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16709303                                16709303                  Philadelphia                                          PA                                   19148                  Townhouse                                                                   8                           0.25                       0                       0.012                                            7.738                               20461201                                               360
16709312                                16709312                  Philadelphia                                          PA                                   19148                  Townhouse                                                                   8                           0.25                       0                       0.012                                            7.738                               20461201                                               360
16697316                                16697316                  Englewood                                             FL                                   34223                  2-4 Family                                                              7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16700045                                16700045                  Brighton                                              CO                                   80601                  PUD                                                                      7.75                           0.25                    0.54                       0.012                                            6.948                               20361101                                               360
16697200                                16697200                  TAMPA                                                 FL                                   33634                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20461201                                               360
16723895                                16723895                  GOODYEAR                                              AZ                                   85338                  PUD                                                                       9.5                           0.25                    0.82                       0.012                                            8.418                               20361201                                               360
16693108                                16693108                  Delray Beach                                          FL                                   33446                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16687850                                16687850                  Mountain House                                        CA                                   95391                  Single Family                                                           7.625                           0.25                    0.23                       0.012                                            7.133                               20361101                                               360
16688004                                16688004                  Lancaster                                             CA                                   93534                  Single Family                                                           6.625                           0.25                    0.86                       0.012                                            5.503                               20461101                                               360
16692007                                16692007                  Springfield                                           MO                                   65804                  2-4 Family                                                                7.5                           0.25                       0                       0.012                                            7.238                               20461101                                               360
16693094                                16693094                  Marietta                                              GA                                   30008                  Townhouse                                                               7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16693172                                16693172                  Jacksonville                                          FL                                   32210                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16687912                                16687912                  Phoenix                                               AZ                                   85032                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16685632                                16685632                  Pease                                                 MN                                   56363                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16685501                                16685501                  University Place                                      WA                                   98467                  2-4 Family                                                                6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16685502                                16685502                  University Place                                      WA                                   98467                  2-4 Family                                                              6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16685293                                16685293                  Conyers                                               GA                                   30013                  PUD                                                                     7.125                           0.25                    0.53                       0.012                                            6.333                               20361201                                               360
16683797                                16683797                  CARTERSVILLE                                          GA                                   30121                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16685303                                16685303                  Hampton                                               VA                                   23666                  Townhouse                                                               6.375                           0.25                    0.24                       0.012                                            5.873                               20361101                                               360
16685498                                16685498                  Paulden                                               AZ                                   86334                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20470101                                               360
16681015                                16681015                  Baltimore                                             MD                                   21217                  Townhouse                                                               9.375                           0.25                    0.66                       0.012                                            8.453                               20361201                                               360
16681031                                16681031                  Ramsey                                                MN                                   55303                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16723837                                16723837                  DALTON                                                GA                                   30721                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20360801                                               360
16723740                                16723740                  LAS VEGAS                                             NV                                   89113                  PUD                                                                     8.125                           0.25                    1.01                       0.012                                            6.853                               20470101                                               360
16679160                                16679160                  Bryant Pond                                           ME                                    4219                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16679124                                16679124                  South Portland                                        ME                                    4106                  2-4 Family                                                               7.75                           0.25                    0.88                       0.012                                            6.608                               20361201                                               360
16679085                                16679085                  Milwaukee                                             WI                                   53208                  Single Family                                                            8.75                           0.25                    0.87                       0.012                                            7.618                               20461101                                               360
16676386                                16676386                  Saint Francis                                         MN                                   55070                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20461101                                               360
16676353                                16676353                  San Jose                                              CA                                   95125                  2-4 Family                                                                  7                           0.25                       0                       0.012                                            6.738                               20461101                                               360
16675085                                16675085                  Wimberley                                             TX                                   78676                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16671432                                16671432                  Converse                                              TX                                   78109                  PUD                                                                       7.5                           0.25                     0.3                       0.012                                            6.938                               20361101                                               360
16671314                                16671314                  Copperas Cove                                         TX                                   76522                  Single Family                                                               9                           0.25                       0                       0.012                                            8.738                               20361201                                               360
16671482                                16671482                  CUSSETA                                               GA                                   31805                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16671483                                16671483                  Wells                                                 ME                                    4090                  Single Family                                                            7.75                           0.25                    0.57                       0.012                                            6.918                               20361101                                               360
16674891                                16674891                  Los Angeles                                           CA                                   90044                  2-4 Family                                                                  7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16674973                                16674973                  PHENIX CITY                                           AL                                   36867                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16674986                                16674986                  Morristown                                            NJ                                    7960                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20461201                                               360
16675039                                16675039                  Philadelphia                                          PA                                   19124                  Townhouse                                                                 7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16652235                                16652235                  BUCKEYE                                               AZ                                   85326                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16652249                                16652249                  HENDERSON                                             NV                                   89015                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16652256                                16652256                  PLANO                                                 TX                                   75023                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16652257                                16652257                  WEST VALLEY CITY                                      UT                                   84120                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16652259                                16652259                  PROVIDENCE VILLAGE                                    TX                                   76227                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16652214                                16652214                  STOCKTON                                              CA                                   95209                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16644794                                16644794                  LAKE ELSINORE                                         CA                                   92530                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20360901                                               360
16644799                                16644799                  DELANO                                                CA                                   93215                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20360901                                               360
16644800                                16644800                  EMPIRE                                                CA                                   95319                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16644807                                16644807                  BALDWIN PARK                                          CA                                   91706                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20360901                                               360
16644815                                16644815                  TULARE                                                CA                                   93274                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16644823                                16644823                  LAGUNA NIGUEL                                         CA                                   92677                  Condominium                                                             6.875                           0.25                       0                       0.012                                            6.613                               20360901                                               360
16652152                                16652152                  ELK GROVE                                             CA                                   95757                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20360601                                               360
16652156                                16652156                  MYRTLE BEACH                                          SC                                   29579                  PUD                                                                     7.875                           0.25                       0                       0.012                                            7.613                               20360501                                               360
16652175                                16652175                  TEMPE                                                 AZ                                   85281                  Condominium                                                              7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16652196                                16652196                  NORTH CHARLESTON                                      SC                                   29420                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20360701                                               360
16652199                                16652199                  PHOENIX                                               AZ                                   85023                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16723660                                16723660                  LONGWOOD                                              FL                                   32779                  Condominium                                                             8.875                           0.25                    1.84                       0.012                                            6.773                               20361201                                               360
16723650                                16723650                  Las Vegas                                             NV                                   89122                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16723551                                16723551                  DOVER TOWNSHIP                                        NJ                                    8753                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361201                                               360
16722043                                16722043                  LOCKPORT                                              IL                                   60441                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20461201                                               360
16722050                                16722050                  LOUISVILLE                                            KY                                   40291                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16722058                                16722058                  DENTON                                                TX                                   76201                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16722107                                16722107                  Universal City                                        TX                                   78148                  PUD                                                                      8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16722127                                16722127                  RICE                                                  MN                                   56367                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20360901                                               360
16722160                                16722160                  BALTIMORE                                             MD                                   21217                  Single Family                                                            8.75                           0.25                    0.98                       0.012                                            7.508                               20361201                                               360
16722166                                16722166                  Houston                                               TX                                   77095                  PUD                                                                       8.5                           0.25                    1.11                       0.012                                            7.128                               20361201                                               360
16722334                                16722334                  COLLIERVILLE                                          TN                                   38017                  Single Family                                                            8.75                           0.25                    0.79                       0.012                                            7.698                               20361201                                               360
16723057                                16723057                  Marshfield                                            WI                                   54449                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16723060                                16723060                  Miami                                                 FL                                   33015                  Condominium                                                               9.5                           0.25                    1.06                       0.012                                            8.178                               20361201                                               360
16723090                                16723090                  MIAMI                                                 FL                                   33172                  Condominium                                                             9.625                           0.25                    0.98                       0.012                                            8.383                               20361201                                               360
16723096                                16723096                  Thousand Palms                                        CA                                   92276                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20461201                                               360
16723148                                16723148                  MARICOPA                                              AZ                                   85239                  Single Family                                                           7.875                           0.25                    0.62                       0.012                                            6.993                               20361201                                               360
16723269                                16723269                  Orlando                                               FL                                   32822                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16723304                                16723304                  ALVARADO                                              TX                                   76009                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16723395                                16723395                  GOLD BEACH                                            OR                                   97444                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16723458                                16723458                  Philadelphia                                          PA                                   19136                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16723483                                16723483                  Taylor                                                TX                                   76574                  Single Family                                                           8.625                           0.25                    0.63                       0.012                                            7.733                               20361201                                               360
16721938                                16721938                  CONYERS                                               GA                                   30012                  PUD                                                                     8.375                           0.25                    0.79                       0.012                                            7.323                               20361201                                               360
16721950                                16721950                  JACKSON                                               TN                                   38305                  Single Family                                                          10.125                           0.25                    1.29                       0.012                                            8.573                               20361201                                               360
16723523                                16723523                  LAKE GENEVA                                           WI                                   53147                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16601189                                16601189                  SIOUX FALLS                                           SD                                   57104                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16600869                                16600869                  Jacksonville                                          NC                                   28546                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16715039                                16715039                  CHARLOTTE                                             NC                                   28262                  Condominium                                                              9.25                           0.25                       0                       0.012                                            8.988                               20361001                                               360
16595205                                16595205                  Bryan                                                 TX                                   77801                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16709689                                16709689                  NORWICH                                               CT                                    6360                  Condominium                                                              7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16646110                                16646110                  DALLAS                                                TX                                   75243                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16650594                                16650594                  Phoenix                                               AZ                                   85037                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16662179                                16662179                  Sanford                                               FL                                   32771                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16673070                                16673070                  MC KINNEY                                             TX                                   75071                  PUD                                                                       8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16564543                                16564543                  Baltimore                                             MD                                   21215                  2-4 Family                                                              8.375                           0.25                       0                       0.012                                            8.113                               20361001                                               360
16680381                                16680381                  Bakersfield                                           CA                                   93305                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20461101                                               360
16672383                                16672383                  WILM                                                  NC                                   28411                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16656363                                16656363                  GIBSONBURG                                            OH                                   43431                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16650257                                16650257                  FORT WRIGHT                                           KY                                   41011                  Townhouse                                                                7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16648773                                16648773                  RALEIGH                                               NC                                   27609                  Single Family                                                            9.25                           0.25                       0                       0.012                                            8.988                               20361101                                               360
16650274                                16650274                  ELY                                                   MO                                   63461                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16713747                                16713747                  BRADENTON                                             FL                                   34207                  2-4 Family                                                               6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16664024                                16664024                  ORCUTT                                                CA                                   93455                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16706484                                16706484                  Hollywood                                             FL                                   33019                  Hi-Rise Condo                                                               8                           0.25                    0.72                       0.012                                            7.018                               20361101                                               360
16680078                                16680078                  Lincoln Park                                          MI                                   48146                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16650233                                16650233                  SHEBOYGAN                                             WI                                   53081                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16666572                                16666572                  Los Angeles                                           CA                                   90003                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16666544                                16666544                  PENSACOLA                                             FL                                   32504                  2-4 Family                                                              6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16669995                                16669995                  Long Prairie                                          MN                                   56347                  Single Family                                                               8                           0.25                    0.61                       0.012                                            7.128                               20361201                                               360
16670195                                16670195                  Stockton                                              CA                                   95204                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16670212                                16670212                  Havre De Grace                                        MD                                   21078                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20461101                                               360
16670081                                16670081                  Aurora                                                CO                                   80014                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20461201                                               360
16670114                                16670114                  Pharr                                                 TX                                   78577                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16670141                                16670141                  Augusta                                               GA                                   30904                  Single Family                                                            8.75                           0.25                    0.47                       0.012                                            8.018                               20361101                                               360
16543970                                16543970                  ALAMO                                                 CA                                   94507                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20360901                                               360
16545315                                16545315                  GRAND PRAIRIE                                         TX                                   75054                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20360901                                               360
16545332                                16545332                  WAXAHACHIE                                            TX                                   75165                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20360901                                               360
16551785                                16551785                  STONE MOUNTAIN                                        GA                                   30083                  Condominium                                                              8.75                           0.25                       0                       0.012                                            8.488                               20360801                                               360
16567415                                16567415                  Solomons                                              MD                                   20688                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20360901                                               360
16586023                                16586023                  SAN ANTONIO                                           TX                                   78215                  2-4 Family                                                              8.875                           0.25                       0                       0.012                                            8.613                               20361001                                               360
16651364                                16651364                  PINEHURST                                             NC                                   28374                  Condominium                                                             8.875                           0.25                       0                       0.012                                            8.613                               20361001                                               360
16651501                                16651501                  Waldorf                                               MD                                   20601                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361001                                               360
16651667                                16651667                  Fayetteville                                          GA                                   30215                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16651672                                16651672                  San Antonio                                           TX                                   78247                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16654252                                16654252                  MINNEAPOLIS                                           MN                                   55404                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361001                                               360
16654361                                16654361                  Denver                                                CO                                   80203                  2-4 Family                                                                7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16654429                                16654429                  Chicago                                               IL                                   60613                  Hi-Rise Condo                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16656214                                16656214                  Manchester Township                                   NJ                                    8757                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16656244                                16656244                  NORCROSS                                              GA                                   30071                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16656264                                16656264                  FORKED RIVER                                          NJ                                    8731                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361001                                               360
16656323                                16656323                  Union City                                            NJ                                    7087                  2-4 Family                                                               7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16656481                                16656481                  College Station                                       TX                                   77845                  2-4 Family                                                              7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16656560                                16656560                  KATY                                                  TX                                   77494                  Single Family                                                               8                           0.25                    1.19                       0.012                                            6.548                               20361001                                               360
16656700                                16656700                  Durham                                                NC                                   27707                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361001                                               360
16656922                                16656922                  Burnet                                                TX                                   78611                  Single Family                                                           7.875                           0.25                    0.83                       0.012                                            6.783                               20361001                                               360
16658372                                16658372                  ORANGE CITY                                           FL                                   32763                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361001                                               360
16658445                                16658445                  CINCINNATI                                            OH                                   45215                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16658194                                16658194                  MIAMI                                                 FL                                   33125                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16658146                                16658146                  Prospect Park                                         PA                                   19076                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16658098                                16658098                  Jersey City                                           NJ                                    7305                  2-4 Family                                                              7.125                           0.25                       0                       0.012                                            6.863                               20461101                                               360
16658227                                16658227                  Oxnard                                                CA                                   93030                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16658281                                16658281                  Wilton Manors                                         FL                                   33311                  Condominium                                                             7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16653630                                16653630                  Manchester                                            NH                                    3102                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16661789                                16661789                  Battle Creek                                          MI                                   49014                  Single Family                                                           7.625                           0.25                    0.67                       0.012                                            6.693                               20460101                                               360
16661796                                16661796                  Tracy                                                 CA                                   95377                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16661943                                16661943                  Brick                                                 NJ                                    8723                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16653631                                16653631                  Homestead                                             FL                                   33033                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20461201                                               360
16653675                                16653675                  Springfield                                           MO                                   65807                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20461201                                               360
16655768                                16655768                  Laredo                                                TX                                   78045                  2-4 Family                                                              7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16665294                                16665294                  Cosmos                                                MN                                   56228                  Single Family                                                           8.625                           0.25                       0                       0.012                                            8.363                               20361101                                               360
16655794                                16655794                  Philadelphia                                          PA                                   19147                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16655796                                16655796                  Chesapeake                                            VA                                   23320                  Townhouse                                                               6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16665417                                16665417                  Fort Lauderdale                                       FL                                   33308                  Condominium                                                             6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16666558                                16666558                  Fort Lauderdale                                       FL                                   33308                  Condominium                                                             6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16666559                                16666559                  Fort Lauderdale                                       FL                                   33308                  Condominium                                                             6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16655877                                16655877                  Brownsville                                           TX                                   78521                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16655889                                16655889                  Rahway                                                NJ                                    7065                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20461101                                               360
16684453                                16684453                  Portland                                              OR                                   97203                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16684513                                16684513                  Keller                                                TX                                   76248                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16684616                                16684616                  RIVERDALE                                             MD                                   20737                  Single Family                                                             9.5                           0.25                       0                       0.012                                            9.238                               20361201                                               360
16684673                                16684673                  PORTLAND                                              OR                                   97266                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16685701                                16685701                  Williamstown                                          NJ                                    8094                  Single Family                                                           7.125                           0.25                    0.61                       0.012                                            6.253                               20361101                                               360
16685790                                16685790                  Atco                                                  NJ                                    8004                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16685913                                16685913                  Indianapolis                                          IN                                   46201                  2-4 Family                                                               8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16685920                                16685920                  ALBUQUERQUE                                           NM                                   87121                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16685952                                16685952                  Denver                                                CO                                   80205                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16685957                                16685957                  Denver                                                CO                                   80205                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16685978                                16685978                  MILWAUKEE                                             WI                                   53210                  2-4 Family                                                               8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16686112                                16686112                  Roslindale                                            MA                                    2131                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16688078                                16688078                  Palm Beach Gardens                                    FL                                   33418                  Single Family                                                            6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16688388                                16688388                  Palm Bay                                              FL                                   32908                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16548817                                16548817                  Stone Mountain                                        GA                                   30088                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20461101                                               360
16638021                                16638021                  Villas                                                NJ                                    8251                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16645765                                16645765                  Sunrise                                               FL                                   33323                  PUD                                                                         7                           0.25                    0.44                       0.012                                            6.298                               20461101                                               360
16658107                                16658107                  BELLEVILLE                                            NJ                                    7109                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20461101                                               360
16670183                                16670183                  Eldersburg                                            MD                                   21784                  Condominium                                                             6.625                           0.25                       0                       0.012                                            6.363                               20461201                                               360
16644789                                16644789                  COALINGA                                              CA                                   93210                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16644790                                16644790                  FRESNO                                                CA                                   93710                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16644812                                16644812                  MODESTO                                               CA                                   95358                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20360901                                               360
16644813                                16644813                  MODESTO                                               CA                                   95358                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16673635                                16673635                  PHOENIX                                               AZ                                   85041                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361001                                               360
16673684                                16673684                  HANFORD                                               CA                                   93230                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16697715                                16697715                  Central Islip                                         NY                                   11722                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20461101                                               360
16706574                                16706574                  Freehold                                              NJ                                    7728                  Condominium                                                             7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16707024                                16707024                  Mc Donough                                            GA                                   30252                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16708130                                16708130                  PINE HILL                                             NJ                                    8021                  Condominium                                                               8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16709514                                16709514                  SHERMAN                                               TX                                   75090                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16709699                                16709699                  LOS ANGELES                                           CA                                   90003                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16710772                                16710772                  South Plainfield                                      NJ                                    7080                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16711040                                16711040                  Burleson                                              TX                                   76028                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16711369                                16711369                  Maple Heights                                         OH                                   44137                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16713639                                16713639                  Tuckahoe                                              NY                                   10707                  2-4 Family                                                              6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16713672                                16713672                  FLEMINGTON                                            NJ                                    8822                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16713746                                16713746                  RICHMOND                                              VA                                   23227                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16713924                                16713924                  Henderson                                             NV                                   89044                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16714796                                16714796                  LINCOLN                                               CA                                   95648                  PUD                                                                         6                           0.25                       0                       0.012                                            5.738                               20361101                                               360
16714800                                16714800                  MENIFEE                                               CA                                   92584                  Single Family                                                            6.25                           0.25                       0                       0.012                                            5.988                               20461101                                               360
16715103                                16715103                  MIDLOTHIAN                                            TX                                   76065                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16715311                                16715311                  Port Saint Lucie                                      FL                                   34983                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16717406                                16717406                  CEDAR HILL                                            TX                                   75104                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16717445                                16717445                  Stevensville                                          MD                                   21666                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16717525                                16717525                  ELKHORN CITY                                          KY                                   41522                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16717781                                16717781                  Brunswick                                             MD                                   21758                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16718449                                16718449                  LAS VEGAS                                             NV                                   89121                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20470101                                               360
16718495                                16718495                  VIRGINIA BCH                                          VA                                   23455                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361201                                               360
16718625                                16718625                  MIAMI                                                 FL                                   33126                  Hi-Rise Condo                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16721736                                16721736                  BALTIMORE                                             MD                                   21216                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20461201                                               360
16721975                                16721975                  NEW BEDFORD                                           MA                                    2740                  2-4 Family                                                              7.375                           0.25                    0.57                       0.012                                            6.543                               20361101                                               360
16723080                                16723080                  ROCHESTER                                             MI                                   48307                  Condominium                                                             7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16723576                                16723576                  LONGWOOD                                              FL                                   32779                  Condominium                                                             8.875                           0.25                    2.12                       0.012                                            6.493                               20361201                                               360
16723609                                16723609                  Leland                                                NC                                   28451                  PUD                                                                     8.875                           0.25                    1.32                       0.012                                            7.293                               20361201                                               360
16723842                                16723842                  WADDELL                                               AZ                                   85355                  PUD                                                                       7.5                           0.25                    0.71                       0.012                                            6.528                               20361201                                               360
16728230                                16728230                  Locust Grove                                          GA                                   30248                  PUD                                                                      8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16728273                                16728273                  Dallas                                                TX                                   75219                  Condominium                                                             8.875                           0.25                       0                       0.012                                            8.613                               20361101                                               360
16728573                                16728573                  La Jolla                                              CA                                   92037                  2-4 Family                                                                6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16650990                                16650990                  Epping                                                NH                                    3042                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20461101                                               360
16809565                                16809565                  PHILADELPHIA                                          PA                                   19151                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20360901                                               360
16813553                                16813553                  Snellville                                            GA                                   30039                  Single Family                                                           9.375                           0.25                    0.89                       0.012                                            8.223                               20361201                                               360
16649574                                16649574                  Daytona Beach                                         FL                                   32114                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16649717                                16649717                  Goodyear                                              AZ                                   85338                  PUD                                                                     7.375                           0.25                    0.57                       0.012                                            6.543                               20461001                                               360
16638016                                16638016                  Allentown                                             PA                                   18102                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16640467                                16640467                  Allentown                                             PA                                   18102                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16640470                                16640470                  Allentown                                             PA                                   18102                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16648197                                16648197                  MC LEAN                                               VA                                   22101                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16645753                                16645753                  Santee                                                CA                                   92071                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16645766                                16645766                  Lancaster                                             PA                                   17602                  Single Family                                                           7.625                           0.25                    0.94                       0.012                                            6.423                               20461101                                               360
16648166                                16648166                  Philadelphia                                          PA                                   19135                  2-4 Family                                                              8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16638052                                16638052                  Fountain Inn                                          SC                                   29644                  Single Family                                                             8.5                           0.25                    1.32                       0.012                                            6.918                               20361001                                               360
16775296                                16775296                  Snellville                                            GA                                   30039                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20461201                                               360
16633963                                16633963                  Macon                                                 GA                                   31210                  Single Family                                                           6.875                           0.25                     0.2                       0.012                                            6.413                               20361001                                               360
16778503                                16778503                  ATLANTA                                               GA                                   30315                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16784679                                16784679                  HUDSON                                                FL                                   34669                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361201                                               360
16788682                                16788682                  DURHAM                                                NC                                   27707                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16788826                                16788826                  AVON                                                  IN                                   46123                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16807045                                16807045                  GOODYEAR                                              AZ                                   85338                  PUD                                                                      8.75                           0.25                    0.75                       0.012                                            7.738                               20361201                                               360
16807090                                16807090                  SAN ANTONIO                                           TX                                   78222                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361201                                               360
16809630                                16809630                  HIGH POINT                                            NC                                   27265                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16833237                                16833237                  Massapequa                                            NY                                   11758                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16633959                                16633959                  Collegeville                                          PA                                   19426                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361201                                               360
16631262                                16631262                  Hagerstown                                            MD                                   21740                  2-4 Family                                                                7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16630990                                16630990                  Homestead                                             FL                                   33030                  2-4 Family                                                              7.375                           0.25                       0                       0.012                                            7.113                               20461101                                               360
16630996                                16630996                  CARLISLE                                              PA                                   17013                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16633990                                16633990                  Chicago                                               IL                                   60620                  Single Family                                                           7.375                           0.25                    0.48                       0.012                                            6.633                               20361201                                               360
16731717                                16731717                  SURPRISE                                              AZ                                   85379                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16731858                                16731858                  COLUMBIAVILLE                                         MI                                   48421                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16768080                                16768080                  MILWAUKEE                                             WI                                   53205                  2-4 Family                                                                  9                           0.25                     0.9                       0.012                                            7.838                               20361201                                               360
16770805                                16770805                  RICHMOND                                              VA                                   23224                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20360801                                               360
16770928                                16770928                  LANCASTER                                             CA                                   93534                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361201                                               360
16771191                                16771191                  BALTIMORE                                             MD                                   21224                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16771839                                16771839                  DETROIT                                               MI                                   48238                  2-4 Family                                                                9.5                           0.25                       0                       0.012                                            9.238                               20361201                                               360
16729359                                16729359                  MOUNT AIRY                                            MD                                   21771                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16722177                                16722177                  CHARLOTTE                                             NC                                   28262                  Condominium                                                              9.25                           0.25                       0                       0.012                                            8.988                               20361001                                               360
16723159                                16723159                  CLAYTON                                               NC                                   27527                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16728485                                16728485                  SUN CITY                                              AZ                                   85374                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16612464                                16612464                  Barstow                                               CA                                   92311                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16670584                                16670584                  Mcallen                                               TX                                   78504                  Single Family                                                           7.875                           0.25                    0.43                       0.012                                            7.183                               20361101                                               360
16703987                                16703987                  SPRINGFIELD                                           MA                                    1108                  2-4 Family                                                              7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16704446                                16704446                  Milan                                                 IL                                   61264                  Single Family                                                           8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16704515                                16704515                  Daytona Beach                                         FL                                   32118                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16706548                                16706548                  Houston                                               TX                                   77069                  PUD                                                                     7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16706850                                16706850                  DORAL                                                 FL                                   33178                  Condominium                                                             7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16707043                                16707043                  El Paso                                               TX                                   79936                  Single Family                                                            9.75                           0.25                    0.96                       0.012                                            8.528                               20361201                                               360
16656728                                16656728                  Woodstock                                             GA                                   30188                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16672774                                16672774                  Hilton Head                                           SC                                   29928                  PUD                                                                     6.375                           0.25                       0                       0.012                                            6.113                               20361101                                               360
16709936                                16709936                  RICHMOND                                              VA                                   23237                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16616049                                16616049                  Tampa                                                 FL                                   33603                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16710904                                16710904                  MARICOPA                                              AZ                                   85239                  PUD                                                                     6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16713548                                16713548                  Maineville                                            OH                                   45039                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361201                                               360
16713552                                16713552                  BELTON                                                SC                                   29627                  Single Family                                                            8.25                           0.25                    0.65                       0.012                                            7.338                               20361101                                               360
16715160                                16715160                  Temple                                                TX                                   76502                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20360801                                               360
16717152                                16717152                  LITHONIA                                              GA                                   30038                  Townhouse                                                                7.25                           0.25                    0.67                       0.012                                            6.318                               20361201                                               360
16656921                                16656921                  Ellendale                                             MN                                   56026                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16684546                                16684546                  BALDWIN                                               MO                                   63021                  Condominium                                                             8.125                           0.25                       0                       0.012                                            7.863                               20361101                                               360
16651135                                16651135                  Dover                                                 NH                                    3820                  2-4 Family                                                              7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16731479                                16731479                  Baldwin                                               NY                                   11510                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16731488                                16731488                  Leesburg                                              FL                                   34748                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16648949                                16648949                  Homestead                                             FL                                   33035                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16650525                                16650525                  SARASOTA                                              FL                                   34228                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16695673                                16695673                  THORNTON                                              CO                                   80602                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16731978                                16731978                  SAN CLEMENTE                                          CA                                   92673                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361201                                               360
16731998                                16731998                  Canton                                                MI                                   48188                  Condominium                                                             7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16650680                                16650680                  Red Bluff                                             CA                                   96080                  2-4 Family                                                               6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16692541                                16692541                  Silver Spring                                         MD                                   20903                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16710865                                16710865                  Titusville                                            FL                                   32780                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16681837                                16681837                  NAPLES                                                FL                                   34117                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16695635                                16695635                  MARICOPA                                              AZ                                   85239                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16681856                                16681856                  NAPLES                                                FL                                   34117                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16676683                                16676683                  Evington                                              VA                                   24550                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16603841                                16603841                  Syracuse                                              UT                                   84075                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20360901                                               360
16695587                                16695587                  TUCSON                                                AZ                                   85706                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16468165                                16468165                  Davie                                                 FL                                   33326                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361001                                               360
16601807                                16601807                  Virginia Beach                                        VA                                   23452                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16670778                                16670778                  BRENTWOOD                                             TN                                   37027                  Condominium                                                             8.125                           0.25                    1.05                       0.012                                            6.813                               20361101                                               360
16665603                                16665603                  WARREN                                                OH                                   44483                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16665656                                16665656                  MADISONVILLE                                          KY                                   42431                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16681695                                16681695                  VALRICO                                               FL                                   33594                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20461101                                               360
16659058                                16659058                  LANCASTER                                             TX                                   75146                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361101                                               360
16729553                                16729553                  COVINGTON                                             GA                                   30014                  2-4 Family                                                                  9                           0.25                       0                       0.012                                            8.738                               20361201                                               360
16600614                                16600614                  Miami                                                 FL                                   33196                  Condominium                                                              7.25                           0.25                       0                       0.012                                            6.988                               20461101                                               360
16596942                                16596942                  Copperas Cove                                         TX                                   76522                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16599163                                16599163                  Colleyville                                           TX                                   76034                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16718028                                16718028                  LA JOYA                                               TX                                   78560                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16585340                                16585340                  Phoenix                                               AZ                                   85051                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16595934                                16595934                  Longwood                                              FL                                   32779                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16590913                                16590913                  PHARR                                                 TX                                   78577                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361201                                               360
16596033                                16596033                  FLORAL PARK                                           NY                                   11001                  Single Family                                                           9.375                           0.25                       0                       0.012                                            9.113                               20361101                                               360
16673639                                16673639                  LAS VEGAS                                             NV                                   89052                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16728664                                16728664                  ESTES PARK                                            CO                                   80517                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361201                                               360
16695527                                16695527                  PALMDALE                                              CA                                   93552                  Single Family                                                            6.25                           0.25                       0                       0.012                                            5.988                               20361001                                               360
16695566                                16695566                  GRAND PRAIRIE                                         TX                                   75054                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16695602                                16695602                  COMMERCE CITY                                         CO                                   80022                  PUD                                                                     7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16687845                                16687845                  Palm Bay                                              FL                                   32905                  Single Family                                                           6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16693262                                16693262                  Pittsfield                                            NH                                    3263                  2-4 Family                                                              7.875                           0.25                       0                       0.012                                            7.613                               20361201                                               360
16697252                                16697252                  Brick                                                 NJ                                    8724                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361201                                               360
16700065                                16700065                  SNELLVILLE                                            GA                                   30039                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20470101                                               360
16706234                                16706234                  Cape Coral                                            FL                                   33909                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361201                                               360
16730334                                16730334                  Greensboro                                            NC                                   27405                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361201                                               360
16767493                                16767493                  Montgomery                                            AL                                   36109                  Single Family                                                            9.75                           0.25                       0                       0.012                                            9.488                               20361201                                               360
16671488                                16671488                  Miami                                                 FL                                   33177                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20461201                                               360
16676339                                16676339                  DANVILLE                                              VA                                   24540                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20361201                                               360
16780582                                16780582                  Baltimore                                             MD                                   21234                  Single Family                                                            6.75                           0.25                       0                       0.012                                            6.488                               20461201                                               360
16685285                                16685285                  Olathe                                                CO                                   81425                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20470101                                               360
16697566                                16697566                  Cuyahoga Falls                                        OH                                   44223                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16693848                                16693848                  RIO GRANDE CITY                                       TX                                   78582                  Single Family                                                           7.625                           0.25                    0.32                       0.012                                            7.043                               20361201                                               360
16693856                                16693856                  WHEATON                                               IL                                   60187                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16693893                                16693893                  TUSTIN                                                CA                                   92782                  PUD                                                                         7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16694136                                16694136                  Davenport                                             FL                                   33897                  PUD                                                                     6.875                           0.25                       0                       0.012                                            6.613                               20361101                                               360
16696306                                16696306                  CHICAGO                                               IL                                   60639                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16696376                                16696376                  FARMERSVILLE                                          TX                                   75442                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20361101                                               360
16696411                                16696411                  Gilberts                                              IL                                   60136                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16696640                                16696640                  WINTER HAVEN                                          FL                                   33880                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16688452                                16688452                  Willow Street                                         PA                                   17584                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16692090                                16692090                  WOODBRIDGE                                            VA                                   22192                  PUD                                                                      7.75                           0.25                       0                       0.012                                            7.488                               20361101                                               360
16692095                                16692095                  PFLUGERVILLE                                          TX                                   78660                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20361001                                               360
16693339                                16693339                  Compton                                               CA                                   90220                  Single Family                                                           6.625                           0.25                       0                       0.012                                            6.363                               20361101                                               360
16693392                                16693392                  LONGMONT                                              CO                                   80504                  Townhouse                                                                6.25                           0.25                       0                       0.012                                            5.988                               20361201                                               360
16665660                                16665660                  Los Alamitos                                          CA                                   90720                  2-4 Family                                                                  7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16665820                                16665820                  Port Charlotte                                        FL                                   33952                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20360801                                               360
16665823                                16665823                  North Port                                            FL                                   34287                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20360801                                               360
16665824                                16665824                  Port Charlotte                                        FL                                   33948                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20360801                                               360
16665826                                16665826                  Fort Myers                                            FL                                   33905                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20360801                                               360
16681224                                16681224                  East Boston                                           MA                                    2128                  2-4 Family                                                               9.75                           0.25                       0                       0.012                                            9.488                               20460801                                               360
16681320                                16681320                  CO SPGS                                               CO                                   80910                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16681526                                16681526                  HUMBLE                                                TX                                   77346                  Townhouse                                                                   8                           0.25                    0.75                       0.012                                            6.988                               20361101                                               360
16666798                                16666798                  PNTE VDRA BCH                                         FL                                   32082                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361201                                               360
16666866                                16666866                  South Padre Island                                    TX                                   78597                  Condominium                                                             7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16666947                                16666947                  Marina Del Rey                                        CA                                   90292                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20461101                                               360
16667024                                16667024                  Englewood                                             NJ                                    7631                  2-4 Family                                                              7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16667106                                16667106                  PHOENIX                                               AZ                                   85048                  PUD                                                                       6.5                           0.25                       0                       0.012                                            6.238                               20361101                                               360
16667107                                16667107                  NEW ALBANY                                            IN                                   47150                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361001                                               360
16670543                                16670543                  Port Charlotte                                        FL                                   33948                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20360801                                               360
16681819                                16681819                  OWINGS MILLS                                          MD                                   21117                  Condominium                                                             7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16670776                                16670776                  COLUMBIA                                              SC                                   29203                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16670986                                16670986                  Joliet                                                IL                                   60431                  Condominium                                                             7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16672450                                16672450                  CANTON                                                OH                                   44708                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361101                                               360
16672499                                16672499                  NORTH LAS VEGAS                                       NV                                   89084                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361101                                               360
16672650                                16672650                  Phoenix                                               AZ                                   85053                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16672736                                16672736                  MOORESVILLE                                           NC                                   28117                  PUD                                                                     6.125                           0.25                       0                       0.012                                            5.863                               20361101                                               360
16672834                                16672834                  CHESAPEAKE                                            VA                                   23323                  Single Family                                                            8.75                           0.25                       0                       0.012                                            8.488                               20361001                                               360
16672848                                16672848                  FOREST HILL                                           MD                                   21050                  PUD                                                                     7.625                           0.25                    1.44                       0.012                                            5.923                               20361201                                               360
16672888                                16672888                  PERU                                                  IN                                   46970                  Single Family                                                            8.25                           0.25                     0.8                       0.012                                            7.188                               20361201                                               360
16673241                                16673241                  Garden City                                           MI                                   48135                  Single Family                                                             8.5                           0.25                       0                       0.012                                            8.238                               20361101                                               360
16674450                                16674450                  SAINT LOUIS                                           MO                                   63109                  2-4 Family                                                              8.875                           0.25                       0                       0.012                                            8.613                               20361001                                               360
16676632                                16676632                  Crossroads                                            TX                                   76227                  PUD                                                                     8.875                           0.25                       0                       0.012                                            8.613                               20361001                                               360
16676721                                16676721                  Elgin                                                 IL                                   60124                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16676774                                16676774                  North Las Vegas                                       NV                                   89084                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16680447                                16680447                  SAN ANTONIO                                           TX                                   78228                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16680692                                16680692                  China                                                 ME                                    4358                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20360801                                               360
16658453                                16658453                  Jersey City                                           NJ                                    7302                  Condominium                                                             6.625                           0.25                       0                       0.012                                            6.363                               20361001                                               360
16658514                                16658514                  Triangle                                              VA                                   22172                  Single Family                                                           6.375                           0.25                       0                       0.012                                            6.113                               20361001                                               360
16658920                                16658920                  JACKSONVILLE                                          FL                                   32256                  Condominium                                                                 7                           0.25                       0                       0.012                                            6.738                               20361101                                               360
16659077                                16659077                  CLEVELAND                                             OH                                   44128                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361001                                               360
16662469                                16662469                  Little Elm                                            TX                                   75068                  Single Family                                                           8.875                           0.25                       0                       0.012                                            8.613                               20361001                                               360
16662472                                16662472                  Buford                                                GA                                   30518                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16662532                                16662532                  Albuquerque                                           NM                                   87122                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361101                                               360
16663813                                16663813                  Richardson                                            TX                                   75081                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16664051                                16664051                  DENVER                                                CO                                   80229                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16664101                                16664101                  RICHMOND                                              VA                                   23234                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16665564                                16665564                  INGLEWOOD                                             CA                                   90302                  Single Family                                                             6.5                           0.25                       0                       0.012                                            6.238                               20361001                                               360
16662090                                16662090                  SANDY                                                 UT                                   84094                  Single Family                                                           7.375                           0.25                    0.57                       0.012                                            6.543                               20361001                                               360
16662268                                16662268                  Paterson                                              NJ                                    7503                  2-4 Family                                                              7.625                           0.25                       0                       0.012                                            7.363                               20361101                                               360
16648680                                16648680                  TAYLORS                                               SC                                   29687                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16361576                                16361576                  Columbus                                              OH                                   43211                  2-4 Family                                                              9.375                           0.25                       0                       0.012                                            9.113                               20360601                                               360
16650162                                16650162                  CHICAGO                                               IL                                   60639                  2-4 Family                                                              7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16646425                                16646425                  Anthem                                                AZ                                   85086                  PUD                                                                     7.125                           0.25                       0                       0.012                                            6.863                               20361101                                               360
16358126                                16358126                  CLAYTON                                               NC                                   27527                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20360901                                               360
16358275                                16358275                  Mundelein                                             IL                                   60060                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20360701                                               360
16358335                                16358335                  PARK CITY                                             UT                                   84060                  PUD                                                                         8                           0.25                       0                       0.012                                            7.738                               20360901                                               360
16643824                                16643824                  W Brookfield                                          MA                                    1585                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16643874                                16643874                  Glen Gardner                                          NJ                                    8826                  Single Family                                                               7                           0.25                       0                       0.012                                            6.738                               20360901                                               360
16644139                                16644139                  Springfield                                           MO                                   65804                  Single Family                                                            8.25                           0.25                       0                       0.012                                            7.988                               20361101                                               360
16646065                                16646065                  GLENDALE                                              AZ                                   85303                  Single Family                                                           7.875                           0.25                    0.72                       0.012                                            6.893                               20360901                                               360
16646181                                16646181                  AUSTIN                                                TX                                   78749                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16641215                                16641215                  Naples                                                FL                                   34116                  2-4 Family                                                              7.875                           0.25                       0                       0.012                                            7.613                               20361001                                               360
16643616                                16643616                  Maricopa                                              AZ                                   85239                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20361001                                               360
16643724                                16643724                  DUNDALK                                               MD                                   21222                  Townhouse                                                                 7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16611698                                16611698                  Arlington                                             TX                                   76017                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20361001                                               360
16613119                                16613119                  Hagerstown                                            MD                                   21742                  Single Family                                                           7.375                           0.25                       0                       0.012                                            7.113                               20361001                                               360
16616144                                16616144                  Hyattsville                                           MD                                   20785                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361001                                               360
16628930                                16628930                  University Park                                       IL                                   60466                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20361001                                               360
16629205                                16629205                  College Park                                          GA                                   30349                  Single Family                                                           7.625                           0.25                       0                       0.012                                            7.363                               20361001                                               360
16634515                                16634515                  Colorado Springs                                      CO                                   80911                  Single Family                                                           7.125                           0.25                       0                       0.012                                            6.863                               20361001                                               360
16610153                                16610153                  Henderson                                             NV                                   89044                  Single Family                                                             7.5                           0.25                       0                       0.012                                            7.238                               20361101                                               360
16597265                                16597265                  Chester                                               MD                                   21619                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20361101                                               360
16597447                                16597447                  PEORIA                                                AZ                                   85382                  PUD                                                                      6.75                           0.25                       0                       0.012                                            6.488                               20361001                                               360
16597547                                16597547                  Kingwood                                              TX                                   77345                  PUD                                                                      7.25                           0.25                       0                       0.012                                            6.988                               20360901                                               360
16600903                                16600903                  DEPOSIT                                               NY                                   13754                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20361101                                               360
16602660                                16602660                  SAN DIEGO                                             CA                                   91945                  Single Family                                                            7.25                           0.25                       0                       0.012                                            6.988                               20360901                                               360
16604221                                16604221                  Los Angeles                                           CA                                   90065                  Single Family                                                            7.75                           0.25                       0                       0.012                                            7.488                               20360801                                               360
16605902                                16605902                  Fair Oaks Ranch                                       TX                                   78015                  PUD                                                                       7.5                           0.25                       0                       0.012                                            7.238                               20360901                                               360
16420756                                16420756                  berwyn                                                IL                                   60402                  Single Family                                                               8                           0.25                       0                       0.012                                            7.738                               20460901                                               360
16468368                                16468368                  Atlanta                                               GA                                   30311                  2-4 Family                                                             10.125                           0.25                       0                       0.012                                            9.863                               20360601                                               360
16419128                                16419128                  Bridgeport                                            CT                                    6610                  Single Family                                                           8.375                           0.25                       0                       0.012                                            8.113                               20360801                                               360
16406878                                16406878                  Chesapeake                                            VA                                   23321                  Single Family                                                           7.875                           0.25                       0                       0.012                                            7.613                               20360901                                               360
16405501                                16405501                  LITHONIA                                              GA                                   30058                  PUD                                                                     8.625                           0.25                       0                       0.012                                            8.363                               20360801                                               360

LOAN_ID                                     STATED_REM_TERM                          AMORT_TERM1                            ORIGINAL_BALANCE                          FIRST_PAY_DATE                        PAYMENT                            CURRENT_BALANCE                           LOAN_TO_VALUE                  MI                                                          MERS_ID1                       MARGIN                                 NEXT_RATE_ADJ_DATE1                                MAX_RATE                        MIN_RATE
-------                                     ---------------                          -----------                            ----------------                          --------------                        -------                            ---------------                           -------------                  --                                                          --------                       ------                                 -------------------                                --------                        --------
16684756                                                355                                  360                                      260000                                20060901                        1708.01                                  258895.27                                      65                  No MI                                                       1.00E+17                                                                                                                    6.875
16665775                                                358                                  360                                      124000                                20061201                         814.59                                  123791.06                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16656694                                                356                                  360                                      177200                                20061001                        1178.92                                  176613.89                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16661987                                                358                                  360                                      416500                                20061201                        2701.41                                  415780.79                                      70                  No MI                                                       1.00E+17                                                                                                                     6.75
16665689                                                358                                  360                                      417000                                20061201                        2704.65                                  416279.93                             57.91999817                  No MI                                                       1.00E+17                                                                                                                     6.75
16616045                                                357                                  360                                      401635                                20061101                        2468.38                                     401635                                      65                  No MI                                                       1.00E+17                                                                                                                    7.375
16640564                                                358                                  360                                      400000                                20061201                        2291.67                                  399325.97                             39.02000046                  No MI                                                       1.00E+17                                                                                                                    6.875
16609830                                                357                                  360                                      172748                                20061101                         1149.3                                  172320.71                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16652239                                                357                                  360                                      180000                                20061101                        1031.25                                     180000                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16656719                                                357                                  360                                      104000                                20061101                         683.21                                  103736.36                                      65                  No MI                                                       1.00E+17                                                                                                                    6.875
16596952                                                358                                  360                                      192300                                20061201                        1263.27                                  191975.96                             61.04999924                  No MI                                                       1.00E+17                                                                                                                    6.875
16656209                                                358                                  360                                      120800                                20061201                         824.07                                  120610.95                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16632436                                                357                                  360                                      263680                                20061101                           1648                                     263680                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16791043                                                359                                  360                                      450000                                20070101                        2918.69                                  449612.56                             58.06000137                  No MI                                                       1.00E+17                                                                                                                     6.75
16791055                                                359                                  360                                      158760                                20070101                         1069.6                                  158633.04                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16651585                                                357                                  480                                      308000                                20061101                        1886.11                                  307633.34                                      80                  No MI                                                                                                                                                                                   6.875
16650246                                                358                                  360                                      560000                                20061201                        3963.64                                  559186.81                             67.47000122                  No MI                                                       1.00E+17                                                                                                                    7.625
16648965                                                357                                  360                                      218000                                20061101                        1317.08                                     218000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16339458                                                355                                  360                                      122900                                20060901                         817.66                                  122390.38                             74.52999878                  No MI                                                       1.00E+17                                                                                                                        7
16706583                                                357                                  360                                      766500                                20061101                        4710.78                                     766500                                      70                  No MI                                                       1.00E+17                                                                                                                    7.375
16662560                                                358                                  360                                      109000                                20061201                         838.12                                  108867.46                             94.77999878                  PMI                                                         1.00E+17                                                                                                                      8.5
16662581                                                357                                  360                                       70400                                20061101                         468.37                                   69925.88                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16662602                                                357                                  360                                       67500                                20061101                         471.97                                   67348.78                             74.58999634                  No MI                                                       1.00E+17                                                                                                                      7.5
16662422                                                357                                  360                                       52000                                20061101                         363.59                                   51883.51                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16662446                                                358                                  360                                     1000000                                20061201                        6992.15                                  998511.06                             76.91999817                  No MI                                                       1.00E+17                                                                                                                      7.5
16662467                                                358                                  360                                      426300                                20061201                        2397.94                                     426300                             79.98999786                  No MI                                                       1.00E+17                                                                                                                     6.75
16662371                                                358                                  360                                      106200                                20061201                         760.83                                   106049.6                                      90                  PMI                                                         1.00E+17                                                                                                                     7.75
16662372                                                358                                  360                                      228140                                20061201                        1614.76                                  227808.69                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16662374                                                358                                  360                                      127920                                20061201                          906.1                                     127920                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16662380                                                358                                  360                                      121520                                20061201                         860.77                                     121520                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16662392                                                358                                  360                                      122400                                20061201                            867                                     122400                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16662279                                                357                                  360                                       84905                                20061101                         586.42                                   84709.98                                      70                  No MI                                                       1.00E+17                                                                                                                    7.375
16662284                                                358                                  360                                      515000                                20061201                        3556.98                                  514213.84                             76.47000122                  No MI                                                       1.00E+17                                                                                                                    7.375
16662275                                                357                                  360                                      149250                                20061101                         963.91                                     149250                                      75                  No MI                                                                                                                                                                                    7.75
16775002                                                359                                  360                                      448012                                20070101                        2795.01                                  447597.05                                      80                  No MI                                                       1.00E+17                                                                                                                    6.375
16777131                                                359                                  360                                      408584                                20070101                        2515.72                                  408196.32                                      80                  No MI                                                       1.00E+17                                                                                                                     6.25
16779025                                                359                                  360                                      144696                                20070101                         999.38                                   144585.9                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16784747                                                359                                  360                                      156000                                20070101                        1024.81                                  155868.94                             89.13999939                  Republic MIC                                                1.00E+17                                                                                                                    6.875
16772058                                                359                                  360                                       65000                                20070101                         405.52                                   64939.79                             17.37000084                  No MI                                                       1.00E+17                                                                                                                    6.375
16723643                                                359                                  360                                      247690                                20070101                        1668.73                                  247491.93                             89.93000031                  GE Capital MI                                               1.00E+17                                                                                                                    7.125
16723654                                                359                                  360                                      508000                                20070101                        3422.49                                  507593.76                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16723668                                                359                                  360                                      248832                                20070101                        1552.39                                  248601.53                                      70                  No MI                                                       1.00E+17                                                                                                                    6.375
16728701                                                359                                  360                                       81600                                20070101                         549.75                                   81534.75                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16729468                                                359                                  360                                      122400                                20070101                         898.13                                  122317.87                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16729903                                                359                                  360                                      140428                                20070101                         864.64                                  140294.76                                      80                  No MI                                                       1.00E+17                                                                                                                     6.25
16722219                                                359                                  360                                      157600                                20070101                        1101.96                                  157483.04                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16765163                                                359                                  360                                      323000                                20070101                        1988.77                                  322693.52                             73.41000366                  No MI                                                       1.00E+17                                                                                                                     6.25
16768494                                                359                                  360                                      189600                                20070101                        1261.41                                  189444.59                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16771161                                                359                                  360                                      359992                                20070101                        2275.39                                  359666.56                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16771175                                                359                                  360                                      227072                                20070101                        1453.97                                  226871.66                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16684499                                                358                                  360                                       87500                                20061201                         638.02                                      87500                                      70                  No MI                                                       1.00E+17                                                                                                                     8.75
16616169                                                358                                  360                                      168000                                20061201                        1276.92                                  167790.43                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16790861                                                358                                  480                                      285000                                20061201                           1694                                  284758.21                                      60                  No MI                                                       1.00E+17                                                                                                                    6.625
16670886                                                358                                  360                                      454640                                20061201                        2450.73                                  452442.49                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16670890                                                358                                  480                                      263368                                20061201                        1541.91                                  263136.71                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16670894                                                358                                  360                                      536041                                20061201                        3565.93                                  535159.48                                      80                  No MI                                                       1.00E+17                                                                                                                    6.999
16672818                                                359                                  360                                      194950                                20070101                         1329.9                                  194797.92                                      50                  No MI                                                       1.00E+17                                                                                                                     7.25
16673116                                                358                                  360                                       69846                                20061201                         530.88                                   69758.87                                      73                  No MI                                                       1.00E+17                                                                                                                    8.375
16674185                                                358                                  360                                      164112                                20061201                         1008.6                                     164112                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16674188                                                358                                  360                                      419113                                20061201                        2859.09                                  418457.13                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16676575                                                358                                  360                                      124000                                20061201                         888.35                                   123824.4                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16676783                                                358                                  360                                      173464                                20061201                        1198.07                                  173199.19                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16681522                                                358                                  360                                      116365                                20061201                         775.77                                     116365                                      95                  PMI                                                         1.00E+17                                                                                                                        8
16681532                                                358                                  360                                      120650                                20061201                          779.2                                     120650                                      95                  PMI                                                         1.00E+17                                                                                                                     7.75
16684102                                                358                                  360                                      117937                                20061201                         865.38                                  117778.21                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16685745                                                358                                  360                                      114400                                20061201                         899.99                                  114267.88                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16693556                                                358                                  360                                      530392                                20061201                        3352.44                                  529430.44                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16693652                                                358                                  360                                      632175                                20061201                        3995.78                                  630828.03                                      70                  No MI                                                       1.00E+17                                                                                                                      6.5
16693679                                                359                                  360                                      630506                                20070101                         3546.6                                     630506                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16693680                                                359                                  360                                      508664                                20070101                        3257.03                                  508215.21                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16693687                                                359                                  360                                      170632                                20070101                         1135.1                                   160492.1                             61.70000076                  No MI                                                       1.00E+17                                                                                                                    6.999
16693711                                                358                                  360                                      235000                                20061201                        1446.94                                  234552.88                             52.22999954                  No MI                                                       1.00E+17                                                                                                                     6.25
16693790                                                358                                  360                                      179766                                20061201                        1256.95                                  179498.34                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16696195                                                358                                  360                                      161520                                20061201                        1270.68                                  161333.46                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16696238                                                358                                  360                                      161520                                20061201                        1270.68                                  161333.46                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16696480                                                358                                  360                                       84700                                20061201                         658.79                                   84599.62                                      70                  No MI                                                       1.00E+17                                                                                                                    8.625
16697411                                                359                                  360                                      200875                                20070101                        1046.22                                  200874.22                                      80                  No MI                                                       1.00E+17                                                                                                                     6.25
16706766                                                359                                  360                                      165200                                20070101                           1141                                  165074.29                                      70                  No MI                                                       1.00E+17                                                                                                                    7.375
16706835                                                359                                  360                                      190432                                20070101                           1251                                  190272.01                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16706910                                                359                                  360                                      460000                                20070101                         2869.8                                  459573.95                             77.56999969                  No MI                                                       1.00E+17                                                                                                                    6.375
16706921                                                358                                  360                                      280000                                20061201                        1633.33                                  280000.01                                     100                  PMI                                                         1.00E+17                                                                                                                        7
16707080                                                358                                  360                                       49028                                20061201                          385.7                                   48971.39                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16707129                                                358                                  360                                      242400                                20061201                        1489.75                                     242400                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16707884                                                358                                  360                                       70000                                20061201                         550.69                                   69919.16                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16708089                                                359                                  360                                      417000                                20070101                        2739.39                                  416649.67                             64.84999847                  No MI                                                       1.00E+17                                                                                                                    6.875
16710767                                                359                                  360                                       70320                                20070101                         509.87                                   70271.61                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16711091                                                359                                  360                                      240800                                20070101                        1725.12                                  240555.05                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16713909                                                359                                  360                                      462875                                20070101                        3079.21                                  462495.51                                      70                  No MI                                                       1.00E+17                                                                                                                    6.999
16714075                                                359                                  360                                      184000                                20070101                        1147.92                                  183829.57                                      80                  No MI                                                       1.00E+17                                                                                                                    6.375
16714091                                                359                                  360                                      175097                                20070101                        1121.17                                  174942.51                             45.22999954                  No MI                                                       1.00E+17                                                                                                                    6.625
16714812                                                359                                  360                                      138400                                20070101                         792.92                                     138400                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16715114                                                359                                  360                                      507937                                20070101                        3422.07                                  507530.81                             76.37999725                  No MI                                                       1.00E+17                                                                                                                    7.125
16715226                                                359                                  360                                      452358                                20070101                        3009.25                                  451987.13                                      80                  No MI                                                       1.00E+17                                                                                                                    6.999
16715231                                                358                                  360                                      140703                                20061201                         983.82                                   140493.5                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16717253                                                359                                  360                                       48000                                20070101                         343.88                                   47966.12                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16717405                                                359                                  360                                      138596                                20070101                         898.93                                  138476.67                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16717408                                                359                                  360                                      180384                                20070101                         1127.4                                     180384                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16718999                                                359                                  360                                      224000                                20070101                        1325.04                                  223771.62                                      80                  No MI                                                       1.00E+17                                                                                                                    5.875
16665581                                                358                                  360                                       65920                                20061201                         495.23                                   65835.65                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16665586                                                358                                  360                                       70400                                20061201                         528.89                                   70309.91                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16611820                                                358                                  360                                      116000                                20061201                         851.17                                   115843.8                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16661960                                                358                                  360                                      107960                                20061201                         629.77                                     107960                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16112156                                                349                                  360                                      186000                                20060301                        1026.05                                  185850.65                                      62                  No MI                                                       1.00E+17                                                                                                                    6.625
16643870                                                359                                  360                                       64000                                20070101                         406.67                                      64000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16661995                                                356                                  360                                      452000                                20061001                        3045.21                                  450541.22                             64.56999969                  No MI                                                       1.00E+17                                                                                                                    7.125
16165649                                                355                                  360                                      194000                                20060901                        1258.28                                  193155.41                             79.54000092                  No MI                                                       1.00E+17                                                                                                                     6.75
16628929                                                357                                  360                                       69300                                20061101                         484.56                                   69144.73                                      70                  No MI                                                       1.00E+17                                                                                                                      7.5
16397233                                                355                                  480                                       82530                                20060901                         566.11                                   81910.26                                      70                  No MI                                                       1.00E+17                                                                                                                    7.875
16650485                                                357                                  360                                      592000                                20061101                        4378.33                                     592000                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16650288                                                357                                  360                                      114000                                20061101                         768.04                                  113724.88                             78.62000275                  No MI                                                       1.00E+17                                                                                                                    7.125
16649206                                                358                                  360                                      639100                                20061201                        4251.95                                  638049.21                                      70                  No MI                                                       1.00E+17                                                                                                                        7
16650043                                                358                                  360                                      176000                                20061201                        1215.59                                  175731.09                             78.22000122                  No MI                                                       1.00E+17                                                                                                                    7.375
16650079                                                358                                  360                                      137000                                20061201                          927.6                                     137000                                     100                  PMI                                                         1.00E+17                                                                                                                    8.125
16648969                                                357                                  360                                      126800                                20061101                          886.6                                  126515.91                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16648980                                                357                                  360                                      134650                                20061101                         941.49                                  134348.33                             79.98000336                  No MI                                                                                                                                                                                     7.5
16648848                                                358                                  360                                      334400                                20061201                        2571.25                                   333993.4                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16648727                                                357                                  360                                      148500                                20061101                         1193.8                                  148253.56                             80.26999664                  PMI                                                         1.00E+17                                                                                                                     8.99
16648615                                                358                                  360                                       97200                                20061201                         687.98                                   97058.27                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16648586                                                357                                  360                                      484000                                20061101                        3220.06                                  482802.86                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16648519                                                357                                  360                                      103400                                20061101                         714.16                                  103162.51                             77.73999786                  No MI                                                       1.00E+17                                                                                                                    7.375
16648528                                                358                                  360                                       93600                                20061201                         654.46                                   93460.65                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16648453                                                357                                  360                                      649600                                20061101                        4804.33                                     649600                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16648479                                                357                                  360                                      199405                                20061101                        1463.16                                  199000.94                                      95                  PMI                                                         1.00E+17                                                                                                                        8
16648480                                                358                                  360                                       56000                                20061201                         401.19                                    55920.7                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16648419                                                357                                  360                                      216000                                20061101                         1372.5                                     216000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16648335                                                357                                  360                                       71250                                20061101                          504.3                                   71094.29                                      75                  No MI                                                       1.00E+17                                                                                                                    7.625
16648364                                                357                                  360                                      134860                                20061101                         919.98                                  134542.48                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16648396                                                358                                  360                                      232000                                20061201                        1763.37                                  231710.59                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16395764                                                355                                  360                                      124800                                20060901                         915.74                                  124375.67                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16798172                                                359                                  360                                      214000                                20070101                        1405.83                                  213820.21                                     100                  PMI                                                         1.00E+17                                                                                                                    6.875
16790984                                                359                                  360                                      268205                                20070101                        1739.57                                  267974.08                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16790985                                                359                                  360                                      300000                                20070101                        1995.91                                  299754.09                                      75                  No MI                                                       1.00E+17                                                                                                                        7
16661969                                                358                                  360                                      156000                                20061201                        1090.77                                  155734.33                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16659219                                                357                                  360                                      399000                                20061101                        2493.75                                     399000                                      70                  No MI                                                       1.00E+17                                                                                                                      7.5
16659066                                                357                                  360                                       80250                                20061101                         617.05                                   80103.13                                      75                  No MI                                                       1.00E+17                                                                                                                      8.5
16659112                                                357                                  360                                      254400                                20061101                         1778.8                                  253830.05                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16659026                                                357                                  360                                      150000                                20061101                        1048.82                                  149663.94                                     100                  PMI                                                         1.00E+17                                                                                                                      7.5
16659033                                                358                                  360                                       54776                                20061201                         430.92                                   54712.75                             73.02999878                  No MI                                                       1.00E+17                                                                                                                     8.75
16658934                                                357                                  360                                       77500                                20061101                         623.58                                   77372.05                                     100                  PMI                                                         1.00E+17                                                                                                                        9
16658953                                                358                                  360                                      292005                                20061201                        2091.96                                  291591.48                                      70                  No MI                                                       1.00E+17                                                                                                                     7.75
16658988                                                358                                  360                                      195200                                20061201                        1381.61                                  194916.53                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16658846                                                358                                  360                                      116000                                20061201                         841.08                                  115839.55                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16662637                                                358                                  360                                      188500                                20061201                        1318.02                                  188219.34                             79.44000244                  No MI                                                       1.00E+17                                                                                                                      7.5
16670635                                                358                                  360                                       56200                                20061201                         383.38                                   56112.06                             74.93000031                  No MI                                                       1.00E+17                                                                                                                     7.25
16670621                                                358                                  360                                       56200                                20061201                         383.38                                   56112.06                             74.93000031                  No MI                                                       1.00E+17                                                                                                                     7.25
16665753                                                358                                  360                                      112252                                20061201                         795.12                                     112252                                      90                  PMI                                                         1.00E+17                                                                                                                      8.5
16704510                                                358                                  360                                     1500000                                20061201                        9218.75                                    1500000                                    62.5                  No MI                                                       1.00E+17                                                                                                                    7.375
16651232                                                358                                  360                                      160909                                20061201                         1125.1                                  160669.41                             79.66000366                  No MI                                                       1.00E+17                                                                                                                      7.5
16632930                                                358                                  360                                      240000                                20061201                           1550                                     240000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16704433                                                358                                  360                                      100750                                20061201                         730.51                                  100610.87                                      65                  No MI                                                       1.00E+17                                                                                                                    7.875
16706900                                                358                                  360                                      224000                                20061201                        1624.16                                  223690.67                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16695594                                                358                                  360                                      210600                                20061201                        1184.63                                  210599.99                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16654025                                                357                                  360                                      255120                                20061101                        1487.99                                  255120.21                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16654357                                                357                                  360                                      315000                                20061101                        1870.31                                     315000                                      70                  No MI                                                       1.00E+17                                                                                                                    7.125
16654477                                                358                                  360                                      475000                                20061201                        3080.84                                  474179.76                             72.04000092                  No MI                                                       1.00E+17                                                                                                                     6.75
16654490                                                358                                  360                                      167400                                20061201                        1011.38                                     167400                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16656637                                                358                                  360                                      110400                                20061201                         800.48                                  110247.54                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16656990                                                357                                  360                                      258457                                20061101                        1697.88                                  257095.96                                      90                  GE Capital MI                                               1.00E+17                                                                                                                    6.875
16658522                                                357                                  360                                      140000                                20061101                         955.05                                  139670.37                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16658907                                                358                                  360                                       91800                                20061201                          730.4                                   91696.68                                      90                  PMI                                                         1.00E+17                                                                                                                    8.875
16643854                                                358                                  360                                      327840                                20061201                        1878.25                                     327840                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16659192                                                358                                  360                                      153000                                20061201                        1203.65                                  152823.31                                      90                  Radian Guaranty                                             1.00E+17                                                                                                                     8.75
16659193                                                358                                  360                                      222940                                20061201                        1409.13                                  222535.83                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16649125                                                358                                  360                                      188656                                20061201                        1198.72                                  188651.69                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16650412                                                358                                  360                                      275200                                20061201                        1995.39                                  274819.36                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16664147                                                357                                  360                                      295920                                20061101                        1968.76                                  295188.06                                      90                  PMI                                                         1.00E+17                                                                                                                        7
16665790                                                358                                  360                                       93600                                20061201                         662.49                                   93464.09                             77.36000061                  No MI                                                       1.00E+17                                                                                                                    7.625
16665984                                                359                                  360                                      454780                                20070101                        2874.52                                  454368.87                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16667117                                                358                                  360                                      365580                                20061201                        2208.71                                     365580                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16667411                                                359                                  360                                      220800                                20070101                           1196                                     220800                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16394053                                                356                                  360                                     1049750                                20061001                        7430.06                                 1046681.37                                      65                  No MI                                                       1.00E+17                                                                                                                    7.625
16634406                                                357                                  360                                      174292                                20061101                        1233.63                                  173911.14                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16640965                                                358                                  360                                       67550                                20061201                         489.78                                   67456.73                                      70                  No MI                                                       1.00E+17                                                                                                                    7.875
16611855                                                358                                  360                                      493774                                20061201                        3202.61                                  492921.35                             60.68000031                  No MI                                                       1.00E+17                                                                                                                     6.75
16600850                                                357                                  480                                      129353                                20061101                         768.85                                  129182.27                                      70                  No MI                                                       1.00E+17                                                                                                                    6.625
16601342                                                357                                  360                                      212732                                20061101                         1196.2                                  212658.49                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16393867                                                355                                  360                                      272000                                20060901                           1700                                     272000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16790829                                                359                                  360                                       98650                                20070101                         672.97                                   98573.04                                      85                  PMI                                                         1.00E+17                                                                                                                     7.25
16790833                                                359                                  360                                      114400                                20070101                         790.13                                  114312.95                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16790842                                                359                                  360                                      107600                                20070101                         706.86                                   107509.6                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16790862                                                359                                  480                                      405200                                20070101                        2372.27                                  405022.56                             62.34000015                  No MI                                                       1.00E+17                                                                                                                      6.5
16790737                                                359                                  360                                      380000                                20070101                        2464.67                                  379672.83                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16790799                                                359                                  360                                      272000                                20070101                        1756.67                                     272000                             76.62000275                  No MI                                                       1.00E+17                                                                                                                     7.75
16789035                                                359                                  360                                      153000                                20070101                        1082.92                                  152889.27                             89.05999756                  PMI                                                         1.00E+17                                                                                                                    7.625
16790433                                                359                                  360                                      229000                                20070101                        1300.24                                  228749.34                             50.54999924                  No MI                                                       1.00E+17                                                                                                                      5.5
16790438                                                359                                  360                                      189375                                20070101                        1244.06                                   189215.9                                      75                  No MI                                                       1.00E+17                                                                                                                    6.875
16790484                                                359                                  360                                      110800                                20070101                         755.85                                  110713.57                                      80                  No MI                                                                                                                                                                                    7.25
16790698                                                359                                  480                                      116000                                20070101                         699.89                                  115952.61                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16788695                                                359                                  360                                      159587                                20070101                        1115.86                                  159468.56                             84.88999939                  GE Capital MI                                               1.00E+17                                                                                                                      7.5
16788714                                                359                                  480                                      184000                                20070101                        1126.77                                   183927.4                             62.59000015                  No MI                                                       1.00E+17                                                                                                                    6.875
16788751                                                359                                  360                                      432000                                20070101                        2837.93                                  431637.07                                      90                  Mortgage Guaranty In                                        1.00E+17                                                                                                                    6.875
16788775                                                359                                  360                                      151600                                20070101                         1008.6                                  151475.73                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16788801                                                359                                  360                                      168000                                20070101                        1089.64                                  167855.36                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16788806                                                359                                  360                                       97351                                20070101                         623.35                                   97265.11                             70.26000214                  No MI                                                       1.00E+17                                                                                                                    6.625
16788818                                                359                                  480                                      341600                                20070101                        2375.18                                  341502.15                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16788828                                                359                                  360                                      132000                                20070101                          687.5                                     132000                             59.45999908                  No MI                                                       1.01E+17                                                                                                                     6.25
16788892                                                359                                  360                                       66405                                20070101                         582.75                                   66375.63                                      95                  PMI                                                         1.00E+17                                                                                                                       10
16788659                                                359                                  360                                      125600                                20070101                         814.64                                  125491.86                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16788676                                                359                                  360                                      140000                                20070101                          978.9                                   139896.1                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16633099                                                357                                  360                                      262392                                20061101                         1530.4                                  262391.99                                      80                  No MI                                                       1.00E+17                                                                                                                    6.999
16634314                                                356                                  360                                      465000                                20061001                        2809.37                                     465000                                     100                  PMI                                                         1.00E+17                                                                                                                     7.25
16634452                                                359                                  360                                      476000                                20070101                        3047.88                                  475580.04                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16419530                                                356                                  360                                      212437                                20061001                        1747.67                                  211991.35                                      75                  No MI                                                       1.00E+17                                                                                                                     9.25
16571659                                                358                                  480                                      277499                                20061201                        1826.14                                  277314.89                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16591556                                                356                                  360                                      364000                                20061001                        2199.17                                     364000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16420717                                                357                                  360                                      283768                                20061101                        1684.87                                  283767.99                             79.26999664                  No MI                                                       1.00E+17                                                                                                                    7.125
16645829                                                358                                  360                                      218000                                20061201                        1316.08                                  217833.66                                    54.5                  No MI                                                       1.00E+17                                                                                                                     7.25
16661807                                                358                                  360                                       84000                                20061201                         594.55                                   83878.01                                      75                  No MI                                                       1.00E+17                                                                                                                    7.625
16663563                                                358                                  360                                      468800                                20061201                         3076.5                                  468799.99                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16665300                                                358                                  360                                      295000                                20061201                        2190.37                                  294605.22                                     100                  PMI                                                         1.00E+17                                                                                                                    8.125
16669984                                                358                                  360                                      106000                                20061201                         705.22                                  105825.71                             78.51999664                  No MI                                                       1.00E+17                                                                                                                        7
16669987                                                359                                  360                                      188000                                20070101                        1314.52                                  187860.48                                     100                  PMI                                                         1.00E+17                                                                                                                      7.5
16692431                                                359                                  360                                       57950                                20070101                         425.22                                   57911.11                                      95                  PMI                                                         1.00E+17                                                                                                                        8
16692707                                                358                                  360                                      223600                                20061201                        1374.21                                     223600                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16693797                                                358                                  360                                      293264                                20061201                         1832.9                                     293264                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16696383                                                357                                  360                                       52100                                20061101                         391.41                                   51999.65                                    75.5                  No MI                                                       1.00E+17                                                                                                                     8.25
16696632                                                358                                  480                                      355000                                20061201                        2303.42                                  354755.95                             47.02000046                  No MI                                                       1.00E+17                                                                                                                    7.375
16688275                                                358                                  360                                      204300                                20061201                        1234.31                                     204300                             89.80000305                  Mortgage Guaranty In                                        1.00E+17                                                                                                                     7.25
16688369                                                358                                  360                                      529400                                20061201                        3656.43                                  528591.87                             79.98999786                  No MI                                                       1.00E+17                                                                                                                    7.375
16692102                                                358                                  360                                       82500                                20061201                         605.36                                   82388.91                                      75                  No MI                                                       1.00E+17                                                                                                                        8
16676634                                                358                                  360                                       96750                                20061201                         709.92                                   96619.73                                      75                  No MI                                                       1.00E+17                                                                                                                        8
16676754                                                358                                  360                                       96750                                20061201                         709.92                                   96619.73                                      75                  No MI                                                       1.00E+17                                                                                                                        8
16676847                                                359                                  360                                      163000                                20070101                        1253.33                                  162901.25                                     100                  PMI                                                         1.00E+17                                                                                                                      8.5
16680222                                                358                                  360                                      105500                                20061201                         675.53                                  105312.85                             75.90000153                  No MI                                                       1.00E+17                                                                                                                    6.625
16680306                                                358                                  360                                       55800                                20061201                         438.98                                   55735.56                                      90                  Mortgage Guaranty In                                        1.00E+17                                                                                                                     8.75
16680405                                                358                                  360                                      379200                                20061201                        2522.83                                  378576.53                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16681634                                                357                                  360                                      116000                                20061101                         821.67                                     116000                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16684690                                                358                                  360                                      184272                                20061201                        1170.89                                  184272.01                                      80                  No MI                                                                                                                                                                                   7.625
16685771                                                358                                  360                                      130800                                20061201                         982.66                                  130632.61                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16674414                                                357                                  360                                      401250                                20061101                        2424.22                                     401250                                      75                  No MI                                                       1.00E+17                                                                                                                     7.25
16674837                                                358                                  360                                      198000                                20061201                        1522.45                                  197697.55                                      90                  PMI                                                         1.00E+17                                                                                                                      8.5
16667377                                                358                                  360                                       87600                                20061201                         689.15                                   87498.83                                     100                  PMI                                                         1.00E+17                                                                                                                     8.75
16667380                                                357                                  360                                      385100                                20061101                        2927.04                                  384376.89                                      90                  PMI                                                         1.00E+17                                                                                                                    8.375
16667423                                                358                                  360                                      402280                                20061201                        2472.35                                     402280                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16670361                                                357                                  360                                       71200                                20061101                         479.69                                   71028.16                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16670474                                                358                                  360                                       52250                                20061201                         347.62                                   52164.09                                      95                  Republic MIC                                                1.00E+17                                                                                                                        7
16670622                                                357                                  360                                      133600                                20061101                         890.67                                  133599.99                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16672487                                                358                                  360                                      128800                                20061201                         778.17                                     128800                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16672806                                                356                                  360                                      516000                                20061001                        3607.95                                  514453.78                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16672867                                                357                                  360                                      103200                                20061101                         721.59                                  102968.79                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16672895                                                358                                  360                                      312480                                20061201                         2627.5                                  312171.38                                      80                  No MI                                                       1.00E+17                                                                                                                      9.5
16672951                                                359                                  360                                       69350                                20070101                          539.4                                   69309.05                                      95                  PMI                                                         1.00E+17                                                                                                                    8.625
16665560                                                357                                  360                                      259200                                20061101                           1566                                     259200                             71.01000214                  No MI                                                       1.00E+17                                                                                                                     7.25
16665576                                                357                                  360                                      180000                                20061101                        1106.25                                     180000                             87.80000305                  Radian Guaranty                                             1.00E+17                                                                                                                    7.375
16665589                                                357                                  360                                      140000                                20061101                         966.95                                  139678.43                             75.68000031                  No MI                                                       1.00E+17                                                                                                                    7.375
16664012                                                357                                  360                                      124416                                20061101                         806.96                                  124092.83                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16664199                                                358                                  360                                      159200                                20061201                        1126.81                                  158968.81                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16664382                                                358                                  360                                      400000                                20061201                         2762.7                                  399389.38                                      80                  No MI                                                                                                                                                                                   7.375
16653984                                                358                                  360                                      238912                                20061201                           1691                                  238565.06                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16654547                                                357                                  360                                      312000                                20061101                        2128.39                                  311265.41                                      65                  No MI                                                       1.00E+17                                                                                                                     7.25
16656002                                                357                                  360                                      101200                                20061101                         725.01                                  100984.33                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16656704                                                358                                  360                                     1365000                                20061201                        8389.06                                    1365000                                      65                  No MI                                                       1.00E+17                                                                                                                    7.375
16656784                                                358                                  360                                      640000                                20061201                        4257.94                                  638947.72                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16656869                                                358                                  360                                      199500                                20061201                         1433.9                                  199499.33                             68.31999969                  No MI                                                       1.00E+17                                                                                                                    8.625
16656905                                                358                                  360                                      552675                                20061201                        3723.47                                  551788.44                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16656917                                                358                                  360                                      123440                                20061201                         831.64                                  123241.99                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16662079                                                359                                  360                                      138000                                20070101                         964.92                                  137897.58                             78.86000061                  No MI                                                       1.00E+17                                                                                                                      7.5
16662391                                                358                                  360                                      133600                                20061201                         900.09                                  133385.69                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16663736                                                357                                  360                                      140800                                20061101                            792                                     140800                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16663798                                                358                                  360                                      154659                                20061201                        1014.83                                  154641.08                                      75                  No MI                                                       1.00E+17                                                                                                                    7.875
16651637                                                356                                  360                                      128000                                20061001                         853.33                                     128000                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16653752                                                356                                  360                                      176250                                20061001                        1202.34                                  175695.01                             71.36000061                  No MI                                                       1.00E+17                                                                                                                     7.25
16653759                                                358                                  360                                       79000                                20061201                         586.57                                   78896.31                             76.69999695                  No MI                                                       1.00E+17                                                                                                                    8.125
16649950                                                358                                  360                                      180000                                20061201                        1227.92                                  179718.31                             70.58999634                  No MI                                                       1.00E+17                                                                                                                     7.25
16650280                                                357                                  360                                      480000                                20061101                        3315.24                                  478897.53                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16651066                                                358                                  360                                      190312                                20061201                        1169.63                                     190312                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16633060                                                358                                  360                                       69100                                20061201                         403.08                                      69100                             36.36999893                  No MI                                                       1.00E+17                                                                                                                        7
16638275                                                358                                  360                                       69600                                20061201                          420.5                                      69600                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16638673                                                358                                  360                                       59600                                20061201                         411.64                                   59509.01                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16641066                                                358                                  360                                       97900                                20061201                         684.53                                   97633.82                             77.08999634                  No MI                                                       1.00E+17                                                                                                                      7.5
16643754                                                357                                  360                                      168750                                20061101                        1252.96                                  168416.61                                      75                  No MI                                                                                                                                                                                   8.125
16646366                                                357                                  360                                      102900                                20061101                         632.41                                     102900                                      70                  No MI                                                       1.00E+17                                                                                                                    7.375
16616316                                                357                                  360                                      220000                                20061101                        1397.92                                     220000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16632380                                                357                                  360                                      516000                                20061101                        3386.25                                     516000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16596747                                                357                                  360                                      159350                                20061101                        1045.73                                     159350                             74.80999756                  No MI                                                       1.00E+17                                                                                                                    7.875
16597707                                                356                                  360                                      279160                                20061001                        1773.83                                     279160                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16602631                                                357                                  360                                      204000                                20061101                        1374.39                                  203507.67                                      80                  No MI                                                                                                                                                                                   7.125
16603814                                                357                                  360                                      421500                                20061101                        2414.84                                     421500                             68.54000092                  No MI                                                       1.00E+17                                                                                                                    6.875
16570818                                                356                                  360                                       52000                                20061001                         413.74                                   51882.07                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16571675                                                355                                  360                                      120000                                20060901                         880.52                                  119591.09                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16570514                                                356                                  360                                      216000                                20061001                           1395                                     216000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16540095                                                354                                  360                                      195000                                20060801                        1363.47                                  194118.01                                      65                  No MI                                                       1.00E+17                                                                                                                      7.5
16544141                                                357                                  360                                      496000                                20061101                        2841.67                                     496000                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16646488                                                357                                  480                                      330000                                20061101                        2050.72                                  327047.94                             73.33000183                  No MI                                                       1.00E+17                                                                                                                        7
16646388                                                358                                  360                                       90000                                20061201                         668.25                                   89881.85                                      75                  No MI                                                       1.00E+17                                                                                                                    8.125
16646413                                                358                                  360                                      113000                                20061201                         751.79                                  112814.22                             79.58000183                  No MI                                                       1.00E+17                                                                                                                        7
16646231                                                358                                  360                                      120000                                20061201                            725                                     120000                                      75                  No MI                                                       1.00E+17                                                                                                                     7.25
16646278                                                358                                  360                                      112900                                20061201                         838.28                                  112675.99                             74.97000122                  No MI                                                       1.00E+17                                                                                                                    8.125
16646133                                                357                                  360                                      160000                                20061101                        1051.09                                  159594.42                             69.56999969                  No MI                                                       1.00E+17                                                                                                                    6.875
16643574                                                357                                  360                                      206150                                20061101                        1352.86                                     206150                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16643602                                                358                                  360                                      195200                                20061201                        1432.31                                  194937.17                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16643645                                                357                                  360                                      100000                                20061101                         725.07                                   99792.18                             74.06999969                  No MI                                                       1.00E+17                                                                                                                    7.875
16643752                                                357                                  360                                      153300                                20061101                         990.06                                     153300                             74.98999786                  No MI                                                       1.00E+17                                                                                                                     7.75
16643755                                                357                                  360                                      274000                                20061101                        1569.79                                     274000                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16643801                                                357                                  360                                       96000                                20061101                         671.25                                   95113.66                                      80                  No MI                                                                                                                                                                                     7.5
16643813                                                358                                  360                                      260000                                20061201                        1885.18                                  259640.97                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16643977                                                357                                  360                                      175400                                20061101                        1271.77                                  175035.49                             79.98000336                  No MI                                                       1.00E+17                                                                                                                    7.875
16643985                                                358                                  360                                      174400                                20061201                        1053.57                                  174383.59                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16644000                                                357                                  360                                      136000                                20061101                        1069.91                                  135747.09                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16644042                                                358                                  360                                      522900                                20061201                        3104.15                                  522804.72                             69.72000122                  No MI                                                       1.00E+17                                                                                                                    7.125
16644067                                                358                                  480                                      277000                                20061201                        1696.27                                  276780.79                             44.68000031                  No MI                                                       1.00E+17                                                                                                                    6.875
16644100                                                357                                  360                                      113600                                20061101                         765.34                                  113325.86                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16641022                                                356                                  360                                      845000                                20061001                        5764.39                                  842339.29                                      65                  No MI                                                       1.00E+17                                                                                                                     7.25
16641184                                                357                                  360                                      104360                                20061101                         756.68                                   104142.9                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16641214                                                359                                  360                                      189600                                20070101                         1441.1                                  189482.15                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16641397                                                357                                  360                                      232000                                20061101                        1642.08                                  231493.04                                      80                  No MI                                                                                                                                                                                   7.625
16643535                                                357                                  360                                      224000                                20061101                        1376.67                                     224000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16640724                                                357                                  360                                      104000                                20061101                         709.46                                  103755.12                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16640871                                                358                                  480                                       61166                                20061201                         396.88                                   61123.95                             74.58999634                  No MI                                                       1.00E+17                                                                                                                    7.375
16640643                                                359                                  360                                      391400                                20070101                        2538.61                                  391063.01                                      95                  Radian Guaranty                                             1.00E+17                                                                                                                     6.75
16638865                                                358                                  360                                      222000                                20061201                        1387.49                                  221997.93                             76.55000305                  No MI                                                       1.00E+17                                                                                                                      7.5
16638896                                                358                                  360                                      148832                                20061201                        1053.42                                  148614.39                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16638608                                                358                                  360                                      240000                                20061201                         1698.7                                   239651.5                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16638611                                                355                                  360                                       50000                                20060901                         397.82                                   49857.76                             74.62999725                  No MI                                                       1.00E+17                                                                                                                    8.875
16638627                                                358                                  360                                       75900                                20061201                         524.22                                   75784.14                             79.98000336                  No MI                                                       1.00E+17                                                                                                                    7.375
16638798                                                358                                  480                                      480000                                20061201                        3158.74                                  479681.53                             64.86000061                  No MI                                                       1.00E+17                                                                                                                      7.5
16638257                                                358                                  360                                      288000                                20061201                        1964.67                                  287549.06                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16638309                                                357                                  360                                      331200                                20061101                           2139                                     331200                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16638432                                                357                                  360                                      104000                                20061101                         736.11                                  103772.73                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16634700                                                357                                  360                                       91700                                20061101                          617.8                                   91477.75                             79.94999695                  No MI                                                       1.00E+17                                                                                                                    7.125
16634765                                                357                                  360                                      299990                                20061101                        2495.16                                  299531.98                                     100                  PMI                                                         1.00E+17                                                                                                                    9.375
16634237                                                357                                  360                                       70125                                20061101                         484.34                                   69963.69                                      75                  No MI                                                       1.00E+17                                                                                                                    7.375
16634272                                                358                                  360                                       97600                                20061201                         724.68                                   97471.87                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16633097                                                356                                  360                                      135512                                20061001                         947.52                                  135105.93                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16632485                                                357                                  360                                      249660                                20061101                        1875.61                                  249179.12                                      90                  PMI                                                         1.00E+17                                                                                                                     8.25
16632592                                                357                                  360                                      268000                                20061101                         1842.5                                     268000                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16632635                                                357                                  360                                       90400                                20061101                         602.67                                      90400                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16632261                                                357                                  360                                      201500                                20061101                        1112.45                                     201500                                      65                  No MI                                                       1.00E+17                                                                                                                    6.625
16632333                                                357                                  360                                      182000                                20061101                        1210.85                                  181549.84                             66.66999817                  No MI                                                       1.00E+17                                                                                                                        7
16629185                                                357                                  360                                      136000                                20061101                         1033.7                                  135744.63                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16629243                                                357                                  360                                      114000                                20061101                         777.68                                  113731.59                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16629293                                                357                                  360                                       40400                                20061101                          275.6                                   40304.87                             80.80000305                  PMI                                                         1.00E+17                                                                                                                     7.25
16788432                                                359                                  360                                      190650                                20070101                        1236.55                                  190485.86                             79.98000336                  No MI                                                       1.00E+17                                                                                                                     6.75
16788449                                                359                                  360                                      172800                                20070101                        1106.46                                  172647.54                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16788495                                                359                                  360                                       93450                                20070101                         645.44                                   93378.89                                      70                  No MI                                                                                                                                                                                   7.375
16788563                                                359                                  360                                      365000                                20070101                         2904.1                                  364795.38                                     100                  PMI                                                         1.00E+17                                                                                                                    8.875
16784791                                                359                                  360                                      361000                                20070101                        2462.66                                  360718.38                                      95                  PMI                                                         1.00E+17                                                                                                                     7.25
16784801                                                359                                  360                                       87000                                20070101                         578.81                                   86928.69                             69.59999847                  No MI                                                       1.00E+17                                                                                                                        7
16784875                                                359                                  480                                      156000                                20070101                        1070.08                                  155953.67                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16784919                                                359                                  360                                      250400                                20070101                        1562.17                                  250168.08                                      80                  No MI                                                       1.00E+17                                                                                                                    6.375
16784920                                                359                                  360                                      152000                                20070101                        1062.81                                  151887.19                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16785017                                                359                                  480                                      167000                                20070101                         977.71                                  166926.87                             42.81999969                  No MI                                                       1.00E+17                                                                                                                      6.5
16786219                                                359                                  360                                       91000                                20070101                         765.18                                   90955.24                                     100                  PMI                                                         1.00E+17                                                                                                                      9.5
16786277                                                359                                  360                                      120000                                20070101                         788.31                                  119899.19                                      50                  No MI                                                       1.00E+17                                                                                                                    6.875
16784684                                                359                                  360                                      600000                                20070101                         3812.5                                     600000                                      75                  No MI                                                       1.00E+17                                                                                                                    7.625
16784689                                                359                                  360                                      632000                                20070101                         4542.5                                     632000                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16781146                                                359                                  360                                      298700                                20070101                        2139.92                                  298489.18                                      95                  PMI                                                         1.00E+17                                                                                                                     7.75
16781268                                                359                                  360                                      402000                                20070101                        2475.18                                  401618.57                             64.31999969                  No MI                                                       1.00E+17                                                                                                                     6.25
16784603                                                359                                  360                                      112000                                20070101                         821.82                                  111924.85                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16784639                                                359                                  360                                      266500                                20070101                        1706.43                                  266264.87                                      65                  No MI                                                       1.00E+17                                                                                                                    6.625
16780801                                                358                                  360                                      480000                                20061201                        3274.45                                  479248.84                                      75                  No MI                                                       1.00E+17                                                                                                                     7.25
16780814                                                359                                  360                                      335000                                20070101                        2145.04                                  334704.44                             72.83000183                  No MI                                                       1.00E+17                                                                                                                    6.625
16780836                                                358                                  360                                      104500                                20061201                         926.73                                   104409.6                                      95                  PMI                                                         1.00E+17                                                                                                                   10.125
16780915                                                359                                  360                                      193500                                20070101                        1255.04                                   193333.4                             65.37000275                  No MI                                                       1.00E+17                                                                                                                     6.75
16780960                                                359                                  360                                      256800                                20070101                        1884.31                                  256627.69                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16781040                                                359                                  360                                      309000                                20070101                        1953.09                                  308720.66                             56.70000076                  No MI                                                       1.00E+17                                                                                                                      6.5
16778707                                                359                                  360                                       81000                                20070101                         695.92                                   80962.21                                      90                  PMI                                                         1.00E+17                                                                                                                     9.75
16778767                                                359                                  480                                      146900                                20070101                         899.58                                  146842.03                                      65                  No MI                                                       1.00E+17                                                                                                                    6.875
16778889                                                359                                  360                                      200000                                20070101                        1381.35                                  199847.82                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16776931                                                359                                  360                                      368000                                20070101                        2326.01                                  367667.32                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16777004                                                359                                  360                                      364900                                20070101                        2366.73                                  364585.83                             74.98000336                  No MI                                                       1.00E+17                                                                                                                     6.75
16777024                                                359                                  360                                      416000                                20070101                        2873.21                                  415683.46                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16777037                                                359                                  480                                      260000                                20070101                        1522.19                                  259886.14                             73.02999878                  No MI                                                       1.00E+17                                                                                                                      6.5
16777059                                                359                                  360                                      350000                                20070101                        2299.25                                  349705.96                             78.65000153                  No MI                                                       1.00E+17                                                                                                                    6.875
16777106                                                359                                  360                                      339150                                20070101                        2227.97                                  338865.08                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16778233                                                359                                  360                                      175040                                20070101                        1254.01                                  174916.46                                      80                  No MI                                                                                                                                                                                    7.75
16778273                                                359                                  360                                      512000                                20070101                           3200                                     512000                                      80                  No MI                                                                                                                                                                                     7.5
16778379                                                359                                  360                                      164696                                20070101                        1151.58                                  164573.77                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16778405                                                359                                  360                                      362000                                20070101                        2347.93                                  361688.32                             42.59000015                  No MI                                                       1.00E+17                                                                                                                     6.75
16778408                                                359                                  360                                       90251                                20070101                         555.69                                   90165.37                                      80                  No MI                                                       1.00E+17                                                                                                                     6.25
16778416                                                359                                  360                                       95800                                20070101                         589.86                                    95709.1                             63.95000076                  No MI                                                       1.00E+17                                                                                                                     6.25
16778438                                                359                                  360                                      244000                                20070101                        1664.51                                  243809.66                                     100                  PMI                                                         1.00E+17                                                                                                                     7.25
16778457                                                356                                  360                                      322500                                20061001                        2254.97                                  321533.61                                      75                  No MI                                                       1.00E+17                                                                                                                      7.5
16778465                                                359                                  360                                      519200                                20070101                        3785.83                                     519200                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16778467                                                357                                  360                                      550000                                20061101                        3431.28                                  548178.56                             49.88999939                  No MI                                                       1.00E+17                                                                                                                    6.375
16778473                                                357                                  360                                       98451                                20061101                         638.55                                   98195.28                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16778487                                                357                                  360                                      192000                                20061101                        1408.83                                  191610.93                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16778523                                                357                                  360                                      425000                                20061101                        2756.54                                  423896.05                             48.56999969                  No MI                                                       1.00E+17                                                                                                                     6.75
16778528                                                358                                  360                                      520000                                20061201                        3329.62                                  519079.89                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16778547                                                359                                  360                                       96400                                20070101                         641.35                                   96320.97                             79.98999786                  No MI                                                       1.00E+17                                                                                                                        7
16778570                                                359                                  360                                       71920                                20070101                         472.46                                   71859.58                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16776809                                                359                                  360                                      280000                                20070101                        1816.07                                  279758.93                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16776886                                                358                                  360                                      249500                                20061201                        1429.43                                     249500                             91.05999756                  PMI                                                         1.00E+17                                                                                                                    6.875
16775628                                                359                                  480                                      365000                                20070101                        2537.89                                  364895.44                                     100                  PMI                                                         1.00E+17                                                                                                                        8
16775633                                                358                                  360                                      120000                                20061201                        1030.99                                  119887.57                                     100                  PMI                                                         1.00E+17                                                                                                                     9.75
16776677                                                359                                  360                                      140000                                20070101                          978.9                                   139896.1                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16776681                                                359                                  360                                      550000                                20070101                        4674.94                                  549736.52                                     100                  PMI                                                         1.00E+17                                                                                                                    9.625
16776687                                                359                                  360                                      525000                                20070101                        3581.43                                  524590.45                                      75                  No MI                                                       1.00E+17                                                                                                                     7.25
16628966                                                357                                  360                                      153000                                20061101                        1056.73                                   152648.6                                      85                  Mortgage Guaranty In                                        1.00E+17                                                                                                                    7.375
16628700                                                358                                  360                                      264000                                20061201                         1622.5                                     264000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16628716                                                357                                  360                                      104000                                20061101                         727.18                                  103766.99                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16628802                                                357                                  360                                      228000                                20061101                        1814.07                                  227613.67                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16616279                                                357                                  360                                       54700                                20061101                         358.97                                      54700                             79.98999786                  No MI                                                       1.00E+17                                                                                                                    7.875
16616314                                                357                                  360                                       61600                                20061101                         399.54                                   61439.98                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16615994                                                358                                  360                                      783250                                20061201                        4324.19                                     783250                             27.96999931                  No MI                                                       1.00E+17                                                                                                                    6.625
16616018                                                358                                  360                                      112700                                20061201                         730.97                                  112505.39                             77.19000244                  No MI                                                                                                                                                                                    6.75
16616065                                                357                                  360                                      149520                                20061101                        1071.18                                  149201.36                                      75                  No MI                                                       1.00E+17                                                                                                                     7.75
16616182                                                358                                  360                                       63000                                20061201                         451.34                                   62910.78                                      75                  No MI                                                       1.00E+17                                                                                                                     7.75
16616243                                                357                                  360                                       55000                                20061101                         384.57                                   54875.91                             73.33000183                  No MI                                                       1.00E+17                                                                                                                      7.5
16612984                                                358                                  360                                       40125                                20061201                         319.25                                   40079.83                             62.20999908                  No MI                                                       1.00E+17                                                                                                                    8.875
16613179                                                358                                  360                                      395000                                20061201                        2263.02                                     395000                                      79                  No MI                                                       1.00E+17                                                                                                                    6.875
16612953                                                357                                  360                                      151920                                20061101                        1036.36                                  151562.31                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16775428                                                359                                  360                                      198800                                20070101                        1511.02                                  198676.44                             89.95999908                  PMI                                                         1.00E+17                                                                                                                    8.375
16775379                                                359                                  360                                       72100                                20070101                         504.13                                    72046.5                                      70                  No MI                                                       1.00E+17                                                                                                                      7.5
16612798                                                358                                  360                                      585766                                20061201                        3750.72                                  584729.53                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16612854                                                357                                  360                                      138000                                20061101                         976.76                                  137632.48                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16612906                                                357                                  360                                       86250                                20061101                         603.07                                   86056.77                                      75                  No MI                                                       1.00E+17                                                                                                                      7.5
16650402                                                357                                  360                                       75200                                20061101                         538.74                                   75039.75                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16774946                                                359                                  360                                       62706                                20070101                         471.09                                   62666.01                                      70                  No MI                                                       1.00E+17                                                                                                                     8.25
16774954                                                359                                  360                                       84375                                20070101                         554.28                                   84304.12                                      75                  No MI                                                       1.00E+17                                                                                                                    6.875
16774969                                                359                                  480                                      336000                                20070101                        1967.13                                  335852.87                             74.66999817                  No MI                                                       1.00E+17                                                                                                                      6.5
16775056                                                359                                  360                                      417000                                20070101                        2704.65                                  416640.98                             79.43000031                  No MI                                                       1.00E+17                                                                                                                     6.75
16775057                                                359                                  360                                      468000                                20070101                        2958.08                                  467576.92                             74.51999664                  No MI                                                       1.00E+17                                                                                                                      6.5
16775078                                                358                                  360                                      250000                                20061201                        1600.78                                  249557.64                             49.02000046                  No MI                                                       1.00E+17                                                                                                                    6.625
16784763                                                358                                  360                                      404000                                20061201                        2653.99                                  403319.24                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16780948                                                358                                  360                                       68800                                20061201                         475.18                                   68694.98                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16772602                                                359                                  360                                      241475                                20070101                        1526.29                                   241256.7                                      65                  No MI                                                       1.00E+17                                                                                                                      6.5
16772616                                                359                                  360                                      164350                                20070101                        1121.16                                  164221.79                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16772661                                                358                                  360                                      640000                                20061201                           4600                                     640000                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16772665                                                359                                  360                                      288000                                20070101                        1916.07                                  287763.93                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16772696                                                359                                  360                                      744000                                20070101                         4572.5                                     744000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16772267                                                359                                  360                                      550000                                20070101                        3567.29                                  549526.46                             69.62000275                  No MI                                                       1.00E+17                                                                                                                     6.75
16772377                                                359                                  360                                       97000                                20070101                         637.22                                   96918.51                             24.87000084                  No MI                                                       1.00E+17                                                                                                                    6.875
16772452                                                359                                  360                                      329000                                20070101                        1679.27                                     329000                                      70                  No MI                                                       1.00E+17                                                                                                                    6.125
16772518                                                359                                  360                                      367000                                20070101                        2259.68                                  366651.78                             55.88000107                  No MI                                                       1.00E+17                                                                                                                     6.25
16772529                                                359                                  360                                      126000                                20070101                         859.54                                  125901.71                                      90                  PMI                                                         1.00E+17                                                                                                                     7.25
16771900                                                359                                  360                                       68309                                20070101                         448.74                                   68251.35                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16771957                                                359                                  480                                      120000                                20070101                         670.74                                  119941.76                             53.34000015                  No MI                                                       1.00E+17                                                                                                                    6.125
16772015                                                359                                  360                                       67716                                20070101                         461.94                                   67663.18                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16772068                                                359                                  360                                      256924                                20070101                        1602.87                                  256686.03                             77.40000153                  No MI                                                       1.00E+17                                                                                                                    6.375
16771711                                                359                                  360                                       86400                                20070101                         553.23                                   86323.77                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16771730                                                359                                  360                                      176000                                20070101                        1098.01                                  175836.99                             55.70000076                  No MI                                                       1.00E+17                                                                                                                    6.375
16771748                                                359                                  360                                      498500                                20070101                        2907.92                                     498500                             79.98999786                  No MI                                                       1.00E+17                                                                                                                        7
16771752                                                359                                  360                                      360000                                20070101                        2768.09                                  359781.91                             85.70999908                  PMI                                                         1.00E+17                                                                                                                      8.5
16771773                                                359                                  360                                      676600                                20070101                        3805.88                                     676600                                      68                  No MI                                                       1.00E+17                                                                                                                     6.75
16771781                                                359                                  360                                      500000                                20070101                        2968.75                                     500000                             77.51999664                  No MI                                                       1.00E+17                                                                                                                    7.125
16771803                                                359                                  360                                      209000                                20070101                        1607.03                                  208873.39                                      95                  PMI                                                         1.00E+17                                                                                                                      8.5
16771827                                                359                                  360                                       94500                                20070101                          620.8                                   94420.61                                      90                  Republic MIC                                                1.00E+17                                                                                                                    6.875
16770842                                                359                                  360                                      224000                                20070101                        1471.52                                  223811.81                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16770853                                                357                                  360                                      198000                                20061101                           1320                                     198000                                      90                  PMI                                                         1.00E+17                                                                                                                        8
16770856                                                359                                  360                                      137500                                20070101                         988.28                                     137500                                     100                  PMI                                                         1.00E+17                                                                                                                    8.625
16770861                                                359                                  360                                      250200                                20070101                        1814.12                                  250027.82                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16770868                                                359                                  360                                      111920                                20070101                         735.23                                  111825.97                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16770893                                                359                                  360                                      622500                                20070101                        3566.41                                     622500                             75.44999695                  No MI                                                       1.00E+17                                                                                                                    6.875
16770917                                                359                                  360                                      569600                                20070101                        3263.33                                     569600                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16770937                                                359                                  480                                      500000                                20070101                         3383.1                                  499846.07                                     100                  PMI                                                         1.00E+17                                                                                                                     7.75
16770945                                                359                                  360                                      191000                                20070101                        1207.25                                  190827.33                             54.56999969                  No MI                                                       1.00E+17                                                                                                                      6.5
16771000                                                359                                  360                                      187000                                20070101                        1404.87                                  186880.76                                     100                  PMI                                                         1.00E+17                                                                                                                     8.25
16771021                                                359                                  360                                      254000                                20070101                        1584.63                                  253764.75                                      80                  No MI                                                       1.00E+17                                                                                                                    6.375
16771057                                                358                                  360                                      280000                                20061201                        1895.83                                     280000                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16771077                                                359                                  360                                      438400                                20070101                        2694.33                                     438400                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16768125                                                359                                  360                                      119704                                20070101                          888.8                                   119625.7                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16768193                                                359                                  360                                      218547                                20070101                        1363.45                                  218344.58                                      95                  Radian Guaranty                                             1.00E+17                                                                                                                    6.375
16768213                                                359                                  360                                      130500                                20070101                          879.2                                  130395.64                             99.98000336                  PMI                                                         1.00E+17                                                                                                                    7.125
16768216                                                359                                  360                                      170400                                20070101                        1119.41                                  170256.84                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16768224                                                359                                  360                                      245000                                20070101                        1692.15                                  244813.58                                     100                  PMI                                                         1.00E+17                                                                                                                    7.375
16768247                                                358                                  360                                      114320                                20061201                         760.57                                  114132.05                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16768252                                                359                                  360                                      179120                                20070101                        1176.69                                  178969.52                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16768288                                                359                                  360                                      154400                                20070101                         988.64                                  154263.78                                      80                  No MI                                                                                                                                                                                   6.625
16768351                                                359                                  360                                       49100                                20070101                         360.28                                   49067.05                             79.97000122                  No MI                                                       1.00E+17                                                                                                                        8
16768411                                                359                                  360                                      217620                                20070101                        1269.45                                     217620                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16768430                                                359                                  360                                      140000                                20070101                        1051.77                                  139910.73                                     100                  PMI                                                         1.00E+17                                                                                                                     8.25
16768442                                                359                                  480                                      375200                                20070101                        2297.62                                  375051.96                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16768476                                                359                                  360                                      408500                                20070101                        2170.16                                     408500                             50.11999893                  No MI                                                       1.00E+17                                                                                                                    6.375
16768482                                                359                                  360                                      271800                                20070101                        2360.17                                  271676.52                                      90                  PMI                                                         1.00E+17                                                                                                                    9.875
16770752                                                359                                  360                                      260000                                20070101                        1664.81                                  259770.61                             57.77999878                  No MI                                                       1.00E+17                                                                                                                    6.625
16770783                                                359                                  360                                       72100                                20070101                         458.14                                      72100                                      70                  No MI                                                       1.00E+17                                                                                                                    7.625
16770797                                                359                                  360                                      254500                                20070101                         1776.2                                     254500                                     100                  PMI                                                         1.00E+17                                                                                                                    8.375
16768061                                                358                                  360                                      148410                                20061201                        1078.75                                  148366.31                                      90                  PMI                                                         1.00E+17                                                                                                                    8.725
16767997                                                359                                  360                                      616000                                20070101                         4413.1                                  615565.23                                      70                  No MI                                                       1.00E+17                                                                                                                     7.75
16768022                                                359                                  360                                      135120                                20070101                         914.87                                  135120.01                                      80                  No MI                                                                                                                                                                                   8.125
16765575                                                359                                  360                                      232750                                20070101                        1707.84                                  230557.66                             93.09999847                  Radian Guaranty                                             1.00E+17                                                                                                                        8
16765581                                                359                                  360                                      241000                                20070101                        1685.11                                  240821.14                             96.40000153                  PMI                                                         1.00E+17                                                                                                                      7.5
16765582                                                359                                  360                                      232000                                20070101                        1524.07                                   231805.1                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16765632                                                359                                  360                                      120250                                20070101                         810.15                                  120153.83                                      65                  No MI                                                       1.00E+17                                                                                                                    7.125
16765641                                                359                                  360                                      237500                                20070101                        1889.66                                  237366.85                                      95                  PMI                                                         1.00E+17                                                                                                                    8.875
16765642                                                359                                  360                                      120250                                20070101                         810.15                                  120153.83                                      65                  No MI                                                       1.00E+17                                                                                                                    7.125
16767832                                                359                                  360                                      313000                                20070101                        2188.54                                  312767.71                             77.27999878                  No MI                                                       1.00E+17                                                                                                                      7.5
16767848                                                359                                  360                                      106400                                20070101                         642.83                                     106400                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16767876                                                359                                  360                                      291700                                20070101                        1819.83                                  291429.83                                      80                  No MI                                                       1.00E+17                                                                                                                    6.375
16767895                                                359                                  360                                      404000                                20070101                        2146.25                                     404000                             48.09999847                  No MI                                                       1.00E+17                                                                                                                    6.375
16767903                                                359                                  360                                       63920                                20070101                         497.16                                   63882.27                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16767912                                                359                                  360                                      114000                                20070101                         836.49                                  113923.51                                     100                  PMI                                                         1.00E+17                                                                                                                        8
16767913                                                359                                  360                                      171750                                20070101                        1230.44                                  171628.78                                      75                  No MI                                                       1.00E+17                                                                                                                     7.75
16765356                                                359                                  360                                      536250                                20070101                        3433.67                                  535776.88                                      65                  No MI                                                       1.00E+17                                                                                                                    6.625
16765438                                                359                                  360                                      500177                                20070101                         2813.5                                     500177                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16765525                                                359                                  360                                       66744                                20070101                          513.2                                   66703.57                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16765252                                                359                                  480                                      312000                                20070101                        2169.37                                  311910.63                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16765309                                                359                                  360                                      180000                                20070101                        1258.59                                  179252.19                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16765192                                                358                                  360                                      204000                                20061201                        1338.75                                     204000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16765199                                                359                                  360                                      263900                                20070101                         1936.4                                  263722.93                             79.98999786                  No MI                                                       1.00E+17                                                                                                                        8
16765124                                                359                                  360                                     1200000                                20070101                        7783.18                                 1198966.82                                      75                  No MI                                                       1.00E+17                                                                                                                     6.75
16765134                                                359                                  360                                       88000                                20070101                         607.79                                   87933.03                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16765094                                                359                                  360                                      260000                                20070101                           1625                                     260000                                     100                  PMI                                                         1.00E+17                                                                                                                      7.5
16765111                                                359                                  360                                      323060                                20070101                        2153.73                                     323060                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16732072                                                359                                  360                                      536000                                20070101                        3432.07                                   535527.1                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16732105                                                359                                  360                                      255000                                20070101                        1611.77                                  254769.48                             57.29999924                  No MI                                                       1.00E+17                                                                                                                      6.5
16732011                                                359                                  360                                       94400                                20070101                         692.67                                   94336.66                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16721808                                                359                                  360                                      128000                                20070101                         851.59                                  127895.08                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16719154                                                358                                  360                                      103200                                20061201                         721.59                                  103046.34                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16721743                                                358                                  480                                      185000                                20061201                        1116.21                                  184848.41                             52.86000061                  No MI                                                       1.00E+17                                                                                                                     6.75
16721766                                                359                                  360                                      350000                                20070101                        2387.62                                  349726.96                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16719057                                                359                                  360                                      512000                                20070101                        2933.33                                     512000                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16718528                                                359                                  360                                      212000                                20070101                        1446.21                                  211834.62                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16718585                                                359                                  480                                       88800                                20070101                         609.12                                   88773.63                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16718979                                                359                                  360                                       75200                                20070101                          591.6                                   75156.73                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16718742                                                358                                  360                                       81600                                20061201                         634.68                                   81503.29                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16718756                                                359                                  360                                      250000                                20070101                        1856.24                                  249836.47                                     100                  PMI                                                         1.00E+17                                                                                                                    8.125
16718803                                                359                                  360                                      199400                                20070101                        1433.19                                     199400                                     100                  PMI                                                         1.00E+17                                                                                                                    8.625
16718932                                                359                                  360                                      444000                                20070101                        3219.31                                  443694.44                             71.04000092                  No MI                                                       1.00E+17                                                                                                                    7.875
16718402                                                359                                  360                                      240000                                20070101                           1350                                     240000                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16718343                                                358                                  360                                       58950                                20061201                         458.51                                   58880.13                                      90                  PMI                                                         1.00E+17                                                                                                                    8.625
16718374                                                359                                  360                                      105720                                20070101                         676.94                                  105626.72                                      90                  United Guaranty                                             1.00E+17                                                                                                                    6.625
16718375                                                358                                  360                                      188000                                20061201                        1250.77                                  187690.67                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16718268                                                359                                  360                                       53250                                20070101                         409.45                                   53217.75                                      75                  No MI                                                       1.00E+17                                                                                                                      8.5
16718298                                                359                                  360                                      250000                                20070101                        1791.03                                  249823.55                                     100                  PMI                                                         1.00E+17                                                                                                                     7.75
16717669                                                355                                  360                                      164000                                20060901                        1161.67                                     164000                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16717672                                                359                                  360                                      228000                                20070101                        1594.21                                  227830.79                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16717675                                                359                                  360                                       73600                                20070101                         527.28                                   73548.05                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16717734                                                359                                  360                                       92250                                20070101                         701.17                                   92192.66                             79.97000122                  No MI                                                       1.00E+17                                                                                                                    8.375
16717741                                                359                                  480                                      380000                                20070101                        2224.74                                  379833.59                             53.15000153                  No MI                                                       1.00E+17                                                                                                                      6.5
16717766                                                359                                  360                                      863700                                20070101                        4858.31                                     863700                             69.70999908                  No MI                                                       1.00E+17                                                                                                                     6.75
16717834                                                359                                  360                                       73000                                20070101                         425.83                                      73000                                     100                  PMI                                                         1.00E+17                                                                                                                        7
16718144                                                359                                  360                                      120000                                20070101                         965.55                                  119934.45                                     100                  PMI                                                         1.00E+17                                                                                                                        9
16717496                                                359                                  360                                      242600                                20070101                        1593.71                                  242396.19                             79.98999786                  No MI                                                       1.00E+17                                                                                                                    6.875
16717560                                                359                                  360                                      248000                                20070101                         1547.2                                   247770.3                                      80                  No MI                                                       1.00E+17                                                                                                                    6.375
16717573                                                358                                  360                                       76300                                20061201                         607.08                                   76214.13                                     100                  PMI                                                         1.00E+17                                                                                                                    8.875
16717617                                                358                                  360                                       96200                                20061201                         631.97                                   96037.89                                      65                  No MI                                                       1.00E+17                                                                                                                    6.875
16717620                                                356                                  360                                      163508                                20061001                        1158.18                                     163508                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16717239                                                359                                  360                                      193600                                20070101                        1353.68                                  193456.32                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16717252                                                359                                  360                                      141000                                20070101                         914.52                                  140878.61                             71.20999908                  No MI                                                       1.00E+17                                                                                                                     6.75
16717261                                                358                                  360                                      109750                                20061201                         839.13                                     109750                                     100                  PMI                                                         1.00E+17                                                                                                                    9.175
16717375                                                357                                  360                                      284280                                20061101                        1843.83                                  283541.43                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16717389                                                359                                  360                                       45000                                20070101                         354.02                                    44974.1                                      90                  Republic MIC                                                1.00E+17                                                                                                                     8.75
16717407                                                359                                  360                                      137660                                20070101                         881.45                                  137538.55                             64.87999725                  No MI                                                       1.00E+17                                                                                                                    6.625
16717416                                                358                                  360                                       50080                                20061201                         363.11                                   50010.85                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16717430                                                358                                  480                                      120000                                20061201                         713.26                                   119898.2                             53.33000183                  No MI                                                       1.00E+17                                                                                                                    6.625
16717439                                                358                                  360                                      255200                                20061201                         1754.5                                     255200                             79.76999664                  No MI                                                       1.00E+17                                                                                                                     8.25
16717448                                                358                                  360                                      116000                                20061201                         902.24                                  115862.53                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16717483                                                359                                  360                                      140000                                20070101                         933.33                                     140000                                     100                  PMI                                                                                                                                                                                         8
16715161                                                358                                  360                                       60000                                20061201                         443.66                                   59987.45                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16715196                                                359                                  360                                      190000                                20070101                        1147.92                                     190000                                     100                  PMI                                                         1.00E+17                                                                                                                     7.25
16715211                                                359                                  360                                      210480                                20070101                         1382.7                                  210303.17                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16715251                                                359                                  360                                      465592                                20070101                        3176.16                                  454187.77                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16715310                                                359                                  360                                      108320                                20070101                         738.93                                  108232.95                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16717150                                                359                                  360                                      231920                                20070101                        1691.08                                     231920                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16717162                                                359                                  360                                      880000                                20070101                        5041.67                                     880000                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16714083                                                359                                  360                                      137207                                20070101                         878.55                                  137085.95                             48.59999847                  No MI                                                       1.00E+17                                                                                                                    6.625
16714180                                                358                                  360                                      106000                                20061201                         796.34                                  105809.07                                     100                  PMI                                                         1.00E+17                                                                                                                     8.25
16714186                                                359                                  360                                       88000                                20070101                         607.79                                   87933.04                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16714699                                                359                                  360                                      123000                                20070101                         828.67                                  122901.64                             55.15999985                  No MI                                                       1.00E+17                                                                                                                    7.125
16715112                                                359                                  360                                      411200                                20070101                         2441.5                                     411200                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16714719                                                359                                  360                                      113212                                20070101                         820.87                                  113134.08                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16714742                                                358                                  360                                      477750                                20061201                        3098.68                                   476924.6                                      65                  No MI                                                       1.00E+17                                                                                                                     6.75
16714743                                                358                                  360                                      215200                                20061201                        1523.17                                  214887.51                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16714746                                                358                                  360                                       99920                                20061201                         733.18                                   99785.46                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16714811                                                358                                  360                                      224000                                20061201                        1516.67                                  223999.99                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16714817                                                358                                  360                                      268000                                20061201                        2036.99                                  267665.69                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16714828                                                357                                  360                                      188000                                20061101                        1445.56                                   187655.9                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16714850                                                355                                  360                                      164000                                20060901                        1161.67                                     164000                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16714881                                                359                                  360                                      125600                                20070101                         804.23                                  125489.19                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16714920                                                359                                  360                                      200000                                20070101                        1264.14                                  199819.19                             60.61999893                  No MI                                                       1.00E+17                                                                                                                      6.5
16714921                                                358                                  360                                      230350                                20061201                        1650.26                                  230023.79                                      85                  PMI                                                         1.00E+17                                                                                                                     7.75
16713935                                                359                                  360                                      148800                                20070101                        1040.43                                  148689.57                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16713973                                                359                                  360                                      111212                                20070101                         796.74                                   111133.5                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16713984                                                359                                  360                                       79920                                20070101                         628.73                                   79874.02                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16713729                                                359                                  360                                      226000                                20070101                        1577.29                                     226000                             94.16999817                  PMI                                                         1.00E+17                                                                                                                    8.375
16713775                                                358                                  360                                      380000                                20061201                           2375                                     380000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16713524                                                359                                  360                                      180940                                20070101                        1343.47                                  180821.64                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16713547                                                358                                  360                                       63950                                20061201                         447.15                                   63854.78                             79.98999786                  No MI                                                       1.00E+17                                                                                                                      7.5
16713581                                                359                                  480                                      182850                                20070101                        1123.77                                     182850                             79.98000336                  No MI                                                       1.00E+17                                                                                                                    7.375
16713709                                                358                                  360                                      189600                                20061201                         1382.5                                     189600                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16713716                                                358                                  360                                      197100                                20061201                        1378.15                                  196806.54                                      90                  PMI                                                         1.00E+17                                                                                                                      7.5
16713726                                                359                                  360                                      147000                                20070101                        1056.56                                     147000                                     100                  PMI                                                         1.00E+17                                                                                                                    8.625
16711093                                                358                                  360                                      116160                                20061201                         812.21                                  115987.04                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16711104                                                358                                  360                                      119920                                20061201                         828.26                                  119736.94                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16711123                                                358                                  360                                      224400                                20061201                        1262.25                                     224400                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16711186                                                358                                  360                                      170350                                20061201                         958.22                                     170350                             79.98000336                  No MI                                                       1.00E+17                                                                                                                     6.75
16711196                                                359                                  360                                      387508                                20070101                        2449.31                                  387157.69                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16711258                                                359                                  360                                       86000                                20070101                         707.71                                      86000                                     100                  PMI                                                         1.00E+17                                                                                                                    9.875
16710862                                                358                                  360                                      128000                                20061201                        1029.92                                  127859.64                                      80                  No MI                                                       1.00E+17                                                                                                                        9
16710873                                                359                                  360                                      192000                                20070101                        1408.83                                  191871.17                             78.37000275                  No MI                                                       1.00E+17                                                                                                                        8
16710918                                                358                                  360                                      310844                                20061201                        1942.78                                     310844                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16710948                                                358                                  480                                      455000                                20061201                        2994.22                                   454692.3                             79.81999969                  No MI                                                       1.00E+17                                                                                                                      7.5
16710988                                                359                                  360                                       95280                                20070101                         658.08                                   95207.49                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16711039                                                358                                  360                                      562300                                20061201                        3788.32                                  561398.01                                      80                  No MI                                                                                                                                                                                   7.125
16711044                                                358                                  360                                      220000                                20061201                        1390.55                                  219596.69                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16711066                                                358                                  360                                       47000                                20061201                         324.62                                   46928.24                             48.45000076                  No MI                                                       1.00E+17                                                                                                                    7.375
16710150                                                358                                  360                                      235120                                20061201                         1469.5                                     235120                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16710788                                                358                                  360                                       50100                                20061201                         346.03                                   50023.52                             58.25999832                  No MI                                                       1.00E+17                                                                                                                    7.375
16710205                                                359                                  360                                      283250                                20070101                        2228.33                                  283087.03                                     100                  PMI                                                                                                                                                                                      8.75
16709494                                                358                                  360                                      278000                                20061201                        1896.45                                  277564.95                             94.23999786                  Radian Guaranty                                             1.00E+17                                                                                                                     7.25
16709500                                                358                                  360                                      104500                                20061201                         721.76                                  104340.47                                      95                  PMI                                                         1.00E+17                                                                                                                    7.375
16709598                                                359                                  360                                      162500                                20070101                        1013.79                                  162349.49                                      65                  No MI                                                       1.00E+17                                                                                                                    6.375
16709612                                                359                                  360                                      191750                                20070101                        1196.27                                   191572.4                                      65                  No MI                                                       1.00E+17                                                                                                                    6.375
16709614                                                358                                  360                                       70900                                20061201                         443.13                                      70900                             78.77999878                  No MI                                                       1.00E+17                                                                                                                      7.5
16709619                                                359                                  360                                      169650                                20070101                         1058.4                                  169492.87                                      65                  No MI                                                       1.00E+17                                                                                                                    6.375
16709631                                                359                                  360                                      162500                                20070101                        1013.79                                  162349.49                                      65                  No MI                                                       1.00E+17                                                                                                                    6.375
16709636                                                359                                  360                                      162500                                20070101                        1013.79                                  162349.49                                      65                  No MI                                                       1.00E+17                                                                                                                    6.375
16709640                                                359                                  360                                      169000                                20070101                        1054.34                                  168843.47                                      65                  No MI                                                       1.00E+17                                                                                                                    6.375
16709642                                                359                                  360                                      182000                                20070101                        1135.44                                  181831.44                                      65                  No MI                                                       1.00E+17                                                                                                                    6.375
16709648                                                359                                  360                                      201500                                20070101                        1273.62                                  201317.84                                      65                  No MI                                                       1.00E+17                                                                                                                      6.5
16709652                                                359                                  360                                      108000                                20070101                         773.73                                  107923.77                                     100                  PMI                                                         1.00E+17                                                                                                                     7.75
16709723                                                358                                  360                                      263750                                20061201                        1840.76                                     263750                             79.98999786                  No MI                                                       1.00E+17                                                                                                                    8.375
16709742                                                358                                  360                                       82400                                20061201                         597.46                                   82286.21                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16709770                                                359                                  360                                      175000                                20070101                        1039.06                                     175000                                      70                  No MI                                                       1.00E+17                                                                                                                    7.125
16708165                                                358                                  360                                      120000                                20061201                         778.32                                  119792.78                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16709806                                                359                                  360                                      140000                                20070101                        1101.38                                  139919.45                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16709846                                                359                                  360                                      568750                                20070101                        3641.77                                   568248.2                                      65                  No MI                                                       1.00E+17                                                                                                                    6.625
16709867                                                359                                  360                                      154764                                20070101                         940.36                                  154613.58                                      80                  No MI                                                       1.00E+17                                                                                                                    6.125
16709877                                                359                                  360                                      235920                                20070101                        1491.17                                  235706.73                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16708256                                                359                                  360                                       87200                                20070101                         662.78                                    87145.8                                      80                  No MI                                                                                                                                                                                   8.375
16709887                                                358                                  360                                      207680                                20061201                        1514.33                                     207680                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16709895                                                358                                  360                                      354000                                20061201                        1843.75                                     354000                             63.77999878                  No MI                                                       1.00E+17                                                                                                                     6.25
16709900                                                359                                  360                                      320600                                20070101                        2070.54                                     320600                                      95                  Mortgage Guaranty In                                        1.00E+17                                                                                                                     7.75
16709904                                                359                                  360                                      433600                                20070101                         3372.5                                     433344                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16709949                                                358                                  360                                       68800                                20061201                         504.83                                   68707.37                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16709981                                                358                                  360                                      125000                                20061201                         810.75                                  124784.15                             55.56000137                  No MI                                                       1.00E+17                                                                                                                     6.75
16709984                                                359                                  360                                      480000                                20070101                           3000                                     480000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16709987                                                358                                  360                                      192350                                20061201                         921.68                                     192350                                      80                  No MI                                                       1.00E+17                                                                                                                     5.75
16710012                                                359                                  360                                      183200                                20070101                        1125.92                                     183200                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16708348                                                359                                  360                                      213600                                20070101                        1268.25                                     213600                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16706860                                                358                                  360                                      150320                                20061201                         950.12                                  150047.47                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16706869                                                358                                  360                                      299200                                20061201                        2300.59                                   298836.2                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16706916                                                359                                  360                                      605428                                20070101                        3727.72                                  604853.55                                      80                  No MI                                                       1.00E+17                                                                                                                     6.25
16706938                                                359                                  360                                      229600                                20070101                        1527.53                                   229411.8                                      70                  No MI                                                       1.00E+17                                                                                                                        7
16706967                                                359                                  360                                      208000                                20070101                        1191.67                                     208000                             49.16999817                  No MI                                                       1.00E+17                                                                                                                    6.875
16706968                                                358                                  360                                       86400                                20061201                            603                                      86400                                      90                  PMI                                                         1.00E+17                                                                                                                    8.375
16706998                                                359                                  480                                      173550                                20070101                        1078.49                                  173483.89                                      65                  No MI                                                       1.00E+17                                                                                                                        7
16707031                                                359                                  360                                      131200                                20070101                         929.33                                     131200                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16707037                                                358                                  360                                      124000                                20061201                         899.09                                  123828.76                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16707054                                                358                                  360                                      154800                                20061201                          967.5                                     154800                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16707120                                                358                                  360                                      359954                                20061201                        2455.52                                  359390.69                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16707150                                                356                                  360                                      461000                                20061001                        2876.04                                  459078.42                             74.34999847                  No MI                                                       1.00E+17                                                                                                                    6.375
16707760                                                355                                  360                                       53445                                20060901                         387.51                                   53207.83                                      70                  No MI                                                                                                                                                                                   7.875
16707804                                                358                                  360                                      153320                                20061201                         926.31                                     153320                                      80                  No MI                                                                                                                                                                                    7.25
16707843                                                358                                  360                                      202500                                20061201                        1539.15                                  202247.38                             74.44999695                  No MI                                                       1.00E+17                                                                                                                    8.375
16707886                                                358                                  360                                      154800                                20061201                        1109.01                                  154580.77                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16707894                                                358                                  360                                      284000                                20061201                        1913.36                                  283544.43                                     100                  PMI                                                         1.00E+17                                                                                                                    7.125
16707930                                                359                                  360                                      175900                                20070101                         1214.9                                  175766.15                             79.98999786                  No MI                                                       1.00E+17                                                                                                                    7.375
16706721                                                358                                  360                                       52000                                20061201                         368.05                                    51924.5                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16706758                                                357                                  360                                     1950000                                20061101                        12187.5                                    1950000                                      65                  No MI                                                       1.00E+17                                                                                                                      7.5
16706794                                                358                                  360                                      324000                                20061201                         2092.5                                     324000                             87.56999969                  PMI                                                         1.00E+17                                                                                                                     7.75
16704435                                                358                                  360                                       70000                                20061201                         473.96                                      70000                                      70                  No MI                                                       1.00E+17                                                                                                                    8.125
16704456                                                359                                  360                                      133400                                20070101                         967.24                                   133308.2                                     100                  PMI                                                         1.00E+17                                                                                                                    7.875
16704457                                                358                                  360                                      237250                                20061201                        1309.82                                     237250                                      65                  No MI                                                       1.00E+17                                                                                                                    6.625
16704488                                                358                                  360                                       83200                                20061201                            520                                      83200                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16704492                                                355                                  360                                      742000                                20060901                         4637.5                                     742000                                      70                  No MI                                                       1.00E+17                                                                                                                      7.5
16704496                                                357                                  360                                       52000                                20061101                          357.5                                      52000                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16704498                                                357                                  360                                       92000                                20061101                          632.5                                      92000                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16704499                                                357                                  360                                       65600                                20061101                          430.5                                      65600                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16704500                                                357                                  360                                       49600                                20061101                            341                                      49600                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16704504                                                358                                  360                                      650000                                20061201                        4215.89                                  648877.57                             36.11000061                  No MI                                                       1.00E+17                                                                                                                     6.75
16704508                                                359                                  360                                      108000                                20070101                         755.15                                  107919.85                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16704516                                                358                                  360                                      754000                                20061201                        4476.88                                     754000                                      65                  No MI                                                                                                                                                                                   7.125
16704537                                                359                                  360                                      200000                                20070101                        1313.86                                  199831.97                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16704552                                                358                                  360                                      175000                                20061201                        1268.87                                  174758.35                                     100                  PMI                                                         1.00E+17                                                                                                                    7.875
16704562                                                358                                  360                                       74200                                20061201                         531.58                                   74094.92                                      70                  No MI                                                       1.00E+17                                                                                                                     7.75
16704580                                                358                                  360                                       67900                                20061201                         486.44                                   67803.85                                      70                  No MI                                                       1.00E+17                                                                                                                     7.75
16706557                                                358                                  360                                      720000                                20061201                        5096.11                                  718954.45                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16706570                                                358                                  360                                      632000                                20061201                         4257.9                                   630986.2                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16706593                                                358                                  360                                      139120                                20061201                         1106.9                                  138963.44                                      80                  No MI                                                                                                                                                                                   8.875
16706418                                                358                                  360                                      167672                                20061201                        1172.39                                  167422.34                                      80                  No MI                                                                                                                                                                                     7.5
16706438                                                359                                  480                                      393750                                20070101                        2411.22                                  393594.64                                      75                  No MI                                                       1.00E+17                                                                                                                    6.875
16706445                                                358                                  360                                      508250                                20061201                        3510.36                                  507470.87                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16706461                                                357                                  360                                       74500                                20061101                         592.76                                   74373.75                                     100                  PMI                                                         1.00E+17                                                                                                                    8.875
16706463                                                357                                  360                                       74500                                20061101                         592.76                                   74373.76                                     100                  PMI                                                         1.00E+17                                                                                                                    8.875
16706470                                                358                                  360                                       63750                                20061201                         445.75                                   63655.08                                      75                  No MI                                                       1.00E+17                                                                                                                      7.5
16706473                                                358                                  360                                      300000                                20061201                        2149.24                                  299575.15                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16706479                                                358                                  360                                       71920                                20061201                         502.88                                   71812.91                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16706487                                                359                                  360                                       78400                                20070101                         609.79                                   78353.71                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16706490                                                358                                  360                                       78400                                20061201                         609.79                                   78307.09                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16706507                                                358                                  360                                      119600                                20061201                         846.52                                  119426.33                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16704048                                                358                                  360                                       62900                                20061201                         412.78                                      62900                             89.98999786                  Republic MIC                                                1.00E+17                                                                                                                    7.875
16704072                                                359                                  360                                      118150                                20070101                         918.96                                  118080.24                                      95                  PMI                                                         1.00E+17                                                                                                                    8.625
16704177                                                358                                  360                                      105690                                20061201                         766.33                                  105544.04                                      75                  No MI                                                       1.00E+17                                                                                                                    7.875
16704286                                                358                                  360                                      190000                                20061201                        1377.63                                  189017.26                                     100                  PMI                                                         1.00E+17                                                                                                                    7.875
16704338                                                359                                  360                                      173323                                20070101                         1211.9                                  173194.37                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16704356                                                358                                  360                                       81600                                20061201                            561                                      81600                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16704375                                                358                                  360                                      465500                                20061201                        3096.98                                  464734.65                                      95                  Radian Guaranty                                             1.00E+17                                                                                                                        7
16704378                                                358                                  480                                      250000                                20061201                        1485.96                                  249787.91                             76.91999817                  No MI                                                       1.00E+17                                                                                                                    6.625
16704406                                                358                                  360                                      103200                                20061201                         623.24                                   103157.1                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16697910                                                358                                  360                                      130500                                20061201                         912.47                                  130305.71                                      90                  PMI                                                         1.00E+17                                                                                                                      7.5
16697704                                                358                                  360                                      207810                                20061201                        1296.46                                  207424.04                                      90                  PMI                                                         1.00E+17                                                                                                                    6.375
16697743                                                359                                  360                                      417000                                20070101                        2704.65                                  416640.96                             76.90000153                  No MI                                                       1.00E+17                                                                                                                     6.75
16697813                                                358                                  360                                      140000                                20061201                          978.9                                  139791.53                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16695633                                                358                                  360                                      397440                                20061201                         2401.2                                     397440                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16695653                                                358                                  360                                      208000                                20061201                        1126.67                                     208000                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16695661                                                358                                  360                                      165592                                20061201                         827.96                                     165592                                      80                  No MI                                                       1.00E+17                                                                                                                        6
16695665                                                358                                  360                                      138800                                20061201                         1006.4                                  138608.32                             76.26000214                  No MI                                                       1.00E+17                                                                                                                    7.875
16695669                                                358                                  360                                      232000                                20061201                        1329.17                                     232000                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16695676                                                358                                  360                                      187200                                20061201                           1014                                     187200                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16695522                                                355                                  360                                      332800                                20060901                        2461.22                                  332785.17                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16695531                                                358                                  360                                      147521                                20061201                         875.91                                     147521                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16695542                                                358                                  360                                      148916                                20061201                         853.16                                  148915.99                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16695555                                                355                                  360                                      279920                                20060901                        1603.71                                     279920                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16695563                                                357                                  360                                      655832                                20061101                        4038.07                                   653955.4                                      80                  No MI                                                       1.00E+17                                                                                                                     6.25
16695567                                                357                                  360                                      289040                                20061101                        1625.85                                     289040                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16695570                                                357                                  360                                      121775                                20061101                         786.46                                  121774.98                             78.81999969                  No MI                                                       1.00E+17                                                                                                                     7.75
16695572                                                358                                  360                                      307938                                20061201                           1668                                     307938                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16695576                                                357                                  360                                      195000                                20061101                        1200.65                                   189206.6                                      75                  No MI                                                       1.00E+17                                                                                                                     6.25
16695590                                                357                                  360                                      134605                                20061101                         715.09                                     134605                                      80                  No MI                                                       1.00E+17                                                                                                                    6.375
16695601                                                358                                  360                                      265714                                20061201                        1494.64                                  265713.99                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16695603                                                357                                  360                                      214652                                20061101                        1140.34                                     214652                                      95                  Mortgage Guaranty In                                        1.00E+17                                                                                                                    6.375
16695611                                                358                                  360                                      228684                                20061201                        1357.81                                  228683.99                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16695614                                                358                                  360                                      155190                                20061201                         905.27                                  155190.01                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16695626                                                357                                  360                                       94255                                20061101                         611.34                                   94010.16                             74.45999908                  No MI                                                       1.00E+17                                                                                                                     6.75
16673622                                                357                                  360                                      200005                                20061101                        1125.03                                     200005                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16673628                                                357                                  360                                      223614                                20061101                        1544.45                                  223100.39                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16673641                                                357                                  360                                      356798                                20061101                        2284.62                                  355848.38                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16673645                                                357                                  360                                      211248                                20061101                        1188.27                                     211248                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16673659                                                357                                  360                                      224000                                20061101                        1490.28                                  223445.95                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16673661                                                357                                  360                                      252792                                20061101                        1421.96                                     252792                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16673669                                                357                                  360                                      340000                                20061101                        2121.16                                  339039.07                                      68                  No MI                                                       1.00E+17                                                                                                                    6.375
16673677                                                357                                  360                                      255782                                20061101                        1385.49                                     255782                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16673682                                                357                                  360                                      397990                                20061101                        2445.98                                     397990                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16634799                                                357                                  360                                      178420                                20061101                        1387.73                                  178101.71                                      90                  PMI                                                         1.00E+17                                                                                                                    8.625
16709384                                                359                                  360                                       71200                                20070101                         516.25                                      71151                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16685549                                                358                                  480                                      241000                                20061201                        1585.95                                  240804.17                             77.73999786                  No MI                                                       1.00E+17                                                                                                                      7.5
16780545                                                359                                  360                                      128000                                20070101                        1006.98                                  127926.35                                     100                  PMI                                                         1.00E+17                                                                                                                     8.75
16778141                                                359                                  360                                      262500                                20070101                        2159.52                                  262363.91                                      75                  No MI                                                       1.00E+17                                                                                                                     9.25
16776310                                                359                                  360                                      432000                                20070101                           2745                                     432000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16776341                                                359                                  360                                      195876                                20070101                        1558.48                                  195766.19                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16767481                                                359                                  360                                      130000                                20070101                         854.01                                  129890.78                                      65                  No MI                                                       1.00E+17                                                                                                                    6.875
16767500                                                359                                  360                                      144000                                20070101                         1044.1                                   143900.9                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16773156                                                359                                  360                                      709600                                20070101                        5469.83                                     709600                                      80                  No MI                                                       1.00E+17                                                                                                                     9.25
16773081                                                359                                  480                                      163000                                20070101                         925.42                                  162923.54                             45.91999817                  No MI                                                       1.00E+17                                                                                                                     6.25
16731229                                                359                                  360                                      516000                                20070101                        3432.96                                  515577.04                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16765021                                                359                                  480                                      248000                                20070101                        1678.02                                  247923.65                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16730339                                                359                                  360                                      246400                                20070101                        1488.67                                     246400                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16731346                                                359                                  360                                      156300                                20070101                        1201.81                                  156205.31                             89.30999756                  PMI                                                         1.00E+17                                                                                                                      8.5
16730413                                                359                                  360                                      280000                                20070101                         2128.2                                  279825.96                                     100                  PMI                                                         1.00E+17                                                                                                                    8.375
16731755                                                357                                  360                                      296000                                20061101                        2004.17                                     296000                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16731776                                                356                                  360                                       50400                                20061001                          396.5                                   50282.73                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16731837                                                359                                  360                                       73125                                20070101                         517.97                                      73125                                      75                  No MI                                                       1.00E+17                                                                                                                      8.5
16731881                                                358                                  360                                       87300                                20061201                         610.41                                   87170.03                                      90                  PMI                                                         1.00E+17                                                                                                                      7.5
16731884                                                359                                  360                                       79900                                20070101                         621.45                                   79852.83                                     100                  PMI                                                         1.00E+17                                                                                                                    8.625
16731794                                                359                                  360                                      800000                                20070101                        5188.78                                  799311.22                             43.24000168                  No MI                                                       1.00E+17                                                                                                                     6.75
16730237                                                359                                  480                                      240000                                20070101                        1668.75                                  239931.25                                     100                  PMI                                                         1.00E+17                                                                                                                        8
16730049                                                359                                  360                                      263600                                20070101                        1455.29                                     263600                             79.98999786                  No MI                                                       1.00E+17                                                                                                                    6.625
16728005                                                359                                  360                                      204000                                20070101                        1253.75                                     204000                                      75                  No MI                                                       1.00E+17                                                                                                                    7.375
16728212                                                359                                  360                                       94500                                20070101                         668.87                                    94431.6                                      70                  No MI                                                       1.00E+17                                                                                                                    7.625
16643834                                                358                                  360                                      360000                                20061201                        2455.83                                  358889.18                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16656147                                                358                                  360                                      110240                                20061201                         780.87                                     110240                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16770898                                                357                                  360                                      258050                                20061101                        1893.48                                  257527.09                                      65                  No MI                                                       1.00E+17                                                                                                                        8
16658576                                                358                                  360                                       76000                                20061201                         577.65                                   75905.21                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16658526                                                357                                  360                                      296549                                20061101                        1884.32                                  296548.99                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16658561                                                358                                  360                                      274400                                20061201                        1895.21                                  273981.12                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16658464                                                359                                  360                                      177086                                20070101                        1090.35                                  176917.97                                      80                  No MI                                                       1.00E+17                                                                                                                     6.25
16658491                                                357                                  480                                      164990                                20061101                        1288.57                                  164887.34                                     100                  PMI                                                                                                                                                                                     9.125
16658501                                                357                                  360                                       65600                                20061101                         487.08                                   65470.39                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16658446                                                357                                  360                                       97500                                20061101                         673.41                                   97276.05                                      75                  No MI                                                       1.00E+17                                                                                                                    7.375
16658434                                                358                                  360                                      194040                                20061201                         1293.6                                     194040                                      77                  No MI                                                       1.00E+17                                                                                                                        8
16658369                                                358                                  360                                      164720                                20061201                         960.87                                     164720                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16656891                                                358                                  360                                       86999                                20061201                         600.88                                   86866.19                                      75                  No MI                                                       1.00E+17                                                                                                                    7.375
16656901                                                357                                  360                                      206250                                20061101                        1424.52                                  205776.27                                      75                  No MI                                                       1.00E+17                                                                                                                    7.375
16656848                                                358                                  360                                       87200                                20061201                         554.08                                      87200                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16656814                                                357                                  360                                       70200                                20061101                         490.85                                   70042.72                             79.94999695                  No MI                                                       1.00E+17                                                                                                                      7.5
16656828                                                359                                  360                                      181600                                20070101                        1191.75                                     181600                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16656686                                                358                                  360                                      108000                                20061201                          859.3                                  107878.45                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16803590                                                359                                  360                                      375950                                20070101                        2314.79                                  375593.28                             79.98999786                  No MI                                                       1.00E+17                                                                                                                     6.25
16801892                                                359                                  360                                      223200                                20070101                        1232.25                                     223200                                      90                  PMI                                                         1.00E+17                                                                                                                    6.625
16788889                                                359                                  360                                      167400                                20070101                        1156.19                                  167272.62                                      90                  PMI                                                         1.00E+17                                                                                                                    7.375
16778514                                                358                                  360                                      424000                                20061201                           2650                                     424000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16771755                                                359                                  360                                      363000                                20070101                         2476.3                                  362716.82                             84.22000122                  PMI                                                         1.00E+17                                                                                                                     7.25
16771992                                                356                                  360                                      496000                                20061001                        3048.33                                  496000.01                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16765182                                                356                                  360                                      163508                                20061001                        1158.18                                     163508                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16731745                                                356                                  360                                       73600                                20061001                         585.59                                   73433.13                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16729374                                                358                                  360                                       48150                                20061201                          383.1                                   48095.82                                      90                  PMI                                                         1.00E+17                                                                                                                    8.875
16729853                                                358                                  360                                      112000                                20061201                         841.42                                  111855.97                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16729917                                                357                                  360                                      175000                                20061101                        1600.79                                  174789.55                             76.08999634                  No MI                                                       1.00E+17                                                                                                                     10.5
16723948                                                357                                  360                                      132000                                20061101                           1074                                  131787.64                                      80                  No MI                                                       1.00E+17                                                                                                                    9.125
16722055                                                359                                  360                                      151000                                20070101                         954.42                                  150863.49                             41.93999863                  No MI                                                       1.00E+17                                                                                                                      6.5
16718494                                                359                                  360                                      120000                                20070101                         758.48                                  119891.52                             16.54999924                  No MI                                                       1.00E+17                                                                                                                      6.5
16713685                                                358                                  360                                      472000                                20061201                        3061.38                                  471184.95                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16713889                                                358                                  360                                       56400                                20061201                          443.7                                   56334.86                                      80                  No MI                                                                                                                                                                                    8.75
16714078                                                359                                  360                                      191552                                20070101                        1339.36                                  191409.84                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16714814                                                358                                  480                                      179984                                20061201                        1037.74                                  179820.42                                      80                  No MI                                                       1.00E+17                                                                                                                    6.375
16714951                                                358                                  360                                      240000                                20061201                        1740.17                                  239668.58                                     100                  PMI                                                         1.00E+17                                                                                                                    7.875
16715019                                                358                                  360                                       91200                                20061201                         701.25                                   91089.11                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16717123                                                358                                  360                                      999950                                20061201                        6485.66                                  998223.28                             52.63000107                  No MI                                                       1.00E+17                                                                                                                     6.75
16717125                                                358                                  360                                      552500                                20061201                         3583.5                                  551545.95                                      65                  No MI                                                       1.00E+17                                                                                                                     6.75
16717127                                                358                                  360                                      617500                                20061201                        4005.09                                  616433.71                                      65                  No MI                                                       1.00E+17                                                                                                                     6.75
16717233                                                358                                  360                                      452984                                20061201                        2643.49                                  451780.89                                      80                  No MI                                                       1.00E+17                                                                                                                     5.75
16717257                                                358                                  360                                      470250                                20061201                        2890.08                                     470250                                      95                  PMI                                                         1.00E+17                                                                                                                    7.375
16708176                                                358                                  360                                       80625                                20061201                         621.48                                      80625                                      75                  No MI                                                       1.00E+17                                                                                                                     9.25
16708279                                                358                                  360                                      113600                                20061201                         853.44                                  113454.62                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16710200                                                357                                  360                                       51300                                20061101                         426.69                                   51221.66                                      90                  PMI                                                         1.00E+17                                                                                                                    9.375
16710960                                                358                                  360                                      168000                                20061201                         1032.5                                     168000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16710976                                                356                                  360                                       61600                                20061001                         517.97                                   61477.35                                      80                  No MI                                                       1.00E+17                                                                                                                      9.5
16706558                                                358                                  360                                      580000                                20061201                         3262.5                                     580000                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16707716                                                358                                  360                                      346320                                20061201                         2020.2                                     346320                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16704484                                                358                                  360                                      145600                                20061201                        1018.06                                   145383.2                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16697789                                                358                                  360                                      800000                                20061201                        4409.82                                  798759.94                                   62.75                  No MI                                                       1.00E+17                                                                                                                    6.625
16667186                                                358                                  360                                       64000                                20061201                         469.61                                   63913.83                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16658700                                                358                                  360                                      800000                                20061201                        4833.33                                  800000.01                             69.56999969                  No MI                                                       1.00E+17                                                                                                                     7.25
16654195                                                358                                  360                                      825000                                20061201                        5070.31                                  825000.01                                      75                  No MI                                                       1.00E+17                                                                                                                    7.375
16704363                                                358                                  360                                      190332                                20061201                        1189.58                                     190332                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16680194                                                356                                  360                                      271800                                20061001                        1762.89                                  270856.02                                      90                  PMI                                                         1.00E+17                                                                                                                     6.75
16672738                                                358                                  360                                      134300                                20061201                         951.29                                     134300                                      85                  PMI                                                         1.00E+17                                                                                                                      8.5
16656551                                                357                                  360                                      171600                                20061101                        1199.85                                  171215.56                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16646000                                                358                                  360                                      292000                                20061201                        2297.17                                  291662.77                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16803552                                                359                                  480                                      300800                                20070101                        1869.27                                   300685.4                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16658586                                                358                                  360                                      174000                                20061201                         978.75                                     174000                             73.73000336                  No MI                                                       1.00E+17                                                                                                                     6.75
16695588                                                357                                  360                                      115280                                20061101                          720.5                                  115279.24                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16695540                                                358                                  360                                      371390                                20061201                        2475.93                                  371390.01                                      95                  Triad Guaranty                                              1.00E+17                                                                                                                        8
16662124                                                356                                  360                                      160000                                20061001                        1183.33                                  160000.01                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16662218                                                358                                  360                                       88000                                20061201                         645.71                                   87881.52                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16667148                                                358                                  360                                       64000                                20061201                         469.61                                   63913.83                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16659140                                                357                                  360                                       63000                                20061101                         451.34                                   62865.75                                   79.75                  No MI                                                       1.00E+17                                                                                                                     7.75
16667114                                                358                                  360                                      115360                                20061201                         796.76                                   115183.9                                      70                  No MI                                                       1.00E+17                                                                                                                    7.375
16788756                                                356                                  360                                      250000                                20061001                        1663.26                                   249173.1                             39.49000168                  No MI                                                       1.00E+17                                                                                                                        7
16711054                                                358                                  360                                      240000                                20061201                           1500                                     240000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16659114                                                358                                  360                                       43000                                20061201                         259.79                                      43000                             69.34999847                  No MI                                                                                                                                                                                    7.25
16651481                                                358                                  360                                      146000                                20061201                         983.63                                   145765.8                             64.88999939                  No MI                                                       1.00E+17                                                                                                                    7.125
16692105                                                358                                  360                                      359000                                20061201                        2728.66                                  358552.16                                     100                  PMI                                                         1.00E+17                                                                                                                    8.375
16706931                                                358                                  360                                       54600                                20061201                         410.19                                   54530.14                                     100                  PMI                                                         1.00E+17                                                                                                                     8.25
16654368                                                356                                  360                                      408000                                20061001                        2993.76                                  405233.54                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16710752                                                358                                  480                                      302164                                20061201                        1769.04                                  301898.64                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16723065                                                358                                  360                                      220000                                20061201                        1329.17                                     220000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16634491                                                357                                  360                                      117132                                20061101                            809                                  116862.87                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16680274                                                358                                  360                                      127300                                20061201                         978.83                                  127145.21                             79.98000336                  No MI                                                       1.00E+17                                                                                                                      8.5
16634447                                                358                                  480                                      110400                                20061201                         767.62                                   110336.5                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16768344                                                358                                  360                                      131200                                20061201                         917.37                                  131004.65                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16704491                                                358                                  360                                      292000                                20061201                        1764.17                                     292000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16640938                                                357                                  360                                       85050                                20061101                         624.07                                   84877.65                                      90                  United Guaranty                                             1.00E+17                                                                                                                        8
16790706                                                359                                  480                                      502500                                20070101                        3168.42                                  502315.17                             62.81000137                  No MI                                                       1.00E+17                                                                                                                    7.125
16790771                                                358                                  360                                      265296                                20061201                        1809.79                                  264880.83                                      80                  No MI                                                                                                                                                                                    7.25
16790997                                                359                                  360                                      550000                                20070101                        3036.46                                     550000                             57.88999939                  No MI                                                       1.00E+17                                                                                                                    6.625
16798431                                                359                                  360                                      650000                                20070101                        4055.15                                  649397.98                             63.11000061                  No MI                                                       1.00E+17                                                                                                                    6.375
16798445                                                359                                  360                                      329000                                20070101                        2056.25                                     329000                             92.68000031                  PMI                                                         1.00E+17                                                                                                                      7.5
16798951                                                359                                  360                                      140000                                20070101                        1088.91                                  139917.34                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16801866                                                359                                  360                                      168000                                20070101                        1160.33                                  167872.17                                     100                  PMI                                                         1.00E+17                                                                                                                    7.375
16803802                                                359                                  360                                      360000                                20070101                        2245.93                                  359666.57                                      80                  No MI                                                       1.00E+17                                                                                                                    6.375
16803944                                                359                                  360                                      390000                                20070101                        2497.21                                  389655.92                             69.63999939                  No MI                                                       1.00E+17                                                                                                                    6.625
16803978                                                359                                  360                                      448000                                20070101                        2794.94                                  447585.06                                      80                  No MI                                                       1.00E+17                                                                                                                    6.375
16775572                                                359                                  360                                      240000                                20070101                        1516.96                                  239783.04                             50.52999878                  No MI                                                       1.00E+17                                                                                                                      6.5
16780748                                                359                                  360                                      880000                                20070101                           6050                                     880000                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16788565                                                359                                  360                                       80800                                20070101                         635.65                                   80753.52                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16788631                                                359                                  360                                      333000                                20070101                        2243.48                                  332733.71                                      90                  Republic MIC                                                1.00E+17                                                                                                                    7.125
16788708                                                359                                  360                                      488000                                20070101                        3454.03                                   487646.8                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16788991                                                359                                  360                                      268800                                20070101                         2090.7                                   268641.3                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16770762                                                358                                  360                                      327992                                20061201                        1571.59                                  327983.63                                      80                  No MI                                                       1.00E+17                                                                                                                     5.75
16771015                                                359                                  480                                      364000                                20070101                        2229.04                                  363856.38                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16774884                                                359                                  360                                      320000                                20070101                        2348.05                                  319785.28                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16774886                                                356                                  360                                      542500                                20061001                        3700.81                                  540791.78                             65.76000214                  No MI                                                       1.00E+17                                                                                                                     7.25
16775075                                                359                                  360                                      265000                                20070101                        1631.65                                  264748.56                             63.09999847                  No MI                                                       1.00E+17                                                                                                                     6.25
16656669                                                357                                  360                                      124000                                20061101                         953.45                                  123773.05                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16656573                                                358                                  360                                      240000                                20061201                           1450                                     240000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16656574                                                358                                  360                                      852000                                20061201                           4615                                     852000                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16656541                                                358                                  360                                       49000                                20061201                         342.62                                   48927.03                                      70                  No MI                                                       1.00E+17                                                                                                                      7.5
16656439                                                358                                  480                                      249600                                20061201                        1528.48                                  249402.47                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16656475                                                358                                  360                                      163875                                20061201                        1245.57                                  163670.57                                      95                  PMI                                                         1.00E+17                                                                                                                    8.375
16387140                                                356                                  360                                      183590                                20061001                        1331.15                                  183079.65                                      70                  No MI                                                                                                                                                                                   7.875
16388941                                                355                                  360                                      600000                                20060901                        3936.18                                  599799.34                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16840295                                                359                                  360                                      332500                                20070101                        1801.04                                     332500                                      70                  No MI                                                       1.00E+17                                                                                                                      6.5
16838826                                                359                                  360                                       40000                                20070101                         300.51                                   39974.49                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16838904                                                359                                  360                                      280000                                20070101                        1910.09                                  279781.58                             72.34999847                  No MI                                                       1.00E+17                                                                                                                     7.25
16826558                                                359                                  360                                      198000                                20070101                        1258.12                                  198000.01                                     100                  PMI                                                         1.00E+17                                                                                                                    7.625
16826896                                                359                                  360                                       92000                                20070101                          627.6                                   91928.23                                     100                  PMI                                                         1.00E+17                                                                                                                     7.25
16819646                                                359                                  360                                      415000                                20070101                        2118.23                                     415000                             76.84999847                  No MI                                                       1.00E+17                                                                                                                    6.125
16823679                                                359                                  360                                      198370                                20070101                        1157.63                                  198162.89                                      80                  No MI                                                       1.00E+17                                                                                                                     5.75
16823681                                                359                                  360                                       52000                                20070101                         303.46                                   51945.71                                      20                  No MI                                                       1.00E+17                                                                                                                     5.75
16809470                                                359                                  360                                      166250                                20070101                        1078.29                                  166106.87                                      95                  GE Capital MI                                               1.00E+17                                                                                                                     6.75
16809514                                                358                                  360                                      168000                                20061201                        1089.64                                  167709.91                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16809523                                                359                                  360                                      200000                                20070101                        1415.59                                  199855.24                             69.93000031                  No MI                                                       1.00E+17                                                                                                                    7.625
16809545                                                359                                  360                                      155000                                20070101                        1031.22                                  154733.98                             30.10000038                  No MI                                                       1.00E+17                                                                                                                        7
16809623                                                359                                  360                                      226500                                20070101                         1450.3                                  226300.17                                      75                  No MI                                                       1.00E+17                                                                                                                    6.625
16809378                                                359                                  360                                      252000                                20070101                        1592.81                                  251772.19                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16806760                                                359                                  360                                      123650                                20070101                         801.99                                  123543.54                             79.37999725                  No MI                                                       1.00E+17                                                                                                                     6.75
16806935                                                359                                  360                                      210000                                20070101                        1310.13                                   209805.5                             65.62999725                  No MI                                                       1.00E+17                                                                                                                    6.375
16806945                                                359                                  360                                      239950                                20070101                        1474.54                                  239925.34                                     100                  PMI                                                         1.00E+17                                                                                                                    7.375
16806952                                                359                                  360                                      109000                                20070101                         716.05                                  108908.43                             43.59999847                  No MI                                                       1.00E+17                                                                                                                    6.875
16807057                                                359                                  360                                      637600                                20070101                        3852.17                                     637600                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16807097                                                359                                  360                                       79800                                20070101                         537.63                                   79736.18                                      70                  No MI                                                       1.00E+17                                                                                                                    7.125
16807102                                                359                                  360                                      383175                                20070101                        2549.27                                  382860.92                                      65                  No MI                                                       1.00E+17                                                                                                                        7
16807114                                                359                                  360                                      153600                                20070101                        1181.05                                  153506.95                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16809290                                                359                                  360                                      230000                                20070101                        1491.78                                  229801.97                             58.97000122                  No MI                                                       1.00E+17                                                                                                                     6.75
16804150                                                359                                  360                                      123600                                20070101                         906.93                                  123517.07                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16803434                                                359                                  360                                      532000                                20070101                         3362.6                                  531519.07                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16801461                                                359                                  360                                      182650                                20070101                        1095.08                                  182468.17                             79.98000336                  No MI                                                       1.00E+17                                                                                                                        6
16801475                                                359                                  360                                      378000                                20070101                         2677.5                                     378000                                      90                  PMI                                                         1.00E+17                                                                                                                      8.5
16801492                                                359                                  360                                      110250                                20070101                          752.1                                  110163.99                                      75                  No MI                                                       1.00E+17                                                                                                                     7.25
16801496                                                359                                  360                                      106500                                20070101                         708.55                                   106412.7                             69.37999725                  No MI                                                       1.00E+17                                                                                                                        7
16801500                                                359                                  360                                      560000                                20070101                           3675                                     560000                             69.56999969                  No MI                                                       1.00E+17                                                                                                                    7.875
16801508                                                359                                  360                                      142700                                20070101                         901.96                                  142442.68                             79.94000244                  No MI                                                       1.00E+17                                                                                                                      6.5
16801576                                                359                                  360                                      116000                                20070101                         749.17                                     116000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16801740                                                359                                  360                                      153900                                20070101                        1089.29                                  153788.62                                      90                  PMI                                                         1.00E+17                                                                                                                    7.625
16801743                                                359                                  360                                       95000                                20070101                          713.7                                   94939.43                                     100                  PMI                                                         1.00E+17                                                                                                                     8.25
16801755                                                359                                  360                                      319000                                20070101                         2095.6                                     318732                             93.81999969                  PMI                                                         1.00E+17                                                                                                                    6.875
16801784                                                359                                  360                                      252000                                20070101                        1613.58                                  251777.67                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16801791                                                359                                  360                                       87000                                20070101                         820.31                                   86968.13                                     100                  PMI                                                         1.00E+17                                                                                                                   10.875
16801795                                                357                                  360                                      158500                                20061101                        1089.69                                  158499.99                             99.98999786                  PMI                                                         1.00E+17                                                                                                                     8.25
16801937                                                359                                  360                                      500000                                20070101                        2708.33                                     500000                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16801986                                                359                                  360                                      108750                                20070101                         705.35                                  108656.37                             79.97000122                  No MI                                                       1.00E+17                                                                                                                     6.75
16801991                                                359                                  360                                      156800                                20070101                        1056.39                                  156674.61                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16798643                                                359                                  360                                      600000                                20070101                           3250                                     600000                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16798687                                                359                                  360                                      162000                                20070101                        1077.79                                  161867.21                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16798727                                                359                                  360                                      125400                                20070101                         953.13                                  125322.06                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16798732                                                359                                  360                                      191000                                20070101                        1074.38                                     191000                             68.70999908                  No MI                                                       1.00E+17                                                                                                                     6.75
16798513                                                359                                  480                                      127500                                20070101                         874.58                                  127462.14                                      75                  No MI                                                                                                                                                                                   7.875
16798530                                                359                                  360                                      185000                                20070101                        1293.55                                   184862.7                             94.87000275                  PMI                                                         1.00E+17                                                                                                                      7.5
16798618                                                359                                  360                                      153000                                20070101                        1122.66                                  152897.34                                     100                  PMI                                                         1.00E+17                                                                                                                        8
16798207                                                359                                  360                                      601600                                20070101                        3852.11                                  601069.22                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16798220                                                359                                  360                                      305600                                20070101                        1982.12                                  305336.88                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16798337                                                359                                  360                                       97600                                20070101                         750.46                                   97540.87                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16798425                                                359                                  360                                      335750                                20070101                        2205.64                                  335467.93                                      85                  PMI                                                         1.00E+17                                                                                                                    6.875
16798466                                                358                                  360                                      398000                                20061201                        2614.58                                  397329.34                             78.91999817                  No MI                                                       1.00E+17                                                                                                                    6.875
16549670                                                356                                  360                                       79500                                20061001                         555.88                                   79261.77                                      75                  No MI                                                       1.00E+17                                                                                                                      7.5
16656349                                                358                                  360                                      110583                                20061201                         792.23                                   110426.4                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16656356                                                358                                  360                                       75200                                20061201                         525.81                                   75088.03                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16656326                                                358                                  360                                      425600                                20061201                        2690.08                                  424828.42                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16656346                                                358                                  360                                       66000                                20061201                         525.13                                   65925.71                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16656245                                                357                                  360                                       99000                                20061101                         618.75                                      99000                             79.19999695                  No MI                                                       1.00E+17                                                                                                                      7.5
16656246                                                357                                  360                                      169600                                20061101                        1200.42                                   169229.4                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16656178                                                357                                  360                                      444000                                20061101                        2678.52                                  443341.11                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16656123                                                357                                  360                                      248000                                20061101                           1550                                     248000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16656145                                                357                                  360                                      400000                                20061101                           2375                                     400000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16378115                                                355                                  360                                     1200000                                20060901                         9015.2                                 1196121.03                             36.36000061                  No MI                                                       1.00E+17                                                                                                                     8.25
16656098                                                357                                  360                                      100000                                20061101                         635.42                                     100000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16653966                                                358                                  360                                       68800                                20061201                         492.89                                   68702.57                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16653980                                                358                                  360                                       71250                                20061201                         510.44                                   71149.11                                      75                  No MI                                                       1.00E+17                                                                                                                     7.75
16653986                                                357                                  360                                      135920                                20061101                         985.51                                  135637.55                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16653995                                                357                                  360                                      257312                                20061101                           1635                                  257311.99                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16654031                                                357                                  360                                      289784                                20061101                        1841.34                                     289784                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16654078                                                358                                  360                                      184450                                20061201                         1289.7                                  184175.37                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16654185                                                358                                  360                                      136000                                20061201                         950.93                                  135797.51                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16654200                                                358                                  360                                       83502                                20061201                         547.98                                      83502                                      75                  No MI                                                       1.00E+17                                                                                                                    7.875
16654201                                                358                                  360                                      164000                                20061201                        1304.86                                  163815.44                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16654205                                                358                                  360                                       83877                                20061201                         550.44                                      83877                                      75                  No MI                                                       1.00E+17                                                                                                                    7.875
16654217                                                357                                  360                                      132750                                20061101                         951.04                                  132467.09                                      75                  No MI                                                       1.00E+17                                                                                                                     7.75
16803475                                                358                                  360                                       67500                                20061201                         525.01                                   67420.01                                      90                  PMI                                                         1.00E+17                                                                                                                    8.625
16654220                                                358                                  360                                      287560                                20061201                        1986.11                                  287121.03                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16654232                                                358                                  360                                      147200                                20061201                         991.71                                  146963.87                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16654270                                                358                                  360                                      184000                                20061201                        1286.55                                  183726.05                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16654409                                                357                                  360                                      369209                                20061101                        2581.56                                  368381.84                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16377427                                                356                                  360                                      236800                                20061001                        1799.85                                  236205.05                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16653932                                                358                                  360                                       41600                                20061201                         319.87                                   41549.42                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16653788                                                358                                  360                                      882957                                20061201                        6173.76                                  881642.35                                      80                  No MI                                                                                                                                                                                     7.5
16651543                                                358                                  360                                       62910                                20061201                         478.16                                   62831.53                                      90                  PMI                                                         1.00E+17                                                                                                                    8.375
16651596                                                357                                  360                                      172000                                20061101                        1232.23                                  171631.54                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16651628                                                357                                  360                                      163200                                20061101                           1071                                     163200                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16651639                                                357                                  360                                      108000                                20061101                         718.53                                  107732.85                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16651292                                                358                                  360                                      230000                                20061201                        1510.94                                     228934                             59.74000168                  No MI                                                       1.00E+17                                                                                                                    6.875
16651318                                                358                                  360                                      147080                                20061201                        1223.34                                  146924.15                                     100                  PMI                                                         1.00E+17                                                                                                                    9.375
16651336                                                357                                  360                                       52400                                20061101                         389.07                                   52296.47                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16651365                                                357                                  360                                      488000                                20061101                        3370.49                                  486879.17                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16651371                                                357                                  360                                       81600                                20061101                         552.14                                   81546.62                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16651454                                                358                                  360                                      320000                                20061201                        2075.51                                  319447.43                             77.11000061                  No MI                                                       1.00E+17                                                                                                                     6.75
16651218                                                357                                  480                                      150000                                20061101                         878.19                                   149731.2                                    37.5                  No MI                                                       1.00E+17                                                                                                                      6.5
16651239                                                357                                  360                                      140000                                20061101                        1076.48                                  139743.76                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16651250                                                357                                  360                                      216000                                20061101                        1214.44                                     215900                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16651115                                                357                                  360                                      174771                                20061101                        1282.41                                  174416.42                                      90                  United Guaranty                                             1.00E+17                                                                                                                        8
16651127                                                357                                  360                                      259900                                20061101                        1772.98                                  259288.06                                     100                  PMI                                                         1.00E+17                                                                                                                     7.25
16651167                                                358                                  360                                      173500                                20061201                        1048.23                                     173500                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16371878                                                355                                  360                                      724816                                20060901                        4883.22                                  721883.26                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16659123                                                357                                  360                                      121841                                20061101                         810.61                                  121539.64                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16651312                                                357                                  360                                      296880                                20061101                        2010.12                                  296880.01                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16697608                                                358                                  360                                      136800                                20061201                         864.67                                  136551.99                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16697651                                                358                                  360                                       58400                                20061201                         373.94                                   58296.65                             54.58000183                  No MI                                                       1.00E+17                                                                                                                    6.625
16697571                                                358                                  360                                      120600                                20061201                         895.45                                  120441.69                             77.80999756                  No MI                                                       1.00E+17                                                                                                                    8.125
16697580                                                358                                  360                                      198000                                20061201                        1384.44                                  197704.64                                     100                  PMI                                                         1.00E+17                                                                                                                      7.5
16697463                                                358                                  480                                      214240                                20061201                        1292.63                                  214064.44                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16697471                                                358                                  360                                       79920                                20061201                         607.45                                   79820.31                                      80                  No MI                                                                                                                                                                                   8.375
16697492                                                358                                  360                                      225000                                20061201                         1440.7                                  224042.58                                      30                  No MI                                                       1.00E+17                                                                                                                    6.625
16697407                                                358                                  360                                      491495                                20061201                        2662.26                                     491495                             66.27999878                  No MI                                                       1.00E+17                                                                                                                      6.5
16697409                                                359                                  360                                      244508                                20070101                        1709.64                                  244326.54                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16697427                                                359                                  360                                      188000                                20070101                        1253.33                                     188000                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16697429                                                353                                  360                                       81900                                20060701                         600.95                                   81507.49                             89.95999908                  Republic MIC                                                1.00E+17                                                                                                                        8
16696572                                                357                                  360                                      129000                                20061101                          991.9                                  128763.89                             83.76999664                  PMI                                                         1.00E+17                                                                                                                      8.5
16696620                                                359                                  360                                      272000                                20070101                        1586.67                                     272000                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16696520                                                358                                  360                                      112000                                20061201                         783.12                                  111833.23                                      80                  No MI                                                                                                                                                                                     7.5
16696352                                                358                                  360                                      197500                                20061201                         1347.3                                  197190.93                             79.98999786                  No MI                                                       1.00E+17                                                                                                                     7.25
16696357                                                358                                  480                                       85000                                20061201                         497.64                                   84925.36                             37.77999878                  No MI                                                       1.00E+17                                                                                                                      6.5
16696339                                                359                                  360                                      132650                                20070101                         871.42                                  132538.55                             79.91000366                  No MI                                                       1.00E+17                                                                                                                    6.875
16696328                                                359                                  360                                      296000                                20070101                        1819.17                                     296000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16696288                                                359                                  360                                       65000                                20070101                         454.49                                   64951.76                             53.93000031                  No MI                                                       1.00E+17                                                                                                                      7.5
16696274                                                359                                  360                                       45000                                20070101                         318.51                                   44967.43                             43.65000153                  No MI                                                       1.00E+17                                                                                                                    7.625
16696278                                                359                                  360                                       45000                                20070101                         318.51                                   44967.43                             45.45000076                  No MI                                                       1.00E+17                                                                                                                    7.625
16696285                                                359                                  360                                       71500                                20070101                         499.94                                   71446.94                             45.54000092                  No MI                                                       1.00E+17                                                                                                                      7.5
16696256                                                359                                  360                                       43500                                20070101                         307.89                                   43468.52                             42.02999878                  No MI                                                       1.00E+17                                                                                                                    7.625
16696261                                                359                                  360                                       40000                                20070101                         283.12                                   39971.05                             53.33000183                  No MI                                                       1.00E+17                                                                                                                    7.625
16696262                                                359                                  360                                      533000                                20070101                        2887.08                                     533000                                      65                  No MI                                                                                                                                                                                     6.5
16696264                                                358                                  360                                       88000                                20061201                         592.87                                   87858.84                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16696266                                                358                                  360                                      254400                                20061201                        2092.89                                   254135.2                                      80                  No MI                                                       1.00E+17                                                                                                                     9.25
16696267                                                359                                  360                                       45000                                20070101                         318.51                                   44967.43                             47.52000046                  No MI                                                       1.00E+17                                                                                                                    7.625
16696202                                                358                                  360                                      333750                                20061201                        2036.64                                  331385.56                                      75                  No MI                                                       1.00E+17                                                                                                                    7.375
16696209                                                358                                  360                                      136000                                20061201                         986.09                                  135812.21                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16696151                                                358                                  360                                      208800                                20061201                        1513.94                                  208511.68                                      90                  PMI                                                         1.00E+17                                                                                                                    7.875
16696159                                                357                                  360                                       88000                                20061101                         756.06                                   87875.82                                     100                  PMI                                                         1.00E+17                                                                                                                     9.75
16696181                                                358                                  360                                      113600                                20061201                         804.67                                     113600                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16696193                                                358                                  360                                     1368750                                20061201                        7984.37                                    1368750                                      75                  No MI                                                       1.00E+17                                                                                                                        7
16695936                                                359                                  360                                       52750                                20070101                         396.29                                   52716.37                                      70                  No MI                                                       1.00E+17                                                                                                                     8.25
16695981                                                356                                  360                                      650000                                20061001                        4401.04                                     650000                             69.30000305                  No MI                                                                                                                                                                                   8.125
16694072                                                358                                  360                                      412800                                20061201                        2746.37                                  412121.29                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16694030                                                358                                  360                                      435000                                20061201                        3297.11                                  434454.01                                     100                  PMI                                                         1.00E+17                                                                                                                    8.345
16693960                                                359                                  360                                      448000                                20070101                        2980.56                                  447632.77                             68.91999817                  No MI                                                       1.00E+17                                                                                                                        7
16657318                                                355                                  360                                      215100                                20060901                        1673.03                                  214455.81                                      90                  Republic MIC                                                1.00E+17                                                                                                                    8.625
16657481                                                356                                  360                                      180224                                20061001                        1322.42                                  179735.44                                      95                  Republic MIC                                                                                                                                                                                8
16657697                                                355                                  360                                      144240                                20060901                        1008.55                                  143756.39                                      80                  No MI                                                                                                                                                                                     7.5
16657899                                                356                                  360                                      200000                                20061001                        1280.62                                  199288.29                             47.06000137                  No MI                                                                                                                                                                                   6.625
16693902                                                358                                  480                                      108800                                20061201                         726.05                                  108730.34                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16693940                                                358                                  360                                       59925                                20061201                         455.47                                   59850.26                                      75                  No MI                                                       1.00E+17                                                                                                                    8.375
16693943                                                357                                  360                                      163508                                20061101                        1158.18                                     163508                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16693847                                                358                                  360                                       83610                                20061201                         665.24                                   83515.91                                      90                  PMI                                                         1.00E+17                                                                                                                    8.875
16693861                                                358                                  360                                       68497                                20061201                         435.24                                      68497                                      70                  No MI                                                       1.00E+17                                                                                                                    7.625
16693873                                                359                                  360                                      117000                                20070101                          838.2                                  116917.43                                      90                  Radian Guaranty                                             1.00E+17                                                                                                                     7.75
16655469                                                356                                  360                                       10000                                20061001                          69.07                                    9969.27                             9.520000458                  No MI                                                       1.00E+17                                                                                                                    7.375
16693749                                                359                                  360                                       48300                                20070101                         341.86                                   48265.05                                      70                  No MI                                                       1.00E+17                                                                                                                    7.625
16693770                                                358                                  360                                      281676                                20061201                        1945.47                                  281246.01                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16366767                                                353                                  360                                      130000                                20060701                         704.17                                     130000                             22.03000069                  No MI                                                       1.00E+17                                                                                                                      6.5
16693674                                                358                                  360                                       60000                                20061201                         369.43                                   59885.84                             18.35000038                  No MI                                                       1.00E+17                                                                                                                     6.25
16693650                                                359                                  360                                      302392                                20070101                        1961.31                                  302131.65                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16693480                                                358                                  360                                      170032                                20061201                        1174.37                                  169772.44                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16693547                                                358                                  360                                      164000                                20061201                        1146.71                                  163755.82                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16693606                                                358                                  360                                      297600                                20061201                           1953                                     297600                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16693405                                                358                                  360                                      122850                                20061201                         817.32                                     122648                             79.97000122                  No MI                                                       1.00E+17                                                                                                                        7
16693446                                                358                                  360                                      288000                                20061201                           1860                                     288000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16693448                                                358                                  480                                      170000                                20061201                         980.18                                  169845.49                             72.33999634                  No MI                                                       1.00E+17                                                                                                                    6.375
16693472                                                356                                  360                                      224000                                20061001                        1624.16                                  223377.27                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16692740                                                357                                  360                                      223100                                20061101                        1440.85                                     223100                             79.97000122                  No MI                                                       1.00E+17                                                                                                                     7.75
16693331                                                358                                  360                                       92000                                20061201                          659.1                                   91869.72                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16693333                                                357                                  360                                      175000                                20061101                        1223.63                                  174607.92                                      70                  No MI                                                       1.00E+17                                                                                                                      7.5
16693350                                                358                                  360                                       82800                                20061201                         600.36                                   82685.66                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16693351                                                359                                  360                                      200000                                20070101                        1450.14                                  199862.36                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16693364                                                355                                  360                                      144800                                20060901                        1024.89                                  144482.23                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16692701                                                358                                  360                                      427405                                20061201                        3025.15                                  426784.34                                      95                  PMI                                                         1.00E+17                                                                                                                    7.625
16692574                                                358                                  360                                      135900                                20061201                        1009.05                                  135721.61                                      90                  PMI                                                         1.00E+17                                                                                                                    8.125
16692632                                                358                                  360                                      125000                                20061201                         863.34                                  124809.19                                     100                  PMI                                                         1.00E+17                                                                                                                    7.375
16692460                                                358                                  360                                       84000                                20061201                         638.46                                   83895.22                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16692468                                                358                                  360                                       63200                                20061201                         436.51                                   63103.52                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16692531                                                358                                  360                                      167120                                20061201                         1044.5                                     167120                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16692540                                                358                                  360                                       68000                                20061201                         446.71                                   67885.42                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16692437                                                358                                  360                                      139900                                20061201                         918.09                                     139900                             79.98999786                  No MI                                                       1.00E+17                                                                                                                    7.875
16692442                                                358                                  360                                       80640                                20061201                          537.6                                      80640                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16692445                                                358                                  360                                      345000                                20061201                        2443.75                                     345000                                      75                  No MI                                                       1.00E+17                                                                                                                      8.5
16692331                                                358                                  360                                      417000                                20061201                        2388.49                                     416900                             78.68000031                  No MI                                                       1.00E+17                                                                                                                    6.875
16692352                                                358                                  360                                      116000                                20061201                         762.04                                  115804.53                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16692358                                                358                                  360                                       66000                                20061201                         478.55                                   65908.86                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16692360                                                358                                  360                                       89700                                20061201                         681.78                                   89588.11                             79.98000336                  No MI                                                       1.00E+17                                                                                                                    8.375
16632439                                                357                                  360                                      140800                                20061101                         984.49                                  140484.56                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16713661                                                358                                  360                                      101700                                20061201                          737.4                                  101470.84                                      90                  PMI                                                         1.00E+17                                                                                                                    7.875
16670509                                                358                                  360                                       88000                                20061201                         513.33                                      88000                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16674048                                                358                                  360                                       62284                                20061201                          435.5                                   62191.27                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16692228                                                353                                  360                                      149850                                20060701                         967.16                                  149753.57                             84.98000336                  Mortgage Guaranty In                                        1.00E+17                                                                                                                     7.75
16707783                                                358                                  360                                      800000                                20061201                        5056.54                                  798549.67                             53.33000183                  No MI                                                       1.00E+17                                                                                                                      6.5
16638451                                                358                                  360                                       98306                                20061201                         629.46                                   98132.06                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16564826                                                358                                  360                                       48000                                20061201                         360.61                                   47938.57                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16717198                                                355                                  360                                      479000                                20060901                         3186.8                                   477013.8                             79.83000183                  No MI                                                       1.00E+17                                                                                                                        7
16632666                                                358                                  360                                     1125000                                20061201                        6796.87                                    1125000                                      75                  No MI                                                                                                                                                                                    7.25
16692232                                                357                                  360                                       57600                                20061101                         412.65                                   57477.26                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16644188                                                358                                  360                                       98077                                20061201                            628                                   97903.46                                      75                  No MI                                                       1.00E+17                                                                                                                    6.625
16692211                                                358                                  360                                      204000                                20061201                        1496.88                                  203720.87                             78.45999908                  No MI                                                       1.00E+17                                                                                                                        8
16692154                                                358                                  360                                      677000                                20061201                        4447.41                                  675859.22                             52.08000183                  No MI                                                       1.00E+17                                                                                                                    6.875
16706903                                                358                                  360                                      400800                                20061201                        2906.08                                  400190.13                             78.58999634                  No MI                                                       1.00E+17                                                                                                                    7.875
16658685                                                358                                  360                                      408000                                20061201                         2337.5                                     408000                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16616511                                                358                                  360                                      112000                                20061201                         821.82                                  111716.18                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16688438                                                358                                  360                                       68000                                20061201                         493.05                                   67906.09                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16662316                                                358                                  360                                      224000                                20061201                        1423.33                                  224000.01                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16656595                                                358                                  360                                      184000                                20061201                        1302.34                                  183732.81                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16628980                                                358                                  360                                       76000                                20061201                         492.93                                   75868.76                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16672486                                                358                                  360                                       76000                                20061201                          531.4                                   75886.85                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16656485                                                358                                  360                                      224000                                20061201                        1306.67                                  223999.99                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16681197                                                358                                  360                                      596000                                20061201                        3662.92                                     596000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16697858                                                358                                  360                                       87350                                20061201                         671.65                                    87243.8                             87.34999847                  PMI                                                         1.00E+17                                                                                                                      8.5
16680582                                                358                                  360                                      584000                                20061201                        3934.52                                  583063.19                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16672583                                                358                                  360                                      147500                                20061201                        1006.21                                  147269.18                             70.23999786                  No MI                                                       1.00E+17                                                                                                                     7.25
16695604                                                357                                  360                                      133748                                20061101                         891.65                                  133747.98                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16665891                                                358                                  360                                       70400                                20061201                         456.61                                   70278.44                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16644069                                                358                                  360                                       64000                                20061201                         436.59                                   63899.86                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16695662                                                358                                  360                                      154991                                20061201                        1123.79                                  154776.98                                    77.5                  No MI                                                       1.00E+17                                                                                                                    7.875
16695678                                                358                                  360                                      191960                                20061201                        1039.78                                  191959.99                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16673100                                                358                                  360                                      174700                                20061201                        1374.37                                  174498.23                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16670278                                                358                                  360                                      119500                                20061201                         897.76                                  119347.08                             99.58000183                  PMI                                                         1.00E+17                                                                                                                     8.25
16709702                                                358                                  360                                      115200                                20061201                         835.28                                  115040.92                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16692552                                                358                                  360                                      258000                                20061201                        1478.13                                  257999.99                                      75                  No MI                                                       1.00E+17                                                                                                                    6.875
16649203                                                356                                  360                                      126000                                20061001                         913.59                                  125649.72                                   79.75                  No MI                                                       1.00E+17                                                                                                                    7.875
16672546                                                358                                  360                                       53975                                20061201                          377.4                                   53894.63                             46.33000183                  No MI                                                       1.00E+17                                                                                                                      7.5
16714058                                                358                                  360                                       55000                                20061201                         482.66                                   54951.14                                     100                  PMI                                                         1.00E+17                                                                                                                       10
16612814                                                358                                  360                                      126400                                20061201                         862.27                                  126201.47                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16709622                                                356                                  360                                      356000                                20061001                        2631.94                                  355867.37                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16692084                                                358                                  360                                      152400                                20061201                         904.88                                     152400                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16692101                                                358                                  360                                      215900                                20061201                         1304.4                                     215900                             79.95999908                  No MI                                                       1.00E+17                                                                                                                     7.25
16688535                                                358                                  360                                      196800                                20061201                           1353                                     196800                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16688443                                                360                                  360                                      470000                                20070201                        3087.57                                     470000                             32.40999985                  No MI                                                       1.00E+17                                                                                                                    6.875
16688450                                                358                                  360                                       90000                                20061201                         708.03                                   89896.01                                      75                  No MI                                                       1.00E+17                                                                                                                     8.75
16688329                                                358                                  360                                      106400                                20061201                         620.67                                     106400                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16688337                                                359                                  360                                       50000                                20070101                         375.63                                   49968.12                             60.97999954                  No MI                                                       1.00E+17                                                                                                                     8.25
16688348                                                358                                  360                                      138272                                20061201                        1002.57                                  138033.31                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16688115                                                358                                  480                                      138400                                20061201                           1041                                   138336.1                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16688133                                                358                                  480                                      148400                                20061201                        1116.22                                  148331.47                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16688210                                                358                                  360                                      137600                                20061201                        1045.86                                  137428.35                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16688406                                                357                                  360                                      164000                                20061101                        1146.71                                  163632.58                                      80                  No MI                                                                                                                                                                                     7.5
16688409                                                358                                  360                                      119000                                20061201                         873.18                                  118839.77                                      70                  No MI                                                       1.00E+17                                                                                                                        8
16688417                                                358                                  360                                       81000                                20061201                         514.69                                      81000                             71.05000305                  No MI                                                       1.00E+17                                                                                                                    7.625
16688303                                                358                                  360                                      139900                                20061201                        1075.71                                   139729.9                                     100                  PMI                                                         1.00E+17                                                                                                                      8.5
16686346                                                358                                  360                                      144000                                20061201                         958.04                                  143763.23                             55.59999847                  No MI                                                       1.00E+17                                                                                                                        7
16686227                                                358                                  360                                       59120                                20061201                         428.66                                   59038.37                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16686185                                                358                                  360                                      511200                                20061201                        3231.13                                  510226.75                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16686076                                                357                                  360                                      115500                                20061101                         697.81                                     115500                             72.19000244                  No MI                                                       1.00E+17                                                                                                                     7.25
16685928                                                358                                  360                                       91000                                20061201                         663.54                                      91000                                      70                  No MI                                                       1.00E+17                                                                                                                     8.75
16685929                                                358                                  360                                      148664                                20061201                        1022.07                                     148664                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16685857                                                358                                  480                                      216000                                20061201                        1303.25                                     215823                             57.59999847                  No MI                                                       1.00E+17                                                                                                                     6.75
16685734                                                358                                  360                                      101600                                20061201                         687.92                                     101600                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16685747                                                357                                  360                                       57550                                20061101                          412.3                                   57427.34                             79.94000244                  No MI                                                       1.00E+17                                                                                                                     7.75
16685755                                                358                                  360                                      119992                                20061201                            839                                  119813.34                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16685815                                                358                                  360                                      130500                                20061201                         957.56                                   130324.3                                      90                  PMI                                                         1.00E+17                                                                                                                        8
16685818                                                357                                  360                                      472000                                20061101                           2950                                     472000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16684780                                                357                                  360                                      132000                                20061101                            825                                     132000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16684824                                                358                                  360                                       76800                                20061201                            480                                      76800                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16684887                                                358                                  360                                      133000                                20061201                         829.75                                  132752.98                             22.93000031                  No MI                                                       1.00E+17                                                                                                                    6.375
16685709                                                358                                  360                                       64000                                20061201                          492.1                                   63922.19                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16684589                                                358                                  360                                      132930                                20061201                         940.87                                  132736.97                                      70                  No MI                                                       1.00E+17                                                                                                                    7.625
16684593                                                358                                  480                                      356000                                20061201                        2244.69                                  355736.28                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16684626                                                358                                  360                                      247500                                20061201                        1605.28                                  247067.91                                      75                  No MI                                                       1.00E+17                                                                                                                     6.75
16684687                                                358                                  360                                       54400                                20061201                         427.97                                   54337.17                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16684710                                                358                                  360                                      158350                                20061201                        1161.92                                  158136.79                             79.98000336                  No MI                                                                                                                                                                                       8
16684730                                                359                                  360                                       61125                                20070101                         437.91                                   61081.86                                      75                  No MI                                                       1.00E+17                                                                                                                     7.75
16684450                                                358                                  480                                      173000                                20061201                        1012.84                                  172848.07                             61.90000153                  No MI                                                       1.00E+17                                                                                                                      6.5
16684456                                                358                                  360                                      300000                                20061201                        1718.75                                     300000                             79.37000275                  No MI                                                       1.00E+17                                                                                                                    6.875
16684462                                                357                                  360                                      120000                                20061101                          922.7                                  119780.36                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16684466                                                358                                  360                                      129600                                20061201                         928.47                                  129416.47                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16684503                                                358                                  360                                      102800                                20061201                         790.44                                  102675.02                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16684526                                                358                                  360                                       89600                                20061201                         681.02                                   89488.23                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16684572                                                358                                  360                                      112500                                20061201                         757.93                                  112319.54                                      75                  No MI                                                       1.00E+17                                                                                                                    7.125
16684576                                                358                                  360                                      138000                                20061201                         929.73                                  137778.64                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16684106                                                358                                  360                                       50000                                20061201                         384.46                                    49939.2                             62.88999939                  No MI                                                       1.00E+17                                                                                                                      8.5
16684139                                                358                                  480                                      360000                                20061201                        2107.64                                   359683.5                             76.59999847                  No MI                                                       1.00E+17                                                                                                                      6.5
16684156                                                358                                  360                                      115000                                20061201                         853.87                                  114849.05                             81.55999756                  PMI                                                         1.00E+17                                                                                                                    8.125
16684169                                                358                                  360                                      207120                                20061201                        1186.62                                  207120.01                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16684186                                                358                                  360                                      199405                                20061201                        1343.43                                  199085.13                                      95                  PMI                                                         1.00E+17                                                                                                                    7.125
16681729                                                359                                  360                                       76500                                20070101                         561.33                                   76448.67                                      90                  PMI                                                         1.00E+17                                                                                                                        8
16681748                                                358                                  360                                      127840                                20061201                         971.68                                  127680.52                                      94                  PMI                                                         1.00E+17                                                                                                                    8.375
16681825                                                358                                  360                                      136000                                20061201                         939.32                                  135570.65                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16681844                                                358                                  360                                      268450                                20061201                         1831.3                                  268029.91                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16681850                                                358                                  360                                      252000                                20061201                        1719.08                                  251605.65                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16681983                                                358                                  360                                      396000                                20061201                         2634.6                                  395348.91                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16681999                                                359                                  360                                      303000                                20070101                        2438.01                                  302834.49                             94.98000336                  PMI                                                         1.00E+17                                                                                                                        9
16681677                                                358                                  360                                      201600                                20061201                           1260                                     201600                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16681691                                                358                                  360                                      104900                                20061201                         666.55                                     104900                             69.98000336                  No MI                                                       1.00E+17                                                                                                                    7.625
16681651                                                358                                  360                                       63000                                20061201                         552.87                                   62944.03                                     100                  PMI                                                         1.00E+17                                                                                                                       10
16681610                                                358                                  360                                      322000                                20061201                        2079.58                                  322000.01                                      70                  No MI                                                       1.00E+17                                                                                                                     7.75
16681410                                                358                                  360                                       80000                                20061201                         580.06                                   79888.57                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16686114                                                358                                  360                                       76500                                20061201                         608.67                                    76413.9                                      90                  PMI                                                         1.00E+17                                                                                                                    8.875
16681630                                                358                                  360                                       57200                                20061201                         399.95                                   57114.83                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16681527                                                358                                  480                                      148000                                20061201                          960.3                                  147898.25                             77.88999939                  No MI                                                       1.00E+17                                                                                                                    7.375
16681557                                                358                                  360                                       76000                                20061201                          531.4                                   75886.85                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16681568                                                358                                  360                                       76000                                20061201                          531.4                                   75886.85                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16681476                                                358                                  360                                      596000                                20061201                           3725                                     596000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16704513                                                358                                  360                                     1960000                                20061201                       12045.83                                 1960000.01                                      70                  No MI                                                       1.00E+17                                                                                                                    7.375
16681344                                                358                                  360                                      100800                                20061201                         757.28                                     100671                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16681388                                                358                                  360                                      206400                                20061201                         1354.5                                  206399.51                                      80                  No MI                                                                                                                                                                                   7.875
16681390                                                357                                  360                                      100000                                20061101                         707.79                                   99774.07                             71.43000031                  No MI                                                       1.00E+17                                                                                                                    7.625
16680397                                                358                                  360                                       53840                                20061201                         381.08                                   53761.81                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16680404                                                358                                  480                                      784000                                20061201                         5304.7                                  783498.87                                      70                  No MI                                                       1.00E+17                                                                                                                     7.75
16680459                                                358                                  360                                      462100                                20061201                        3191.61                                   461394.6                             88.87000275                  United Guaranty                                             1.00E+17                                                                                                                    7.375
16680467                                                359                                  360                                       69350                                20070101                         533.24                                   69307.99                                      95                  PMI                                                         1.00E+17                                                                                                                      8.5
16680479                                                358                                  360                                      100000                                20061201                         699.21                                   99851.12                             52.63000107                  No MI                                                       1.00E+17                                                                                                                      7.5
16680491                                                358                                  360                                      123200                                20061201                         861.43                                  123016.57                             79.23000336                  No MI                                                       1.00E+17                                                                                                                      7.5
16680510                                                358                                  360                                      379000                                20061201                         2715.2                                  378463.29                             89.80999756                  PMI                                                         1.00E+17                                                                                                                     7.75
16680536                                                358                                  360                                      465000                                20061201                        3093.66                                  464235.46                             69.91999817                  No MI                                                       1.00E+17                                                                                                                        7
16680541                                                358                                  360                                       68000                                20061201                         487.16                                   67903.71                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16680580                                                358                                  360                                       54000                                20061201                            360                                      54000                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16680632                                                359                                  360                                       65000                                20070101                         499.79                                   64960.63                                     100                  PMI                                                         1.00E+17                                                                                                                      8.5
16680646                                                358                                  360                                      272000                                20061201                        1948.64                                  271563.13                             79.76999664                  No MI                                                       1.00E+17                                                                                                                     7.75
16680668                                                358                                  360                                      136476                                20061201                         852.98                                     136476                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16680699                                                356                                  360                                      290500                                20061001                        1815.63                                     290500                             72.44000244                  No MI                                                       1.00E+17                                                                                                                      7.5
16681199                                                358                                  360                                      164000                                20061201                         990.83                                     164000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16681211                                                359                                  360                                      137600                                20070101                            817                                     137600                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16681227                                                356                                  360                                       56700                                20061001                         441.01                                   56564.64                                      70                  No MI                                                       1.00E+17                                                                                                                    8.625
16680354                                                358                                  360                                      236950                                20061201                        1864.09                                  236676.35                                     100                  PMI                                                         1.00E+17                                                                                                                     8.75
16680134                                                357                                  360                                      236000                                20061101                        1548.75                                     236000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16680147                                                357                                  360                                       82320                                20061101                         568.56                                   82130.93                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16680149                                                354                                  360                                      105600                                20060801                            858                                     105600                                      80                  No MI                                                       1.00E+17                                                                                                                     9.75
16680155                                                356                                  360                                      169900                                20061001                        1246.67                                  169439.31                             79.01999664                  No MI                                                       1.00E+17                                                                                                                        8
16680178                                                358                                  360                                      352000                                20061201                        2401.26                                  351449.16                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16680183                                                358                                  360                                      241600                                20061201                        1730.85                                  241257.85                             79.20999908                  No MI                                                       1.00E+17                                                                                                                     7.75
16680192                                                358                                  360                                       45600                                20061201                         318.84                                   45532.11                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16680219                                                358                                  360                                      145600                                20061201                         894.83                                  145599.03                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16680250                                                358                                  360                                      624000                                20061201                        3892.95                                  622841.03                             79.48999786                  No MI                                                       1.00E+17                                                                                                                    6.375
16680253                                                358                                  360                                      100000                                20061201                         583.14                                   99966.05                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16680262                                                358                                  360                                      145600                                20061201                         1043.1                                   145393.8                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16680266                                                359                                  360                                      607750                                20070101                        3671.82                                     607750                                      65                  No MI                                                       1.00E+17                                                                                                                     7.25
16680273                                                358                                  360                                      241600                                20061201                        1560.33                                     241600                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16680327                                                358                                  360                                      131625                                20061201                        1059.08                                  131480.67                                      90                  PMI                                                         1.00E+17                                                                                                                        9
16680333                                                358                                  360                                       84100                                20061201                          538.5                                   83951.19                             48.06000137                  No MI                                                       1.00E+17                                                                                                                    6.625
16680336                                                359                                  360                                       85002                                20070101                         646.08                                   84949.16                                     100                  PMI                                                         1.00E+17                                                                                                                    8.375
16676872                                                358                                  360                                      133250                                20061201                            909                                  133041.47                                      65                  No MI                                                       1.00E+17                                                                                                                     7.25
16676879                                                358                                  360                                      225000                                20061201                        1631.41                                  224689.29                                      90                  PMI                                                         1.00E+17                                                                                                                    7.875
16676922                                                358                                  360                                      188248                                20061201                        1176.55                                     188248                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16676784                                                359                                  360                                      265032                                20070101                        1628.84                                     265032                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16676756                                                358                                  360                                      156700                                20061201                        1232.76                                  156519.03                             94.97000122                  Radian Guaranty                                             1.00E+17                                                                                                                     8.75
16676633                                                358                                  360                                      292000                                20061201                        1855.42                                     292000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16676638                                                358                                  360                                      156000                                20061201                            910                                     156000                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16676700                                                358                                  360                                       96000                                20061201                            650                                   95999.85                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16676702                                                358                                  360                                      248000                                20061201                        1524.17                                     248000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16676502                                                358                                  360                                      105196                                20061201                         735.55                                  105039.37                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16676587                                                357                                  360                                       64000                                20061101                          492.1                                   63882.87                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16676608                                                358                                  360                                      116950                                20061201                         817.73                                  116775.88                             79.98999786                  No MI                                                       1.00E+17                                                                                                                      7.5
16674433                                                358                                  360                                      255000                                20061201                        1514.06                                     255000                             99.98999786                  PMI                                                         1.00E+17                                                                                                                    7.125
16674459                                                356                                  360                                      192800                                20061001                         1566.5                                     192800                                      80                  No MI                                                       1.00E+17                                                                                                                     9.75
16674464                                                356                                  360                                      136800                                20061001                         980.05                                  136410.05                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16674467                                                358                                  360                                       92000                                20061201                         635.42                                   91224.15                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16674537                                                358                                  360                                      650000                                20061201                        3656.25                                     650000                             63.16999817                  No MI                                                       1.00E+17                                                                                                                     6.75
16674548                                                358                                  360                                      196450                                20061201                        1373.61                                  196156.87                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16674562                                                358                                  360                                       36000                                20061201                         261.02                                    35950.3                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16674564                                                358                                  360                                       60000                                20061201                         435.04                                   59917.15                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16674569                                                358                                  360                                       48000                                20061201                         348.03                                   47933.72                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16674573                                                358                                  360                                       24800                                20061201                         179.82                                   24765.75                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16674582                                                358                                  360                                       32000                                20061201                         232.02                                   31955.82                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16674602                                                358                                  360                                       59300                                20061201                         429.97                                   59218.11                             77.01000214                  No MI                                                       1.00E+17                                                                                                                    7.875
16674722                                                358                                  360                                      174400                                20061201                           1199                                     174400                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16674732                                                358                                  480                                      403750                                20061201                        2694.33                                  403491.49                                      95                  Radian Guaranty                                             1.00E+17                                                                                                                    7.625
16674401                                                359                                  360                                      228000                                20070101                        1633.42                                  227839.08                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16674406                                                357                                  480                                      448000                                20061101                        2948.16                                   447366.1                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16674224                                                358                                  480                                      196720                                20061201                        1240.38                                  196574.87                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16674240                                                358                                  360                                       85500                                20061201                         597.83                                    85372.7                                      95                  PMI                                                         1.00E+17                                                                                                                      7.5
16674308                                                357                                  360                                      366000                                20061101                        2685.58                                  365258.33                             74.69000244                  No MI                                                       1.00E+17                                                                                                                        8
16674309                                                358                                  360                                      442000                                20061201                         3398.6                                  441462.57                             84.19000244                  PMI                                                         1.00E+17                                                                                                                      8.5
16674321                                                358                                  360                                      228000                                20061201                        1574.74                                  227651.95                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16674369                                                357                                  360                                       94000                                20061101                         673.43                                   93799.66                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16673258                                                358                                  360                                       85400                                20061201                         619.21                                   85282.07                                      70                  No MI                                                       1.00E+17                                                                                                                    7.875
16673262                                                358                                  360                                       78400                                20061201                         588.99                                   78299.68                                      70                  No MI                                                       1.00E+17                                                                                                                     8.25
16674038                                                357                                  360                                      260000                                20061101                           1625                                     260000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16674093                                                357                                  360                                      145860                                20061101                        1108.64                                  145586.12                                      90                  Republic MIC                                                1.00E+17                                                                                                                    8.375
16674122                                                358                                  360                                      431000                                20061201                        2759.74                                  430237.38                             68.95999908                  No MI                                                       1.00E+17                                                                                                                    6.625
16674166                                                358                                  360                                      198300                                20061201                        1280.69                                  198299.92                             79.98999786                  No MI                                                       1.00E+17                                                                                                                     7.75
16375358                                                354                                  360                                      324000                                20060801                         2227.5                                  323829.12                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16384150                                                355                                  360                                      191850                                20060901                        1219.05                                     191850                             79.98999786                  No MI                                                       1.00E+17                                                                                                                    7.625
16672956                                                358                                  360                                       87500                                20061201                         634.44                                   87379.16                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16672963                                                358                                  360                                       80000                                20061201                         580.06                                   79889.52                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16672972                                                358                                  360                                       67600                                20061201                         490.15                                   67506.65                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16672977                                                359                                  360                                      562700                                20070101                        3696.54                                  562227.26                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16672997                                                358                                  480                                      113000                                20061201                         681.79                                  112907.42                             48.09000015                  No MI                                                       1.00E+17                                                                                                                     6.75
16672887                                                357                                  360                                       58000                                20061101                         415.52                                   57876.39                             69.95999908                  No MI                                                       1.00E+17                                                                                                                     7.75
16672917                                                358                                  360                                       90750                                20061201                         604.87                                      90730                                      75                  No MI                                                       1.00E+17                                                                                                                        8
16672931                                                358                                  360                                       92000                                20061201                         667.06                                   91872.96                             79.93000031                  No MI                                                       1.00E+17                                                                                                                    7.875
16672935                                                357                                  360                                       98000                                20061101                         643.79                                   97751.59                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16672936                                                358                                  360                                      191600                                20061201                        1490.25                                  191372.94                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16672945                                                358                                  360                                       91650                                20061201                         664.53                                   91523.43                             79.97000122                  No MI                                                       1.00E+17                                                                                                                    7.875
16672946                                                359                                  360                                      209600                                20070101                        1359.46                                  209419.54                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16672807                                                358                                  360                                     1150500                                20061201                        8044.46                                 1148429.97                                      65                  No MI                                                       1.00E+17                                                                                                                      7.5
16672795                                                357                                  360                                      207200                                20061101                        1431.08                                   206724.1                             76.45999908                  No MI                                                       1.00E+17                                                                                                                    7.375
16672746                                                358                                  360                                      122500                                20061201                         974.66                                  122362.14                                      70                  No MI                                                       1.00E+17                                                                                                                    8.875
16672575                                                358                                  360                                      204800                                20061201                        1467.21                                  204509.98                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16672600                                                358                                  360                                      151900                                20061201                        1010.59                                  151650.26                             79.94999695                  No MI                                                       1.00E+17                                                                                                                        7
16672666                                                357                                  360                                      168206                                20061101                        1219.61                                  167856.44                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16672690                                                358                                  360                                      664000                                20061201                        4251.66                                  662825.11                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16672516                                                358                                  360                                      376000                                20061201                        2428.33                                     376000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16672454                                                359                                  360                                      188500                                20070101                        1191.45                                  188329.59                                      65                  No MI                                                       1.00E+17                                                                                                                      6.5
16672457                                                359                                  360                                      192500                                20070101                        1248.55                                  192334.26                                      70                  No MI                                                       1.00E+17                                                                                                                     6.75
16672459                                                359                                  360                                      189000                                20070101                        1225.85                                  188837.28                                      70                  No MI                                                       1.00E+17                                                                                                                     6.75
16672351                                                358                                  360                                      101000                                20061201                         706.21                                  100849.61                             72.13999939                  No MI                                                       1.00E+17                                                                                                                      7.5
16672352                                                358                                  360                                      111000                                20061201                         776.13                                  110834.73                             73.51000214                  No MI                                                       1.00E+17                                                                                                                      7.5
16672358                                                358                                  360                                      516388                                20061201                        3119.84                                     516388                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16670959                                                357                                  360                                      128423                                20061101                         886.99                                  128101.93                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16670987                                                356                                  360                                       92800                                20061001                         672.86                                   92542.03                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16670711                                                357                                  360                                      753750                                20061101                         4547.3                                  752655.83                                      75                  No MI                                                       1.00E+17                                                                                                                     7.25
16670568                                                358                                  360                                      135833                                20061201                         949.76                                  135630.77                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16670575                                                359                                  360                                      100000                                20070101                         632.07                                    99909.6                             21.73999977                  No MI                                                       1.00E+17                                                                                                                      6.5
16670596                                                358                                  480                                      173000                                20061201                        1219.15                                  172904.08                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16670610                                                358                                  360                                      118320                                20061201                         751.51                                     118270                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16670486                                                358                                  360                                      107200                                20061201                         704.23                                  107019.36                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16670533                                                358                                  360                                       65000                                20061201                         448.94                                   64900.78                             76.47000122                  No MI                                                       1.00E+17                                                                                                                    7.375
16670394                                                358                                  360                                      180000                                20061201                        1352.28                                  179769.65                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16670400                                                357                                  360                                      105500                                20061101                         728.66                                   105257.7                             79.98000336                  No MI                                                       1.00E+17                                                                                                                    7.375
16667469                                                358                                  360                                      164250                                20061201                         975.23                                     164250                                      90                  Republic MIC                                                1.00E+17                                                                                                                    7.125
16670296                                                359                                  360                                       39200                                20070101                         301.41                                   39176.26                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16670309                                                358                                  360                                      384000                                20061201                           2360                                     384000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16670343                                                358                                  480                                      312000                                20061201                        2082.06                                  311800.25                             79.19000244                  No MI                                                       1.00E+17                                                                                                                    7.625
16667461                                                358                                  360                                      154150                                20061201                         963.44                                     154150                             79.05000305                  No MI                                                       1.00E+17                                                                                                                      7.5
16667436                                                357                                  360                                       70000                                20061101                         550.69                                   69877.32                                     100                  PMI                                                         1.00E+17                                                                                                                     8.75
16667361                                                358                                  360                                      207280                                20061201                        1310.15                                  206904.22                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16667390                                                357                                  360                                      110800                                20061101                         774.73                                  110551.77                             79.98000336                  No MI                                                       1.00E+17                                                                                                                      7.5
16667409                                                357                                  360                                      162750                                20061101                        1137.97                                  162385.38                                      75                  No MI                                                       1.00E+17                                                                                                                      7.5
16667284                                                358                                  360                                       64600                                20061201                         543.19                                   64536.21                                      95                  PMI                                                         1.00E+17                                                                                                                      9.5
16667105                                                358                                  360                                       64000                                20061201                         469.61                                   63913.83                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16667112                                                359                                  360                                      154500                                20070101                        1133.67                                  154396.33                             89.83000183                  Republic MIC                                                1.00E+17                                                                                                                        8
16667113                                                358                                  360                                      242000                                20061201                        1796.84                                  241682.33                             71.18000031                  No MI                                                       1.00E+17                                                                                                                    8.125
16667118                                                358                                  480                                      244736                                20061201                         1498.7                                  244542.31                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16667133                                                358                                  360                                     1995000                                20061201                       13440.68                                 1991799.78                                      70                  No MI                                                       1.00E+17                                                                                                                    7.125
16667136                                                358                                  360                                       74800                                20061201                         581.79                                   74711.36                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16667140                                                358                                  360                                      310000                                20061201                        2098.96                                     310000                                     100                  PMI                                                         1.00E+17                                                                                                                    8.125
16667179                                                358                                  360                                       64000                                20061201                         469.61                                   63913.83                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16667199                                                358                                  360                                       66800                                20061201                         490.15                                   66710.06                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16667206                                                358                                  360                                       60000                                20061201                         394.16                                   59872.18                                      80                  No MI                                                                                                                                                                                   6.875
16652160                                                354                                  360                                      240423                                20060801                        1681.07                                  239332.23                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16666875                                                357                                  360                                       68500                                20061101                         455.73                                   68330.58                             64.01999664                  No MI                                                       1.00E+17                                                                                                                        7
16652183                                                353                                  360                                       74400                                20060701                         501.25                                   73827.13                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16666803                                                358                                  360                                       98400                                20061201                         765.35                                   98283.38                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16666751                                                358                                  360                                       95920                                20061201                         670.69                                   95777.18                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16666783                                                358                                  360                                      364000                                20061201                           2275                                     364000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16666784                                                358                                  360                                      296800                                20061201                        2100.73                                  251083.07                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16666789                                                358                                  360                                      200478                                20061201                        1399.17                                     200478                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16665779                                                358                                  360                                      347000                                20061201                         2204.9                                     347000                             78.86000061                  No MI                                                       1.00E+17                                                                                                                    7.625
16665784                                                357                                  360                                      316000                                20061101                        2128.95                                  315237.39                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16665787                                                358                                  360                                      184500                                20061201                        1369.91                                  184189.76                                      90                  PMI                                                         1.00E+17                                                                                                                    8.125
16665847                                                358                                  360                                       72000                                20061201                         466.99                                   71875.67                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16665849                                                358                                  360                                       60000                                20061201                         389.16                                   59896.39                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16665855                                                358                                  360                                       67500                                20061201                          437.8                                   67383.45                                      75                  No MI                                                       1.00E+17                                                                                                                     6.75
16665860                                                358                                  360                                       64000                                20061201                          415.1                                   63889.49                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16665868                                                358                                  360                                       62400                                20061201                         404.73                                   62292.24                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16665872                                                358                                  360                                       73600                                20061201                         477.37                                    73472.9                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16665882                                                358                                  360                                       68000                                20061201                         441.05                                   67882.57                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16665884                                                358                                  360                                       72000                                20061201                         466.99                                   71875.67                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16665888                                                358                                  360                                       86400                                20061201                         560.39                                    86250.8                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16665894                                                358                                  360                                       73600                                20061201                         477.37                                    73472.9                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16665898                                                358                                  360                                       60000                                20061201                         389.16                                   59896.39                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16665899                                                358                                  360                                       65600                                20061201                         425.48                                   65486.72                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16665900                                                358                                  360                                       86400                                20061201                         560.39                                    86250.8                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16665912                                                359                                  360                                      784050                                20070101                        4246.94                                     784050                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16665499                                                358                                  360                                      448000                                20061201                        3018.26                                  447281.35                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16665532                                                358                                  360                                      152000                                20061201                        1075.85                                  151761.75                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16665567                                                357                                  480                                      331500                                20061101                        2000.13                                  331091.39                                      65                  No MI                                                       1.00E+17                                                                                                                     6.75
16665579                                                357                                  360                                       78400                                20061101                         457.33                                      78400                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16664434                                                358                                  480                                      343360                                20061201                        2040.88                                   343068.7                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16664455                                                357                                  360                                      950000                                20061101                        6161.68                                  947532.38                             67.86000061                  No MI                                                       1.00E+17                                                                                                                     6.75
16665456                                                358                                  360                                       68800                                20061201                         492.89                                   68702.57                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16665468                                                358                                  360                                       56720                                20061201                         396.59                                   56635.56                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16665473                                                358                                  360                                      232000                                20061201                        1353.33                                     232000                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16664378                                                358                                  360                                      184000                                20061201                        1334.13                                  183745.91                                      80                  No MI                                                                                                                                                                                   7.875
16664330                                                357                                  360                                       86250                                20061101                         610.47                                   86061.54                                      75                  No MI                                                       1.00E+17                                                                                                                    7.625
16664333                                                357                                  360                                      133200                                20061101                          943.5                                  133199.99                                      90                  PMI                                                         1.00E+17                                                                                                                      8.5
16664055                                                358                                  360                                      142400                                20061201                        1044.88                                  142208.27                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16664271                                                358                                  360                                      172550                                20061201                        1326.76                                  172293.55                             79.98999786                  No MI                                                       1.00E+17                                                                                                                      8.5
16664273                                                357                                  360                                      100044                                20061101                         699.52                                   99819.87                                      70                  No MI                                                       1.00E+17                                                                                                                      7.5
16664286                                                359                                  360                                      262400                                20070101                        1612.67                                     262400                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16663990                                                357                                  360                                       79200                                20061101                         533.59                                   78999.75                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16663961                                                358                                  360                                      288000                                20061201                        1989.14                                  287560.35                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16663902                                                357                                  360                                      222826                                20061101                        1369.45                                     222826                             79.58000183                  No MI                                                       1.00E+17                                                                                                                    7.375
16663890                                                357                                  360                                      440000                                20061101                        3305.57                                  439152.49                             67.69000244                  No MI                                                       1.00E+17                                                                                                                     8.25
16663864                                                358                                  360                                      119920                                20061201                         849.43                                     119920                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16663824                                                359                                  360                                      250440                                20070101                        1624.35                                  250224.38                             79.98999786                  No MI                                                       1.00E+17                                                                                                                     6.75
16681813                                                358                                  360                                      280000                                20061201                        1910.09                                  279561.83                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16350228                                                347                                  360                                      420800                                20060101                        2625.24                                  408810.65                             80.76999664                  No MI                                                       1.00E+17                                                                                                                    6.375
16591528                                                356                                  360                                      247200                                20061001                        1749.67                                  246477.47                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16562524                                                357                                  360                                      186000                                20061101                        1221.89                                  185528.52                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16595320                                                357                                  360                                      136800                                20061101                        1039.78                                  136543.13                                      90                  Republic MIC                                                1.00E+17                                                                                                                    8.375
16571946                                                357                                  360                                       80000                                20061101                         580.06                                   79833.73                             72.73000336                  No MI                                                       1.00E+17                                                                                                                    7.875
16663777                                                358                                  360                                      600000                                20061201                        4195.29                                  599106.64                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16663731                                                358                                  480                                      520000                                20061201                        3044.38                                  519543.34                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16772826                                                359                                  360                                       80655                                20070101                         591.82                                   80610.95                                      95                  Republic MIC                                                1.00E+17                                                                                                                        8
16713393                                                359                                  480                                      247020                                20070101                        1512.68                                  246922.54                             67.12999725                  No MI                                                       1.00E+17                                                                                                                    6.875
16691838                                                359                                  360                                      179550                                20070101                        1255.44                                  179416.75                                      95                  PMI                                                         1.00E+17                                                                                                                      7.5
16693205                                                359                                  360                                      132000                                20070101                            880                                     132000                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16700135                                                359                                  480                                      472000                                20070101                        3062.58                                  471838.25                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16709225                                                359                                  360                                       98000                                20070101                         643.79                                   97917.67                             76.55999756                  No MI                                                       1.00E+17                                                                                                                    6.875
16696144                                                359                                  360                                      880000                                20070101                        6456.51                                  879409.42                                      80                  No MI                                                       1.00E+17                                                                                                                    7.999
16696321                                                358                                  360                                      280000                                20061201                         1839.4                                  279528.19                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16696437                                                358                                  360                                       88000                                20061201                         638.06                                   87878.48                             70.40000153                  No MI                                                       1.00E+17                                                                                                                    7.875
16696461                                                358                                  360                                       95000                                20061201                         747.37                                   94890.28                                     100                  PMI                                                         1.00E+17                                                                                                                     8.75
16692197                                                355                                  360                                      339500                                20060901                        2090.36                                  337872.49                                      70                  No MI                                                       1.00E+17                                                                                                                     6.25
16692485                                                358                                  360                                      119000                                20061201                         811.79                                  118813.78                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16693912                                                358                                  360                                      840000                                20061201                        6608.28                                  839029.92                                      70                  No MI                                                       1.00E+17                                                                                                                     8.75
16688495                                                358                                  360                                      288000                                20061201                           2100                                     288000                                      80                  No MI                                                                                                                                                                                    8.75
16681283                                                358                                  360                                      443000                                20061201                        2800.06                                  442196.87                             52.11999893                  No MI                                                       1.00E+17                                                                                                                      6.5
16681501                                                358                                  360                                       71250                                20061201                         510.44                                   71149.11                                      75                  No MI                                                       1.00E+17                                                                                                                     7.75
16681796                                                358                                  360                                      356250                                20061201                        2152.34                                     356250                                      75                  No MI                                                       1.00E+17                                                                                                                     7.25
16685908                                                358                                  360                                      110400                                20061201                         800.48                                  110247.54                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16655784                                                358                                  480                                      112450                                20061201                         688.61                                     112361                                      65                  No MI                                                       1.00E+17                                                                                                                    6.875
16655836                                                357                                  360                                      255000                                20061101                        1761.22                                  254313.38                             88.84999847                  PMI                                                         1.00E+17                                                                                                                    7.375
16663577                                                358                                  360                                      198250                                20061201                        1318.96                                  197924.04                                      65                  No MI                                                       1.00E+17                                                                                                                        7
16663667                                                358                                  360                                      388000                                20061201                        2101.67                                     388000                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16680324                                                358                                  360                                       83000                                20061201                         587.47                                   82879.47                             83.83999634                  Mortgage Guaranty In                                        1.00E+17                                                                                                                    7.625
16610994                                                358                                  480                                      138300                                20061201                         910.11                                  138208.11                             83.81999969                  PMI                                                         1.00E+17                                                                                                                      7.5
16569853                                                358                                  360                                      197500                                20061201                        1364.08                                  197198.51                                      79                  No MI                                                       1.00E+17                                                                                                                    7.375
16638624                                                357                                  360                                      135000                                20061101                         978.84                                  134702.15                                      90                  PMI                                                         1.00E+17                                                                                                                    7.875
16610090                                                356                                  360                                      148000                                20061001                        1047.53                                  147567.45                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16612791                                                357                                  360                                       80000                                20061101                         573.13                                   79829.52                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16604398                                                356                                  360                                      528000                                20061001                           3355                                     528000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16603822                                                358                                  360                                      336000                                20061201                        2179.29                                  335419.79                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16599655                                                358                                  360                                      146000                                20061201                         971.34                                  145759.96                             64.88999939                  No MI                                                       1.00E+17                                                                                                                        7
16597371                                                357                                  360                                       74577                                20061101                         508.75                                    74401.4                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16574848                                                356                                  360                                      288000                                20061001                           1890                                     288000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16684774                                                358                                  360                                      416000                                20061201                        2426.67                                  415999.99                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16674372                                                358                                  480                                      357500                                20061201                        2189.23                                  357217.09                                      65                  No MI                                                       1.00E+17                                                                                                                    6.875
16662675                                                357                                  360                                      131200                                20061101                         917.37                                  130906.06                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16662666                                                357                                  360                                      140640                                20061101                          966.9                                     140640                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16662668                                                357                                  360                                      113600                                20061101                         733.67                                     113600                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16662655                                                359                                  360                                       63450                                20070101                         370.12                                      63450                                      90                  Mortgage Guaranty In                                        1.00E+17                                                                                                                        7
16662634                                                358                                  360                                      146592                                20061201                        1000.02                                  146362.59                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16665549                                                358                                  360                                      118712                                20061201                         871.07                                  118552.15                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16665854                                                358                                  360                                      128000                                20061201                        1013.33                                     128000                                      80                  No MI                                                       1.00E+17                                                                                                                      9.5
16665876                                                358                                  360                                      128000                                20061201                        1013.33                                     128000                                      80                  No MI                                                       1.00E+17                                                                                                                      9.5
16665908                                                358                                  360                                      124000                                20061201                         981.67                                     124000                                      80                  No MI                                                       1.00E+17                                                                                                                      9.5
16665919                                                357                                  480                                      220000                                20061101                        1327.39                                  219728.81                             74.58000183                  No MI                                                       1.00E+17                                                                                                                     6.75
16670386                                                358                                  360                                      267200                                20061201                        1845.48                                  266792.13                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16670423                                                358                                  480                                      346000                                20061201                         2149.9                                  345735.52                                      80                  No MI                                                       1.00E+17                                                                                                                    6.999
16670948                                                357                                  360                                      100800                                20061101                         704.81                                  100574.16                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16664272                                                357                                  360                                       67027                                20061101                         453.83                                      67027                                      70                  No MI                                                       1.00E+17                                                                                                                    8.125
16656795                                                358                                  360                                      156000                                20061201                         926.25                                     156000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16656871                                                358                                  360                                      199200                                20061201                        1099.75                                     199200                             73.77999878                  No MI                                                       1.00E+17                                                                                                                    6.625
16662204                                                357                                  360                                      371700                                20061101                         2662.9                                  370907.89                             79.98000336                  No MI                                                       1.00E+17                                                                                                                     7.75
16662233                                                358                                  360                                      151200                                20061201                        1031.45                                  150963.39                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16697824                                                358                                  360                                      270000                                20061201                        1715.62                                  270000.01                                      90                  PMI                                                         1.00E+17                                                                                                                    7.625
16707721                                                358                                  360                                       86000                                20061201                         616.11                                   85878.22                             63.70000076                  No MI                                                       1.00E+17                                                                                                                     7.75
16611280                                                358                                  360                                      132720                                20061201                         801.84                                   132718.6                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16611320                                                357                                  360                                      168000                                20061101                           1015                                     168000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16611600                                                358                                  360                                     1500000                                20061201                        9853.93                                 1497472.42                             54.38000107                  No MI                                                                                                                                                                                   6.875
16611663                                                357                                  360                                      207920                                20061101                        1580.34                                  207529.57                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16609908                                                357                                  360                                      240000                                20061101                        1740.17                                  239501.24                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16609963                                                357                                  360                                       76850                                20061101                         524.25                                   76669.07                             79.98999786                  No MI                                                       1.00E+17                                                                                                                     7.25
16609718                                                358                                  360                                      127200                                20061201                         846.26                                  126990.86                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16610113                                                357                                  360                                      192000                                20061101                         1261.3                                  191513.33                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16610120                                                358                                  360                                      201300                                20061201                        1424.79                                  201007.68                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16652241                                                357                                  360                                       87255                                20061101                         544.36                                   87011.25                             62.65999985                  No MI                                                       1.00E+17                                                                                                                    6.375
16652232                                                357                                  360                                      241669                                20061101                        1607.83                                  241050.76                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16674050                                                357                                  360                                      214176                                20061101                        1406.98                                  213633.11                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16634529                                                356                                  360                                      120800                                20061001                         793.57                                  120286.73                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16606119                                                358                                  360                                      402500                                20061201                        2848.87                                  401915.51                                      70                  No MI                                                       1.00E+17                                                                                                                    7.625
16650432                                                357                                  480                                      319992                                20061101                        2076.27                                  319661.01                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16605660                                                357                                  360                                       49600                                20061101                         381.38                                   49509.22                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16605795                                                357                                  360                                      288750                                20061101                        1851.93                                     286750                                      75                  No MI                                                       1.00E+17                                                                                                                     7.75
16605903                                                358                                  360                                      211250                                20061201                        1370.16                                  210884.91                                      65                  No MI                                                       1.00E+17                                                                                                                     6.75
16604388                                                356                                  360                                      126000                                20061001                         796.41                                  125505.29                                      56                  No MI                                                       1.00E+17                                                                                                                      6.5
16604120                                                357                                  360                                      149400                                20061101                        1019.17                                  149048.25                             69.98000336                  No MI                                                       1.00E+17                                                                                                                     7.25
16652190                                                356                                  360                                      228200                                20061001                        1537.43                                   227463.5                             94.22000122                  Triad Guaranty                                              1.00E+17                                                                                                                    7.125
16564505                                                357                                  360                                      224000                                20061101                        1663.19                                  223557.45                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16646289                                                358                                  360                                      200000                                20061201                         1297.2                                  199646.78                             62.99000168                  No MI                                                       1.00E+17                                                                                                                     6.75
16606050                                                357                                  360                                      208000                                20061101                        1366.41                                  207472.76                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16387566                                                355                                  360                                      245175                                20060901                        1798.84                                  244331.22                                      75                  No MI                                                       1.00E+17                                                                                                                    7.999
16604067                                                357                                  360                                      128000                                20061101                         873.19                                  127698.62                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16603958                                                358                                  360                                       37500                                20061201                         298.37                                   37457.79                                      75                  No MI                                                       1.00E+17                                                                                                                    8.875
16599383                                                357                                  360                                      148000                                20061101                         1022.2                                  147559.45                             94.87999725                  United Guaranty                                             1.00E+17                                                                                                                    7.375
16599634                                                357                                  360                                      268800                                20061101                        1810.96                                  268059.94                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16597418                                                358                                  360                                      109600                                20061201                         794.68                                  109448.64                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16597714                                                358                                  360                                      150750                                20061201                        1028.38                                  150514.09                                      75                  No MI                                                       1.00E+17                                                                                                                     7.25
16595338                                                358                                  360                                      130300                                20061201                         922.26                                  130110.78                             79.68000031                  No MI                                                       1.00E+17                                                                                                                    7.625
16596525                                                357                                  360                                      140472                                20061101                         899.46                                  140098.13                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16591255                                                357                                  360                                      154079                                20061101                        1011.14                                  154078.99                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16591298                                                357                                  360                                      161000                                20061101                        1039.79                                  160999.99                                      70                  No MI                                                       1.00E+17                                                                                                                     7.75
16591507                                                356                                  360                                      131400                                20061001                         975.64                                  131052.69                                      90                  PMI                                                         1.00E+17                                                                                                                    8.125
16594883                                                357                                  360                                      336000                                20061101                           2135                                     336000                                   79.25                  No MI                                                       1.00E+17                                                                                                                    7.625
16585625                                                357                                  360                                      308000                                20061101                        2127.28                                  307292.59                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16585637                                                356                                  360                                       56950                                20061001                            408                                   56787.64                             69.44999695                  No MI                                                       1.00E+17                                                                                                                     7.75
16585812                                                357                                  360                                      219200                                20061101                        1570.38                                  218732.86                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16571944                                                358                                  360                                      124700                                20061201                         829.63                                  124494.98                             79.94000244                  No MI                                                       1.00E+17                                                                                                                        7
16572039                                                356                                  360                                       86500                                20061001                         604.82                                    86240.8                             79.98000336                  No MI                                                       1.00E+17                                                                                                                      7.5
16574899                                                357                                  360                                      430000                                20061101                        2866.67                                     430000                             89.58000183                  PMI                                                         1.00E+17                                                                                                                        8
16570328                                                357                                  360                                      331500                                20061101                        2346.34                                  330775.62                                      85                  Mortgage Guaranty In                                        1.00E+17                                                                                                                    7.625
16570491                                                356                                  360                                      292500                                20061001                        2163.28                                     292500                                      75                  No MI                                                       1.00E+17                                                                                                                    8.875
16571514                                                356                                  360                                      382400                                20061001                        2469.67                                     382400                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16568797                                                357                                  360                                       55500                                20061101                         369.24                                   55362.73                                      75                  No MI                                                       1.00E+17                                                                                                                        7
16568852                                                356                                  360                                      264000                                20061001                        1594.94                                  263989.97                                   44.75                  No MI                                                       1.00E+17                                                                                                                     7.25
16567772                                                357                                  360                                       33750                                20061101                         271.56                                   33694.29                                      75                  No MI                                                       1.00E+17                                                                                                                        9
16567674                                                358                                  360                                      166400                                20061201                        1135.14                                   166139.6                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16567354                                                357                                  360                                      680000                                20061101                        4467.12                                  678276.31                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16564767                                                357                                  360                                       56000                                20061101                         445.56                                   55905.12                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16564927                                                356                                  360                                      780000                                20061001                        5768.75                                     780000                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16562519                                                358                                  360                                     1000000                                20061201                        6485.98                                   998273.2                                    62.5                  No MI                                                       1.00E+17                                                                                                                     6.75
16563093                                                358                                  360                                      326250                                20061201                        2393.91                                  325810.72                                      75                  No MI                                                       1.00E+17                                                                                                                        8
16549765                                                356                                  360                                      197600                                20061001                        1364.77                                  196993.02                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16546209                                                356                                  360                                       92000                                20061001                         680.42                                      92000                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16546213                                                357                                  360                                      320000                                20061101                        2102.17                                  319188.85                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16544133                                                356                                  360                                      159550                                20061001                        1101.97                                  159059.86                             79.98000336                  No MI                                                       1.00E+17                                                                                                                    7.375
16544149                                                358                                  360                                       94950                                20061201                          655.8                                   94805.05                             79.12999725                  No MI                                                       1.00E+17                                                                                                                    7.375
16543940                                                358                                  360                                       54000                                20061201                         396.23                                    53927.3                                      90                  Mortgage Guaranty In                                        1.00E+17                                                                                                                        8
16540363                                                358                                  360                                      151100                                20061201                         960.11                                     151100                             74.98999786                  No MI                                                       1.00E+17                                                                                                                    7.625
16540399                                                356                                  360                                      284000                                20061001                           1775                                     284000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16540430                                                356                                  360                                      192000                                20061001                         1326.1                                  191410.19                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16638610                                                357                                  360                                       78750                                20061101                         543.91                                   78568.84                                      75                  No MI                                                       1.00E+17                                                                                                                    7.375
16663746                                                357                                  360                                      239920                                20061101                        1677.56                                  239382.48                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16674269                                                358                                  360                                      112500                                20061201                         786.62                                  112332.49                                      90                  United Guaranty                                             1.00E+17                                                                                                                      7.5
16681649                                                359                                  360                                      158000                                20070101                        1131.93                                  157888.49                             74.69999695                  No MI                                                       1.00E+17                                                                                                                     7.75
16419499                                                356                                  360                                      225500                                20061001                        1221.45                                  225499.21                             60.13000107                  No MI                                                       1.00E+17                                                                                                                      6.5
16407393                                                356                                  360                                      159250                                20061001                         1099.9                                  158760.78                                      65                  No MI                                                                                                                                                                                   7.375
16419087                                                358                                  360                                      212000                                20061201                        1375.03                                  211633.92                             36.86999893                  No MI                                                       1.00E+17                                                                                                                     6.75
16419338                                                357                                  360                                      892000                                20061101                        6467.62                                  890146.28                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16406827                                                355                                  360                                      137930                                20060901                         940.93                                  137385.45                             64.15000153                  No MI                                                       1.00E+17                                                                                                                     7.25
16407046                                                358                                  360                                      169400                                20061201                         952.87                                  169398.95                                      70                  No MI                                                                                                                                                                                    6.75
16803559                                                359                                  480                                      233275                                20070101                        1365.72                                  233172.85                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16662214                                                358                                  480                                      200000                                20061201                        1206.71                                  199836.12                                    56.5                  No MI                                                       1.00E+17                                                                                                                     6.75
16713751                                                359                                  360                                      361000                                20070101                        2341.44                                  360689.19                             88.05000305                  GE Capital MI                                               1.00E+17                                                                                                                     6.75
16714133                                                359                                  360                                      390000                                20070101                        2562.02                                  389672.36                                      65                  No MI                                                       1.00E+17                                                                                                                    6.875
16728467                                                359                                  360                                      109900                                20070101                         904.12                                  109843.03                                     100                  PMI                                                         1.00E+17                                                                                                                     9.25
16729835                                                359                                  360                                       93750                                20070101                         720.86                                    93693.2                                      75                  No MI                                                       1.00E+17                                                                                                                      8.5
16646317                                                358                                  360                                      153750                                20061201                         912.89                                     153750                                      75                  No MI                                                       1.00E+17                                                                                                                    7.125
16649057                                                357                                  360                                       45783                                20061101                         320.12                                   45680.43                             79.23000336                  No MI                                                       1.00E+17                                                                                                                      7.5
16658970                                                357                                  360                                       56525                                20061101                         480.46                                    56443.1                                      95                  PMI                                                         1.00E+17                                                                                                                    9.625
16666810                                                358                                  360                                       93100                                20061201                         699.43                                   92980.85                                      70                  No MI                                                       1.00E+17                                                                                                                     8.25
16676886                                                358                                  360                                       99750                                20061201                         663.64                                   99585.99                                      75                  No MI                                                       1.00E+17                                                                                                                        7
16594836                                                357                                  360                                       88000                                20061101                         668.86                                   87772.78                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16692160                                                355                                  360                                      167072                                20060901                        1269.87                                  166545.46                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16696358                                                358                                  360                                       76792                                20061201                         624.81                                   76709.95                                      80                  No MI                                                       1.00E+17                                                                                                                    9.125
16697589                                                358                                  360                                       87450                                20061201                         611.46                                   87311.47                             77.73000336                  No MI                                                       1.00E+17                                                                                                                      7.5
16674173                                                358                                  360                                       68000                                20061201                          528.9                                   67919.41                             79.06999969                  No MI                                                                                                                                                                                   8.625
16665513                                                358                                  360                                     1495000                                20061201                        9499.48                                    1495000                                      65                  No MI                                                       1.00E+17                                                                                                                    7.625
16646631                                                356                                  360                                      650000                                20061001                         4062.5                                     650000                             70.91000366                  No MI                                                       1.00E+17                                                                                                                      7.5
16692096                                                357                                  360                                       59792                                20061101                         438.73                                   59670.84                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16662136                                                358                                  360                                      150162                                20061201                        1110.57                                  150162.01                                      75                  No MI                                                       1.00E+17                                                                                                                    8.875
16662089                                                358                                  360                                       89600                                20061201                         704.88                                   89496.53                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16662101                                                356                                  360                                      520500                                20061001                        3684.07                                  518978.69                             94.98000336                  PMI                                                         1.00E+17                                                                                                                    7.625
16405586                                                356                                  360                                      108416                                20061001                         752.11                                  107765.46                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16402294                                                357                                  360                                      116000                                20061101                         871.47                                  115776.56                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16404072                                                355                                  360                                       89700                                20060901                         619.54                                   89344.35                                      65                  No MI                                                       1.00E+17                                                                                                                    7.375
16730002                                                359                                  360                                      246087                                20070101                           1763                                  245913.31                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16730034                                                359                                  360                                      364000                                20070101                         2421.7                                  363701.63                             57.77999878                  No MI                                                       1.00E+17                                                                                                                        7
16729547                                                359                                  360                                       80000                                20070101                         505.65                                   79927.68                             45.70999908                  No MI                                                       1.00E+17                                                                                                                      6.5
16731461                                                359                                  360                                      600000                                20070101                        3941.57                                  599495.93                             65.22000122                  No MI                                                       1.00E+17                                                                                                                    6.875
16731469                                                359                                  360                                      122625                                20070101                         805.56                                  122521.98                                      75                  No MI                                                       1.00E+17                                                                                                                    6.875
16731490                                                359                                  360                                      264000                                20070101                         1512.5                                     264000                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16729554                                                359                                  480                                      184000                                20070101                        1093.67                                  183922.16                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16729555                                                359                                  360                                       44000                                20070101                         346.15                                   43974.68                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16729556                                                359                                  360                                      900000                                20070101                           5625                                     900000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16729598                                                359                                  360                                      154400                                20070101                           1158                                     154400                                      80                  No MI                                                       1.00E+17                                                                                                                        9
16729669                                                359                                  360                                      360000                                20070101                        2245.93                                  359666.56                                      75                  No MI                                                       1.00E+17                                                                                                                    6.375
16729807                                                359                                  360                                      314400                                20070101                           1703                                     314400                             35.93000031                  No MI                                                       1.00E+17                                                                                                                      6.5
16729837                                                359                                  360                                      324500                                20070101                        2296.79                                  324265.14                             79.15000153                  No MI                                                       1.00E+17                                                                                                                    7.625
16729841                                                359                                  360                                      161000                                20070101                        1111.99                                  160877.49                             73.18000031                  No MI                                                       1.00E+17                                                                                                                    7.375
16729846                                                358                                  360                                      102263                                20061201                         723.81                                  102114.51                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16731498                                                359                                  360                                      150000                                20070101                          948.1                                   149864.4                                      60                  No MI                                                       1.00E+17                                                                                                                      6.5
16731535                                                357                                  360                                      440000                                20061101                        2841.67                                     440000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16731547                                                359                                  360                                      144000                                20070101                         910.18                                  143869.82                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16731561                                                358                                  360                                      640800                                20061201                           4005                                     640800                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16731616                                                359                                  480                                      192000                                20070101                        1210.62                                  191929.38                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16729934                                                359                                  360                                      164400                                20070101                        1107.59                                  164268.53                             69.98999786                  No MI                                                       1.00E+17                                                                                                                    7.125
16729952                                                359                                  360                                      178000                                20070101                        1290.62                                  177877.51                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16400393                                                356                                  360                                      319000                                20061001                        2257.86                                  318067.61                             74.19000244                  No MI                                                       1.00E+17                                                                                                                    7.625
16728746                                                359                                  360                                      368000                                20070101                        2700.25                                  367753.08                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16728754                                                359                                  360                                      152000                                20070101                        1062.81                                  151887.19                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16728762                                                359                                  360                                      409600                                20070101                        2261.33                                     409600                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16728776                                                359                                  360                                      360000                                20070101                        2305.12                                  359682.38                                      60                  No MI                                                       1.00E+17                                                                                                                    6.625
16728781                                                359                                  360                                      312000                                20070101                        1997.77                                  311724.73                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16728787                                                359                                  360                                      625000                                20070101                        4370.09                                  624536.16                             63.13000107                  No MI                                                       1.00E+17                                                                                                                      7.5
16728818                                                359                                  360                                      209456                                20070101                        1265.46                                  209455.99                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16728893                                                359                                  360                                      113000                                20070101                         714.24                                  112897.84                             35.86999893                  No MI                                                       1.00E+17                                                                                                                      6.5
16728906                                                359                                  360                                      440000                                20070101                        2817.37                                   439611.8                             64.70999908                  No MI                                                       1.00E+17                                                                                                                    6.625
16728908                                                359                                  360                                      205000                                20070101                        1312.64                                  204819.13                             62.11999893                  No MI                                                       1.00E+17                                                                                                                    6.625
16729396                                                359                                  360                                      108000                                20070101                         773.73                                  107923.77                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16729433                                                359                                  360                                      223200                                20070101                        1657.25                                     223054                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16729452                                                360                                  360                                      215000                                20070201                        1358.95                                     215000                             41.34999847                  No MI                                                       1.00E+17                                                                                                                      6.5
16728293                                                358                                  360                                       66000                                20061201                         507.48                                   65919.76                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16728302                                                358                                  360                                      193200                                20061201                        1334.38                                  192905.08                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16728523                                                358                                  360                                       44900                                20061201                         321.67                                   44836.41                             72.41999817                  No MI                                                       1.00E+17                                                                                                                     7.75
16728594                                                359                                  360                                       73500                                20070101                         532.93                                   73449.41                             78.19000244                  No MI                                                       1.00E+17                                                                                                                    7.875
16728394                                                359                                  360                                       87344                                20070101                         473.11                                      87344                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16728427                                                359                                  480                                      179200                                20070101                        1330.77                                  179157.23                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16728643                                                359                                  360                                      136000                                20070101                         893.42                                  135885.75                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16728699                                                359                                  360                                      112500                                20070101                         777.01                                   112414.4                                      90                  PMI                                                         1.00E+17                                                                                                                    7.375
16722842                                                359                                  360                                      389090                                20070101                        2654.28                                  388786.47                             94.90000153                  PMI                                                         1.00E+17                                                                                                                     7.25
16728028                                                359                                  480                                       89600                                20070101                         548.69                                   89564.64                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16727948                                                359                                  360                                      240000                                20070101                        1556.64                                  239793.36                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16721623                                                359                                  360                                      338320                                20070101                        2184.98                                     338320                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16721514                                                359                                  360                                      517000                                20070101                        3353.25                                  516554.87                             46.97999954                  No MI                                                       1.00E+17                                                                                                                     6.75
16728287                                                358                                  360                                      260378                                20061201                        1842.94                                   259999.9                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16721572                                                359                                  360                                       84000                                20070101                          623.7                                   83945.05                                      70                  No MI                                                       1.00E+17                                                                                                                    8.125
16717901                                                359                                  480                                      292000                                20070101                        1709.53                                  291872.14                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16717903                                                359                                  360                                      155000                                20070101                         979.71                                  154859.87                             28.96999931                  No MI                                                                                                                                                                                     6.5
16717897                                                359                                  360                                      207000                                20070101                        1359.84                                   206826.1                             37.63999939                  No MI                                                                                                                                                                                   6.875
16718005                                                359                                  360                                      272993                                20070101                        1862.29                                  272780.03                                      65                  No MI                                                       1.00E+17                                                                                                                     7.25
16709317                                                359                                  480                                       80000                                20070101                         556.25                                   79977.08                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16709332                                                359                                  480                                       64000                                20070101                          463.1                                   63983.56                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16706280                                                359                                  480                                      311920                                20070101                         2023.9                                  311813.11                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16706306                                                358                                  360                                      337000                                20061201                        2298.93                                  336472.62                             79.29000092                  No MI                                                       1.00E+17                                                                                                                     7.25
16706329                                                359                                  360                                       58500                                20070101                         404.04                                   58455.48                                      90                  Radian Guaranty                                             1.00E+17                                                                                                                    7.375
16723960                                                359                                  360                                      350000                                20070101                        2296.88                                     350000                             63.86999893                  No MI                                                                                                                                                                                   7.875
16728228                                                358                                  360                                       52000                                20061201                         372.53                                   51926.37                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16710509                                                359                                  360                                      112100                                20070101                         747.33                                     112100                                      95                  PMI                                                         1.00E+17                                                                                                                        8
16713385                                                359                                  480                                       64000                                20070101                          463.1                                   63983.56                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16713357                                                359                                  480                                      258700                                20070101                         1491.6                                  258582.74                             62.63999939                  No MI                                                       1.00E+17                                                                                                                    6.375
16714554                                                359                                  360                                       95538                                20070101                         777.33                                   95487.16                                      75                  No MI                                                       1.00E+17                                                                                                                    9.125
16709217                                                359                                  480                                      112000                                20070101                         768.26                                  111966.74                             94.91999817                  PMI                                                         1.00E+17                                                                                                                    7.875
16709219                                                359                                  360                                      303200                                20070101                        1800.25                                     303200                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16709268                                                359                                  360                                      132000                                20070101                         968.57                                  131911.43                                     100                  PMI                                                         1.00E+17                                                                                                                        8
16728251                                                359                                  360                                      134400                                20070101                         939.74                                  134300.26                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16709303                                                359                                  480                                       80000                                20070101                         556.25                                   79977.08                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16709312                                                359                                  480                                       76000                                20070101                         528.44                                   75978.23                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16697316                                                359                                  360                                      160000                                20070101                        1132.47                                   159884.2                             72.73000336                  No MI                                                       1.00E+17                                                                                                                    7.625
16700045                                                358                                  360                                      315000                                20061201                         2256.7                                  314553.91                                     100                  PMI                                                         1.00E+17                                                                                                                     7.75
16697200                                                359                                  480                                      152000                                20070101                          972.3                                  151946.03                             63.59999847                  No MI                                                       1.00E+17                                                                                                                     7.25
16723895                                                359                                  360                                      260000                                20070101                        2186.22                                  259872.11                                     100                  PMI                                                         1.00E+17                                                                                                                      9.5
16693108                                                359                                  360                                      493000                                20070101                        3238.66                                  492585.82                             63.61000061                  No MI                                                       1.00E+17                                                                                                                    6.875
16687850                                                358                                  360                                      452000                                20061201                        3199.23                                     451211                             82.18000031                  PMI                                                         1.00E+17                                                                                                                    7.625
16688004                                                358                                  480                                      290000                                20061201                        1723.72                                  289753.96                                     100                  PMI                                                         1.00E+17                                                                                                                    6.625
16692007                                                358                                  480                                      134300                                20061201                         883.79                                   134210.9                                      85                  Republic MIC                                                1.00E+17                                                                                                                      7.5
16693094                                                359                                  360                                       75000                                20070101                         505.29                                   74940.02                             78.94999695                  No MI                                                       1.00E+17                                                                                                                    7.125
16693172                                                359                                  360                                      140000                                20070101                         860.42                                     140000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16687912                                                358                                  360                                      180000                                20061201                        1243.22                                  179725.22                             64.29000092                  No MI                                                       1.00E+17                                                                                                                    7.375
16685632                                                358                                  360                                      114400                                20061201                         809.72                                  114233.87                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16685501                                                359                                  360                                      410800                                20070101                        2596.54                                  410428.63                                      65                  No MI                                                       1.00E+17                                                                                                                      6.5
16685502                                                359                                  360                                      410800                                20070101                        2562.86                                  410419.52                                      65                  No MI                                                       1.00E+17                                                                                                                    6.375
16685293                                                359                                  360                                      207500                                20070101                        1397.97                                  207334.06                             93.47000122                  PMI                                                         1.00E+17                                                                                                                    7.125
16683797                                                359                                  360                                      160000                                20070101                        1132.47                                   159884.2                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16685303                                                358                                  360                                      136500                                20061201                         851.58                                  136246.47                             82.73000336                  PMI                                                         1.00E+17                                                                                                                    6.375
16685498                                                359                                  480                                      160000                                20070101                        1082.59                                  159950.73                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16681015                                                359                                  360                                       69350                                20070101                         576.82                                   69314.98                                      95                  PMI                                                         1.00E+17                                                                                                                    9.375
16681031                                                359                                  360                                      200000                                20070101                        1415.59                                  199855.24                             79.68000031                  No MI                                                       1.00E+17                                                                                                                    7.625
16723837                                                355                                  360                                       52000                                20060901                         363.59                                   51804.63                             43.36999893                  No MI                                                       1.00E+17                                                                                                                      7.5
16723740                                                359                                  480                                      257260                                20070101                        1812.93                                  257188.93                                     100                  PMI                                                         1.00E+17                                                                                                                    8.125
16679160                                                358                                  360                                      108800                                20061201                         742.21                                  108629.73                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16679124                                                359                                  360                                      302000                                20070101                        2163.56                                  301786.85                                     100                  PMI                                                         1.00E+17                                                                                                                     7.75
16679085                                                358                                  480                                      130800                                20061201                         983.84                                   130739.6                             90.83000183                  PMI                                                         1.00E+17                                                                                                                     8.75
16676386                                                358                                  480                                      164720                                20061201                        1023.62                                  164594.11                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16676353                                                358                                  480                                      417000                                20061201                        2591.37                                  416681.33                             52.13000107                  No MI                                                       1.00E+17                                                                                                                        7
16675085                                                358                                  360                                      123750                                20061201                         875.89                                  123570.29                                      75                  No MI                                                       1.00E+17                                                                                                                    7.625
16671432                                                358                                  360                                       73080                                20061201                         510.99                                   72971.17                                      84                  PMI                                                         1.00E+17                                                                                                                      7.5
16671314                                                359                                  360                                       80100                                20070101                          644.5                                   80056.25                                      90                  Republic MIC                                                1.00E+17                                                                                                                        9
16671482                                                358                                  360                                      105600                                20061201                         729.35                                   105438.5                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16671483                                                358                                  360                                      223000                                20061201                         1597.6                                  222566.37                                     100                  PMI                                                         1.00E+17                                                                                                                     7.75
16674891                                                358                                  360                                      442000                                20061201                        2578.33                                     442000                                      65                  No MI                                                       1.00E+17                                                                                                                        7
16674973                                                358                                  360                                      148800                                20061201                        1091.84                                  148599.63                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16674986                                                358                                  480                                      320000                                20061201                        2165.18                                  319802.33                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16675039                                                358                                  360                                       99350                                20061201                         620.94                                      99350                             74.98000336                  No MI                                                       1.00E+17                                                                                                                      7.5
16652235                                                357                                  360                                      176236                                20061101                        1119.83                                  176235.99                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16652249                                                357                                  360                                      249600                                20061101                           1430                                     249600                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16652256                                                357                                  360                                      100210                                20061101                         593.91                                  100026.88                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16652257                                                357                                  360                                      132000                                20061101                          742.5                                     132000                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16652259                                                357                                  360                                      118040                                20061101                         785.32                                  117748.02                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16652214                                                357                                  360                                      296000                                20061101                        1919.85                                  295231.12                             59.59999847                  No MI                                                       1.00E+17                                                                                                                     6.75
16644794                                                356                                  360                                      300000                                20061001                        1718.75                                     300000                             70.58999634                  No MI                                                       1.00E+17                                                                                                                    6.875
16644799                                                356                                  360                                       80000                                20061001                         440.29                                      79750                             38.09999847                  No MI                                                       1.00E+17                                                                                                                    6.625
16644800                                                357                                  360                                      305000                                20061101                         1747.4                                     305000                             67.77999878                  No MI                                                       1.00E+17                                                                                                                    6.875
16644807                                                356                                  360                                      331500                                20061001                        1968.28                                     331500                             63.13999939                  No MI                                                       1.00E+17                                                                                                                    7.125
16644815                                                357                                  360                                      128000                                20061101                         928.09                                  127733.99                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16644823                                                356                                  360                                      412000                                20061001                        2360.42                                     412000                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16652152                                                353                                  360                                      449000                                20060701                        2837.99                                  446112.05                             79.95999908                  No MI                                                       1.00E+17                                                                                                                      6.5
16652156                                                352                                  360                                      176370                                20060601                        1157.43                                     176370                                      75                  No MI                                                       1.00E+17                                                                                                                    7.875
16652175                                                357                                  360                                      146195                                20061101                         883.26                                  146194.99                                      75                  No MI                                                       1.00E+17                                                                                                                     7.25
16652196                                                354                                  360                                      200000                                20060801                           1250                                     200000                             75.47000122                  No MI                                                       1.00E+17                                                                                                                      7.5
16652199                                                357                                  360                                      148000                                20061101                         878.75                                     148000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16723660                                                359                                  360                                      250000                                20070101                        1848.96                                     250000                                     100                  PMI                                                         1.00E+17                                                                                                                    8.875
16723650                                                359                                  360                                      253923                                20070101                        1584.15                                  253687.82                                   71.75                  No MI                                                       1.00E+17                                                                                                                    6.375
16723551                                                359                                  360                                      215184                                20070101                        1692.85                                   215060.2                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16722043                                                359                                  480                                      227500                                20070101                        1393.15                                  227410.24                                      65                  No MI                                                       1.00E+17                                                                                                                    6.875
16722050                                                359                                  360                                      184000                                20070101                        1239.64                                  183852.86                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16722058                                                359                                  360                                      104800                                20070101                         688.46                                  104711.96                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16722107                                                358                                  360                                      142300                                20061201                        1069.05                                  142086.74                             79.98999786                  No MI                                                       1.00E+17                                                                                                                     8.25
16722127                                                356                                  360                                      163508                                20061001                        1158.18                                     163508                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16722160                                                359                                  360                                       95000                                20070101                         692.71                                      95000                                     100                  PMI                                                         1.00E+17                                                                                                                     8.75
16722166                                                359                                  360                                      159650                                20070101                        1130.85                                     159650                                     100                  PMI                                                         1.00E+17                                                                                                                      8.5
16722334                                                359                                  360                                      116755                                20070101                         918.51                                  116687.83                             90.86000061                  PMI                                                         1.00E+17                                                                                                                     8.75
16723057                                                358                                  360                                       74000                                20061201                         493.33                                      74000                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16723060                                                359                                  360                                      161990                                20070101                         1362.1                                  161910.32                                     100                  PMI                                                                                                                                                                                       9.5
16723090                                                359                                  360                                      175000                                20070101                        1403.65                                     175000                                     100                  PMI                                                         1.00E+17                                                                                                                    9.625
16723096                                                359                                  480                                      208000                                20070101                        1254.98                                  207915.02                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16723148                                                359                                  360                                      258768                                20070101                        1876.25                                  258589.92                                      90                  PMI                                                         1.00E+17                                                                                                                    7.875
16723269                                                359                                  360                                      170000                                20070101                        1116.78                                  169857.18                             68.83000183                  No MI                                                       1.00E+17                                                                                                                    6.875
16723304                                                359                                  360                                       67500                                20070101                         443.43                                   67443.29                                      90                  Republic MIC                                                1.00E+17                                                                                                                    6.875
16723395                                                359                                  360                                      320000                                20070101                        2102.17                                  319731.16                             53.33000183                  No MI                                                       1.00E+17                                                                                                                    6.875
16723458                                                359                                  360                                       57600                                20070101                         417.64                                   57560.36                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16723483                                                359                                  360                                      126000                                20070101                         905.63                                     126000                                     100                  PMI                                                         1.00E+17                                                                                                                    8.625
16721938                                                359                                  360                                      186990                                20070101                        1421.26                                  186873.77                                     100                  PMI                                                         1.00E+17                                                                                                                    8.375
16721950                                                359                                  360                                       70500                                20070101                         625.21                                   70469.63                                     100                  PMI                                                         1.00E+17                                                                                                                   10.125
16723523                                                358                                  360                                      278750                                20061201                        1925.26                                  278324.48                             89.91999817                  GE Capital MI                                               1.00E+17                                                                                                                    7.375
16601189                                                357                                  360                                       66700                                20061101                         443.76                                   66535.01                             77.55999756                  No MI                                                       1.00E+17                                                                                                                        7
16600869                                                357                                  360                                      232800                                20061101                         1503.5                                     232800                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16715039                                                357                                  360                                      103120                                20061101                         794.88                                     103120                                      80                  No MI                                                       1.00E+17                                                                                                                     9.25
16595205                                                358                                  360                                       90000                                20061201                         598.77                                   89852.03                             78.94999695                  No MI                                                       1.00E+17                                                                                                                        7
16709689                                                358                                  360                                       77600                                20061201                         555.94                                   77358.52                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16646110                                                358                                  360                                      114400                                20061201                         879.64                                  114260.89                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16650594                                                357                                  360                                      253088                                20061101                        1476.35                                     253088                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16662179                                                358                                  360                                      148720                                20061201                          929.5                                     148720                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16673070                                                358                                  360                                      124300                                20061201                         955.76                                  124148.86                             79.97000122                  No MI                                                       1.00E+17                                                                                                                      8.5
16564543                                                357                                  360                                       88000                                20061101                         668.86                                   87834.76                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16680381                                                358                                  480                                       85000                                20061201                         520.52                                   84932.73                                    42.5                  No MI                                                       1.00E+17                                                                                                                    6.875
16672383                                                358                                  360                                      276800                                20061201                        1911.79                                  276377.46                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16656363                                                358                                  360                                       85500                                20061201                         525.47                                   85499.97                                      90                  PMI                                                         1.00E+17                                                                                                                    7.375
16650257                                                357                                  360                                      145600                                20061101                         879.67                                     145600                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16648773                                                358                                  360                                      102400                                20061201                         842.42                                  102293.41                                      80                  No MI                                                       1.00E+17                                                                                                                     9.25
16650274                                                357                                  360                                      132800                                20061101                         939.95                                  132509.81                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16713747                                                358                                  360                                      162500                                20061201                         914.06                                     162500                             63.72999954                  No MI                                                       1.00E+17                                                                                                                     6.75
16664024                                                358                                  360                                      500000                                20061201                        3284.64                                  499157.48                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16706484                                                358                                  360                                      380000                                20061201                        2533.33                                     380000                                     100                  PMI                                                         1.00E+17                                                                                                                        8
16680078                                                358                                  360                                       94250                                20061201                         675.22                                   94116.53                                      65                  No MI                                                       1.00E+17                                                                                                                     7.75
16650233                                                358                                  360                                      224000                                20061201                        1585.46                                  223674.71                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16666572                                                358                                  360                                      339200                                20061201                        2084.67                                     339200                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16666544                                                359                                  360                                      133100                                20070101                         874.37                                  132988.17                             63.38000107                  No MI                                                       1.00E+17                                                                                                                    6.875
16669995                                                359                                  360                                      212400                                20070101                        1558.52                                  212257.48                                      90                  PMI                                                         1.00E+17                                                                                                                        8
16670195                                                359                                  360                                      320000                                20070101                           1900                                     320000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16670212                                                358                                  480                                      216650                                20061201                        1326.71                                  216478.53                             78.77999878                  No MI                                                       1.00E+17                                                                                                                    6.875
16670081                                                358                                  480                                      177600                                20061201                        1168.73                                  177482.17                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16670114                                                358                                  360                                       92000                                20061201                         675.06                                   91876.12                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16670141                                                358                                  360                                       63750                                20061201                         501.52                                   63676.36                                      85                  PMI                                                         1.00E+17                                                                                                                     8.75
16543970                                                356                                  360                                      800000                                20061001                         5525.4                                  797542.53                             65.33000183                  No MI                                                       1.00E+17                                                                                                                    7.375
16545315                                                356                                  360                                      132068                                20061001                         934.77                                  131681.99                             79.87999725                  No MI                                                       1.00E+17                                                                                                                    7.625
16545332                                                356                                  360                                       99882                                20061001                         706.96                                   99590.07                             75.98000336                  No MI                                                       1.00E+17                                                                                                                    7.625
16551785                                                355                                  360                                       64000                                20060901                         503.49                                   63813.19                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16567415                                                356                                  360                                      243120                                20061001                        1762.79                                  242444.13                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16586023                                                357                                  360                                      202300                                20061101                        1496.18                                     202300                                      70                  No MI                                                       1.00E+17                                                                                                                    8.875
16651364                                                357                                  360                                       73500                                20061101                          584.8                                   72785.52                             78.19000244                  No MI                                                                                                                                                                                   8.875
16651501                                                357                                  360                                      452000                                20061101                        3295.79                                  451994.65                                     100                  No MI                                                       1.00E+17                                                                                                                     8.75
16651667                                                358                                  360                                      536000                                20061201                        3611.13                                   535140.2                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16651672                                                357                                  360                                      113500                                20061101                         745.61                                   113212.3                             94.58000183                  United Guaranty                                             1.00E+17                                                                                                                    6.875
16654252                                                357                                  360                                      157500                                20061101                        1082.81                                     157500                                      70                  No MI                                                       1.00E+17                                                                                                                     8.25
16654361                                                358                                  360                                      333000                                20061201                        2328.38                                   332504.2                                      74                  No MI                                                       1.00E+17                                                                                                                      7.5
16654429                                                358                                  360                                      190000                                20061201                        1248.16                                  189679.85                             59.38000107                  No MI                                                       1.00E+17                                                                                                                    6.875
16656214                                                358                                  360                                      180000                                20061201                        1416.06                                  179792.11                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16656244                                                358                                  360                                       94000                                20061201                         681.57                                   93870.19                             78.94000244                  No MI                                                       1.00E+17                                                                                                                    7.875
16656264                                                357                                  360                                      320000                                20061101                        2128.97                                   319208.5                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16656323                                                358                                  360                                      350000                                20061201                        2114.58                                     350000                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16656481                                                357                                  360                                      169650                                20061101                        1077.98                                     169650                             79.98999786                  No MI                                                       1.00E+17                                                                                                                    7.625
16656560                                                357                                  360                                      187980                                20061101                        1379.33                                  187574.89                                     100                  PMI                                                         1.00E+17                                                                                                                        8
16656700                                                357                                  360                                      105600                                20061101                         667.46                                  105008.04                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16656922                                                357                                  360                                      271130                                20061101                        1965.88                                  270566.55                                      95                  PMI                                                         1.00E+17                                                                                                                    7.875
16658372                                                357                                  360                                      144000                                20061101                        1031.63                                  143693.13                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16658445                                                358                                  360                                      113600                                20061201                         873.49                                  113461.87                                      80                  No MI                                                       1.00E+17                                                                                                                      8.5
16658194                                                358                                  360                                      177600                                20061201                           1036                                     177600                                      74                  No MI                                                       1.00E+17                                                                                                                        7
16658146                                                358                                  360                                      118500                                20061201                         768.59                                  118295.37                             74.52999878                  No MI                                                       1.00E+17                                                                                                                     6.75
16658098                                                358                                  480                                      288750                                20061201                        1820.66                                  288536.95                                      75                  No MI                                                                                                                                                                                   7.125
16658227                                                358                                  360                                      612000                                20061201                         3918.7                                  610835.37                             78.45999908                  No MI                                                       1.00E+17                                                                                                                    6.625
16658281                                                358                                  360                                      138750                                20061201                         910.55                                     138750                                      75                  No MI                                                       1.00E+17                                                                                                                    7.875
16653630                                                358                                  360                                      256000                                20061201                        1900.79                                  255663.93                                      80                  No MI                                                       1.00E+17                                                                                                                    8.125
16661789                                                358                                  480                                      174300                                20061201                        1163.15                                  173566.01                             94.22000122                  PMI                                                         1.00E+17                                                                                                                    7.625
16661796                                                358                                  360                                      432000                                20061201                        2801.94                                  431254.01                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16661943                                                358                                  360                                      192000                                20061201                           1200                                     192000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16653631                                                359                                  480                                      209600                                20070101                        1379.32                                  209530.68                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16653675                                                358                                  480                                       69600                                20061201                         445.21                                   69550.42                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16655768                                                358                                  360                                      168750                                20061201                         1194.4                                  168504.94                                      75                  No MI                                                       1.00E+17                                                                                                                    7.625
16665294                                                358                                  360                                       90400                                20061201                         649.75                                      90400                                      80                  No MI                                                       1.00E+17                                                                                                                    8.625
16655794                                                358                                  360                                      300000                                20061201                        2021.16                                  299518.76                             64.51999664                  No MI                                                       1.00E+17                                                                                                                    7.125
16655796                                                358                                  360                                      142800                                20061201                         818.12                                     142800                                      85                  Radian Guaranty                                             1.00E+17                                                                                                                    6.875
16665417                                                358                                  360                                       90000                                20061201                         591.24                                   89848.34                             58.06000137                  No MI                                                       1.00E+17                                                                                                                    6.875
16666558                                                358                                  360                                       90000                                20061201                         591.24                                   89848.34                             55.56000137                  No MI                                                       1.00E+17                                                                                                                    6.875
16666559                                                358                                  360                                       90000                                20061201                         591.24                                   89848.34                             58.06000137                  No MI                                                       1.00E+17                                                                                                                    6.875
16655877                                                358                                  360                                       86400                                20061201                         567.59                                    86254.4                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16655889                                                358                                  480                                      280000                                20061201                        1765.49                                  279793.41                             71.79000092                  No MI                                                       1.00E+17                                                                                                                    7.125
16684453                                                358                                  360                                      142000                                20061201                         956.68                                  141772.22                             72.08000183                  No MI                                                       1.00E+17                                                                                                                    7.125
16684513                                                358                                  360                                      148792                                20061201                         914.45                                     148792                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16684616                                                359                                  360                                      144000                                20070101                        1210.83                                  143929.17                                      80                  No MI                                                       1.00E+17                                                                                                                      9.5
16684673                                                358                                  360                                      137750                                20061201                         916.45                                  137523.52                             71.37000275                  No MI                                                       1.00E+17                                                                                                                        7
16685701                                                358                                  360                                      187700                                20061201                        1114.47                                     187700                             88.12000275                  PMI                                                         1.00E+17                                                                                                                    7.125
16685790                                                358                                  360                                      100000                                20061201                         733.76                                   99865.37                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16685913                                                358                                  360                                       67500                                20061201                         531.02                                   67421.15                                      90                  United Guaranty                                             1.00E+17                                                                                                                     8.75
16685920                                                358                                  360                                      134800                                20061201                         942.54                                  134599.29                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16685952                                                358                                  360                                      131250                                20061201                         906.51                                  131049.65                                      75                  No MI                                                       1.00E+17                                                                                                                    7.375
16685957                                                358                                  360                                      127500                                20061201                         869.77                                  127300.48                             72.86000061                  No MI                                                       1.00E+17                                                                                                                     7.25
16685978                                                358                                  360                                       57600                                20061201                         453.14                                   57533.48                                      80                  No MI                                                                                                                                                                                    8.75
16686112                                                358                                  360                                      224000                                20061201                        1374.98                                  223726.33                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16688078                                                359                                  360                                      605500                                20070101                        3728.17                                  604925.48                             63.74000168                  No MI                                                       1.00E+17                                                                                                                     6.25
16688388                                                358                                  360                                      149492                                20061201                        1083.92                                  149285.57                             79.94999695                  No MI                                                       1.00E+17                                                                                                                    7.875
16548817                                                358                                  480                                      125250                                20061201                         882.65                                  125180.56                                      75                  No MI                                                       1.00E+17                                                                                                                    8.125
16638021                                                359                                  360                                      124150                                20070101                         846.92                                  124053.15                                      65                  No MI                                                       1.00E+17                                                                                                                     7.25
16645765                                                358                                  480                                      229000                                20061201                        1423.08                                  228779.04                             84.80999756                  PMI                                                         1.00E+17                                                                                                                        7
16658107                                                358                                  480                                      286400                                20061201                        1753.84                                  286173.34                                      80                  No MI                                                       1.01E+17                                                                                                                    6.875
16670183                                                358                                  480                                      248000                                20061201                        1474.07                                   247789.6                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16644789                                                357                                  360                                      168000                                20061101                         1067.5                                     168000                             76.36000061                  No MI                                                       1.00E+17                                                                                                                    7.625
16644790                                                357                                  360                                      210960                                20061101                        1208.62                                  210960.01                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16644812                                                356                                  360                                      277000                                20061001                        1673.54                                     277000                             74.86000061                  No MI                                                       1.00E+17                                                                                                                     7.25
16644813                                                357                                  360                                      213000                                20061101                        1286.87                                     213000                             74.73999786                  No MI                                                       1.00E+17                                                                                                                     7.25
16673635                                                357                                  360                                      238895                                20061101                        1365.74                                  238384.45                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16673684                                                357                                  360                                      226929                                20061101                        1471.86                                  226339.55                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16697715                                                358                                  480                                      320000                                20061201                        2076.33                                     319780                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16706574                                                359                                  360                                       60000                                20070101                         435.04                                   59958.71                             69.76999664                  No MI                                                       1.00E+17                                                                                                                    7.875
16707024                                                358                                  360                                      178400                                20061201                        1171.96                                  178099.38                             79.98999786                  No MI                                                       1.00E+17                                                                                                                    6.875
16708130                                                358                                  360                                       84675                                20061201                         599.78                                      84675                                      75                  No MI                                                       1.00E+17                                                                                                                      8.5
16709514                                                359                                  360                                       70000                                20070101                         501.49                                   69950.59                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16709699                                                358                                  360                                      225000                                20061201                        1265.63                                     225000                                      60                  No MI                                                       1.00E+17                                                                                                                     6.75
16710772                                                358                                  360                                      524000                                20061201                        3312.04                                  523050.02                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16711040                                                358                                  360                                       68000                                20061201                         516.85                                   67915.17                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16711369                                                358                                  360                                       82000                                20061201                         645.09                                   81905.31                             78.09999847                  No MI                                                       1.00E+17                                                                                                                     8.75
16713639                                                359                                  360                                      720000                                20070101                        4729.89                                  719395.11                                      75                  No MI                                                       1.00E+17                                                                                                                    6.875
16713672                                                358                                  360                                      689050                                20061201                           5056                                  688122.25                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16713746                                                358                                  360                                       69000                                20061201                         503.12                                   69000.01                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16713924                                                359                                  360                                      298717                                20070101                        2088.67                                  298495.31                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16714796                                                358                                  360                                     1135485                                20061201                        5675.15                                 1135029.36                                      75                  No MI                                                       1.00E+17                                                                                                                        6
16714800                                                358                                  480                                      308000                                20061201                        1748.64                                   307710.3                                      80                  No MI                                                       1.00E+17                                                                                                                     6.25
16715103                                                358                                  360                                      380000                                20061201                        2755.26                                  379475.26                                      95                  Radian Guaranty                                             1.00E+17                                                                                                                    7.875
16715311                                                358                                  360                                      117600                                20061201                         852.68                                  117437.61                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16717406                                                358                                  360                                      103000                                20061201                         746.82                                  102857.77                             66.87999725                  No MI                                                       1.00E+17                                                                                                                    7.875
16717445                                                358                                  360                                     1400000                                20061201                        8166.47                                 1399966.67                                      70                  No MI                                                       1.00E+17                                                                                                                        7
16717525                                                358                                  360                                       57600                                20061201                         392.93                                   57509.87                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16717781                                                359                                  360                                      415192                                20070101                        2594.95                                     415192                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16718449                                                359                                  480                                      232000                                20070101                        1526.72                                  231923.28                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16718495                                                359                                  360                                      725000                                20070101                        4229.17                                     725000                             62.06999969                  No MI                                                       1.00E+17                                                                                                                        7
16718625                                                359                                  360                                      248700                                20070101                        1738.95                                  248515.43                             89.98000336                  Mortgage Guaranty In                                        1.00E+17                                                                                                                      7.5
16721736                                                358                                  480                                       66080                                20061201                         497.03                                   66049.49                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16721975                                                358                                  360                                      256000                                20061201                        1768.13                                  255609.21                                     100                  PMI                                                         1.00E+17                                                                                                                    7.375
16723080                                                359                                  360                                       65000                                20070101                         437.92                                   64948.02                             48.15000153                  No MI                                                       1.00E+17                                                                                                                    7.125
16723576                                                359                                  360                                      250000                                20070101                        1848.96                                     250000                                     100                  PMI                                                         1.00E+17                                                                                                                    8.875
16723609                                                359                                  360                                      134800                                20070101                        1072.53                                  134724.43                                     100                  PMI                                                         1.00E+17                                                                                                                    8.875
16723842                                                359                                  360                                      285660                                20070101                        1785.38                                     285660                                     100                  PMI                                                         1.00E+17                                                                                                                      7.5
16728230                                                358                                  360                                      116130                                20061201                         872.45                                  115981.37                                      70                  No MI                                                       1.00E+17                                                                                                                     8.25
16728273                                                358                                  360                                       80800                                20061201                         642.88                                   80709.07                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16728573                                                358                                  360                                      750000                                20061201                        4740.51                                   748512.2                             71.43000031                  No MI                                                       1.00E+17                                                                                                                      6.5
16650990                                                358                                  480                                      325600                                20061201                        2112.66                                  325376.15                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16809565                                                356                                  360                                       68250                                20061001                         465.59                                   68035.07                                      80                  No MI                                                                                                                                                                                    7.25
16813553                                                359                                  360                                      151000                                20070101                        1179.69                                     151000                                     100                  PMI                                                         1.00E+17                                                                                                                    9.375
16649574                                                358                                  360                                       99450                                20061201                         653.32                                   98953.89                                      65                  No MI                                                       1.00E+17                                                                                                                    6.875
16649717                                                357                                  480                                      237000                                20061101                        1537.78                                  236754.84                                     100                  PMI                                                         1.00E+17                                                                                                                    7.375
16638016                                                358                                  360                                       68000                                20061201                         498.96                                   67758.44                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16640467                                                358                                  360                                       64000                                20061201                         469.61                                   63763.83                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16640470                                                358                                  360                                       61200                                20061201                         417.49                                   60954.21                                      72                  No MI                                                       1.00E+17                                                                                                                     7.25
16648197                                                359                                  360                                     1500000                                20070101                        9531.25                                    1500000                                    62.5                  No MI                                                       1.00E+17                                                                                                                    7.625
16645753                                                358                                  360                                      323000                                20061201                        1884.07                                  322984.17                             71.77999878                  No MI                                                       1.00E+17                                                                                                                        7
16645766                                                358                                  480                                      192000                                20061201                        1281.27                                  191877.07                             99.48000336                  PMI                                                         1.00E+17                                                                                                                    7.625
16648166                                                358                                  360                                      143500                                20061201                         971.61                                     143500                                      70                  No MI                                                       1.00E+17                                                                                                                    8.125
16638052                                                357                                  360                                      121800                                20061101                         936.54                                  121577.06                                     100                  PMI                                                         1.00E+17                                                                                                                      8.5
16775296                                                359                                  480                                      180720                                20070101                         1139.5                                  180653.53                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16633963                                                357                                  360                                      171100                                20061101                        1124.01                                  170666.28                             83.45999908                  PMI                                                         1.00E+17                                                                                                                    6.875
16778503                                                359                                  360                                      348750                                20070101                        2143.36                                     348750                                      75                  No MI                                                       1.00E+17                                                                                                                    7.375
16784679                                                359                                  360                                      146500                                20070101                         938.06                                  146370.74                             79.98999786                  No MI                                                       1.00E+17                                                                                                                    6.625
16788682                                                358                                  360                                      132960                                20061201                           1046                                  132806.44                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16788826                                                359                                  360                                      100548                                20070101                         685.91                                  100469.57                                      75                  No MI                                                       1.00E+17                                                                                                                     7.25
16807045                                                359                                  360                                      390500                                20070101                         2847.4                                     390500                             86.77999878                  PMI                                                         1.00E+17                                                                                                                     8.75
16807090                                                359                                  360                                      107840                                20070101                         763.28                                  107761.95                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16809630                                                358                                  360                                      199000                                20061201                        1307.29                                  198664.67                             94.76000214                  GE Capital MI                                               1.00E+17                                                                                                                    6.875
16833237                                                358                                  360                                      140000                                20061201                         896.44                                  139752.27                             24.78000069                  No MI                                                       1.00E+17                                                                                                                    6.625
16633959                                                359                                  360                                      336000                                20070101                        2292.11                                  335737.89                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16631262                                                358                                  360                                      178750                                20061201                        1249.85                                  178483.85                                      65                  No MI                                                       1.00E+17                                                                                                                      7.5
16630990                                                358                                  480                                      168000                                20061201                        1090.07                                  167884.49                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16630996                                                358                                  360                                      113600                                20061201                         736.81                                  113403.83                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16633990                                                359                                  360                                      179550                                20070101                        1240.11                                  179413.37                                    94.5                  PMI                                                         1.00E+17                                                                                                                    7.375
16731717                                                357                                  360                                      216000                                20061101                         1282.5                                     216000                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16731858                                                357                                  360                                       92560                                20061101                         639.29                                   92347.41                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16768080                                                359                                  360                                      115000                                20070101                         925.32                                  114937.18                                     100                  PMI                                                         1.00E+17                                                                                                                        9
16770805                                                355                                  360                                       64000                                20060901                          475.2                                   63787.81                             79.01000214                  No MI                                                       1.00E+17                                                                                                                    8.125
16770928                                                359                                  360                                      344000                                20070101                           1935                                     344000                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16771191                                                359                                  360                                      272000                                20070101                           1700                                     272000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16771839                                                359                                  360                                       68000                                20070101                         571.78                                   67966.55                                      80                  No MI                                                       1.00E+17                                                                                                                      9.5
16729359                                                358                                  360                                      472500                                20061201                        3103.99                                  471703.81                                      70                  No MI                                                       1.00E+17                                                                                                                    6.875
16722177                                                357                                  360                                      103120                                20061101                         794.88                                     103120                                      80                  No MI                                                       1.00E+17                                                                                                                     9.25
16723159                                                357                                  360                                      143300                                20061101                        1001.97                                  142978.96                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16728485                                                358                                  360                                      130800                                20061201                         925.79                                  130610.07                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16612464                                                358                                  360                                      168000                                20061201                        1189.09                                  167756.03                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16670584                                                358                                  360                                      114000                                20061201                         826.58                                  113842.58                                      95                  PMI                                                         1.00E+17                                                                                                                    7.875
16703987                                                358                                  360                                      166400                                20061201                        1177.77                                  166158.36                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16704446                                                358                                  360                                       61250                                20061201                         414.71                                   61250.01                                      70                  No MI                                                       1.00E+17                                                                                                                    8.125
16704515                                                358                                  360                                      607000                                20061201                        3477.08                                  606908.54                             50.58000183                  No MI                                                       1.00E+17                                                                                                                    6.875
16706548                                                358                                  360                                      106400                                20061201                         734.88                                  106237.58                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16706850                                                358                                  360                                      239900                                20061201                        1524.36                                     239900                             79.97000122                  No MI                                                       1.00E+17                                                                                                                    7.625
16707043                                                359                                  360                                       85000                                20070101                         730.28                                   84960.35                                     100                  PMI                                                         1.00E+17                                                                                                                     9.75
16656728                                                357                                  360                                      207368                                20061101                        1317.65                                     207368                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16672774                                                358                                  360                                      463000                                20061201                        2888.52                                  462128.52                             43.47000122                  No MI                                                       1.00E+17                                                                                                                    6.375
16709936                                                358                                  360                                       94400                                20061201                         688.33                                      94400                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16616049                                                358                                  360                                      206400                                20061201                           1204                                     206400                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16710904                                                358                                  360                                      203200                                20061201                        1121.83                                     203200                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16713548                                                359                                  360                                      326150                                20070101                        2034.75                                  325847.92                                      90                  GE Capital MI                                               1.00E+17                                                                                                                    6.375
16713552                                                358                                  360                                      134500                                20061201                        1010.45                                  134327.89                                     100                  PMI                                                         1.00E+17                                                                                                                     8.25
16715160                                                355                                  360                                      126885                                20060901                         931.04                                   126453.6                             79.80000305                  No MI                                                       1.00E+17                                                                                                                        8
16717152                                                359                                  360                                      104500                                20070101                         712.87                                  104418.48                                      95                  PMI                                                         1.00E+17                                                                                                                     7.25
16656921                                                358                                  360                                      166400                                20061201                        1079.27                                  166112.65                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16684546                                                358                                  360                                      116850                                20061201                          790.5                                  116751.39                                      95                  PMI                                                         1.00E+17                                                                                                                    8.125
16651135                                                358                                  360                                      278000                                20061201                        1824.38                                     278000                             79.43000031                  No MI                                                       1.00E+17                                                                                                                    7.875
16731479                                                359                                  360                                      235000                                20070101                        1485.36                                  234787.56                             53.40999985                  No MI                                                       1.00E+17                                                                                                                      6.5
16731488                                                359                                  360                                      165520                                20070101                        1068.98                                     165520                                      80                  No MI                                                                                                                                                                                    7.75
16648949                                                358                                  360                                      473550                                20061201                        3392.57                                  472879.37                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16650525                                                358                                  360                                      300000                                20061201                        2072.03                                  299542.04                             66.66999817                  No MI                                                       1.00E+17                                                                                                                    7.375
16695673                                                358                                  360                                      243200                                20061201                        1317.33                                  243199.99                                      80                  No MI                                                       1.00E+17                                                                                                                      6.5
16731978                                                359                                  360                                     1256000                                20070101                        8251.03                                  1254944.8                             62.79999924                  No MI                                                       1.00E+17                                                                                                                    6.875
16731998                                                359                                  360                                      183052                                20070101                        1233.26                                  182905.61                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16650680                                                358                                  360                                      220000                                20061201                        1426.92                                  219620.09                             58.66999817                  No MI                                                       1.00E+17                                                                                                                     6.75
16692541                                                358                                  360                                      252000                                20061201                        1613.58                                  251554.11                                      72                  No MI                                                       1.00E+17                                                                                                                    6.625
16710865                                                358                                  360                                      127200                                20061201                         878.54                                  127005.83                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16681837                                                358                                  360                                      283500                                20061201                        1933.97                                  283056.35                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16695635                                                358                                  360                                      169892                                20061201                        1187.91                                  169639.04                                      90                  Triad Guaranty                                              1.00E+17                                                                                                                      7.5
16681856                                                358                                  360                                      284900                                20061201                        1943.52                                  284454.16                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16676683                                                358                                  360                                       40000                                20061201                         286.56                                   39943.36                             55.56000137                  No MI                                                       1.00E+17                                                                                                                     7.75
16603841                                                356                                  360                                      207830                                20061001                         1365.3                                  207125.54                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16695587                                                358                                  360                                      193771                                20061201                         1256.8                                  193436.39                                      90                  GE Capital MI                                               1.00E+17                                                                                                                     6.75
16468165                                                357                                  360                                     1100732                                20061101                        8366.36                                 1098665.14                                      80                  No MI                                                                                                                                                                                   8.375
16601807                                                358                                  360                                      165200                                20061201                           1141                                  164947.81                                      70                  No MI                                                       1.00E+17                                                                                                                    7.375
16670778                                                358                                  360                                      264000                                20061201                        1960.19                                  263653.44                                     100                  PMI                                                         1.00E+17                                                                                                                    8.125
16665603                                                358                                  360                                      140000                                20061201                          978.9                                  139791.55                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16665656                                                358                                  360                                       49950                                20061201                         384.07                                   49889.25                                      90                  Mortgage Guaranty In                                        1.00E+17                                                                                                                      8.5
16681695                                                358                                  480                                      144000                                20061201                        1083.13                                   143933.5                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16659058                                                358                                  360                                      134400                                20061201                        1057.33                                  134244.78                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16729553                                                359                                  360                                      108800                                20070101                            816                                     108800                                      80                  No MI                                                       1.00E+17                                                                                                                        9
16600614                                                358                                  480                                      248000                                20061201                        1586.39                                  247823.35                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16596942                                                358                                  360                                       70000                                20061201                         465.71                                   69884.45                             77.77999878                  No MI                                                       1.00E+17                                                                                                                        7
16599163                                                358                                  360                                      416000                                20061201                        3016.29                                  415425.54                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16718028                                                359                                  360                                      220600                                20070101                        1580.41                                   220444.3                             76.19999695                  No MI                                                       1.00E+17                                                                                                                     7.75
16585340                                                358                                  360                                      196000                                20061201                           1225                                     196000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16595934                                                358                                  360                                      780000                                20061201                        5520.79                                  778867.31                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16590913                                                359                                  360                                       93000                                20070101                         650.27                                   92930.98                                      75                  No MI                                                       1.00E+17                                                                                                                      7.5
16596033                                                358                                  360                                      380000                                20061201                        3160.65                                   379614.7                                      80                  No MI                                                       1.00E+17                                                                                                                    9.375
16673639                                                357                                  360                                      248564                                20061101                        1501.74                                     248564                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16728664                                                359                                  360                                      475000                                20070101                        3002.32                                   474570.6                             52.77999878                  No MI                                                       1.00E+17                                                                                                                      6.5
16695527                                                357                                  360                                      313694                                20061101                        1633.82                                  313693.98                                      80                  No MI                                                       1.00E+17                                                                                                                     6.25
16695566                                                358                                  360                                      142828                                20061201                         922.43                                  142827.99                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16695602                                                358                                  360                                      195014                                20061201                        1239.04                                  194995.74                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16687845                                                358                                  360                                      132800                                20061201                          872.4                                  131744.11                             85.68000031                  Republic MIC                                                1.00E+17                                                                                                                    6.875
16693262                                                359                                  360                                      219920                                20070101                        1594.57                                  219768.65                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16697252                                                359                                  360                                      228000                                20070101                        1574.74                                  227826.51                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16700065                                                359                                  480                                      200720                                20070101                         1265.6                                  200646.17                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16706234                                                359                                  360                                      210000                                20070101                         1487.5                                     210000                             80.76999664                  Radian Guaranty                                             1.00E+17                                                                                                                      8.5
16730334                                                359                                  360                                       60000                                20070101                         443.75                                      60000                             71.43000031                  No MI                                                       1.00E+17                                                                                                                    8.875
16767493                                                359                                  360                                      296000                                20070101                         2543.1                                   295861.9                                      80                  No MI                                                       1.00E+17                                                                                                                     9.75
16671488                                                359                                  480                                      140000                                20070101                          844.7                                   139942.8                             50.90999985                  No MI                                                       1.00E+17                                                                                                                     6.75
16676339                                                359                                  360                                      328000                                20070101                        2349.83                                   327768.5                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16780582                                                359                                  480                                      279200                                20070101                        1684.57                                  279085.93                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16685285                                                359                                  480                                      152000                                20070101                        1028.46                                   151953.2                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16697566                                                358                                  360                                       57600                                20061201                         397.83                                   57512.07                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16693848                                                359                                  360                                      306000                                20070101                        2165.85                                  305778.53                                      85                  PMI                                                         1.00E+17                                                                                                                    7.625
16693856                                                358                                  360                                      245000                                20061201                        1477.07                                  244480.21                             64.98999786                  No MI                                                       1.00E+17                                                                                                                     7.25
16693893                                                358                                  360                                      840000                                20061201                        5588.54                                   838618.9                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16694136                                                358                                  360                                      242020                                20061201                        1386.57                                     242020                                      80                  No MI                                                       1.00E+17                                                                                                                    6.875
16696306                                                358                                  360                                      244084                                20061201                           1791                                  243745.35                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16696376                                                358                                  360                                      100800                                20061201                         739.63                                  100664.29                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16696411                                                358                                  360                                      337600                                20061201                        2418.61                                   337121.9                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16696640                                                358                                  360                                      166250                                20061201                        1134.12                                  165989.83                                      95                  Triad Guaranty                                              1.00E+17                                                                                                                     7.25
16688452                                                358                                  360                                      248000                                20061201                        1734.05                                  247630.75                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16692090                                                358                                  360                                      392000                                20061201                        2531.67                                     392000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16692095                                                357                                  360                                       63500                                20061101                         465.94                                   63254.67                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16693339                                                358                                  360                                      298000                                20061201                        1645.21                                     298000                                      80                  No MI                                                       1.00E+17                                                                                                                    6.625
16693392                                                359                                  360                                      254900                                20070101                        1569.46                                  254658.14                             54.83000183                  No MI                                                       1.00E+17                                                                                                                     6.25
16665660                                                358                                  360                                      747500                                20061201                        4360.42                                     747500                                      65                  No MI                                                       1.00E+17                                                                                                                        7
16665820                                                355                                  360                                       84700                                20060901                          577.8                                   84365.61                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16665823                                                355                                  360                                      117600                                20060901                         802.24                                  117135.73                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16665824                                                355                                  360                                      125000                                20060901                         852.72                                  124506.52                             68.68000031                  No MI                                                       1.00E+17                                                                                                                     7.25
16665826                                                355                                  360                                      138600                                20060901                          945.5                                   138052.8                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16681224                                                355                                  480                                      372000                                20060901                        3085.96                                  371677.51                                      80                  No MI                                                       1.00E+17                                                                                                                     9.75
16681320                                                358                                  360                                      114925                                20061201                         706.31                                     114925                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16681526                                                358                                  360                                      110665                                20061201                         737.77                                     110665                                      95                  PMI                                                         1.00E+17                                                                                                                        8
16666798                                                359                                  360                                     1260000                                20070101                        8488.85                                 1253992.39                                      70                  No MI                                                       1.00E+17                                                                                                                    7.125
16666866                                                357                                  360                                      140000                                20061101                         966.95                                   139673.7                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16666947                                                358                                  480                                      447500                                20061201                         2780.9                                  447158.04                                      50                  No MI                                                       1.00E+17                                                                                                                        7
16667024                                                358                                  360                                      410800                                20061201                        2695.88                                     410800                             72.44999695                  No MI                                                       1.00E+17                                                                                                                    7.875
16667106                                                358                                  360                                      715000                                20061201                        4519.29                                  713703.76                                    32.5                  No MI                                                       1.00E+17                                                                                                                      6.5
16667107                                                357                                  360                                       50400                                20061101                         378.64                                   50259.71                                      90                  GE Capital MI                                               1.00E+17                                                                                                                     8.25
16670543                                                355                                  360                                      126700                                20060901                         864.32                                   126199.8                                      70                  No MI                                                       1.00E+17                                                                                                                     7.25
16681819                                                358                                  360                                      165000                                20061201                        1111.64                                  164735.31                             71.12000275                  No MI                                                       1.00E+17                                                                                                                    7.125
16670776                                                357                                  360                                       80000                                20061101                         580.06                                   79833.73                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16670986                                                357                                  360                                      120000                                20061101                         870.08                                  119750.63                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16672450                                                358                                  360                                      107250                                20061201                         748.52                                     107250                                      75                  No MI                                                       1.00E+17                                                                                                                    8.375
16672499                                                358                                  360                                      384000                                20061201                           2160                                     384000                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16672650                                                358                                  360                                      232000                                20061201                        1602.37                                  231645.84                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16672736                                                358                                  360                                      154559                                20061201                         939.12                                  154257.78                                      80                  No MI                                                       1.00E+17                                                                                                                    6.125
16672834                                                357                                  360                                      200000                                20061101                        1458.33                                     200000                                      80                  No MI                                                       1.00E+17                                                                                                                     8.75
16672848                                                359                                  360                                      423250                                20070101                        2995.74                                  422943.66                                     100                  PMI                                                         1.00E+17                                                                                                                    7.625
16672888                                                359                                  360                                       57950                                20070101                         435.36                                   57913.05                                      95                  PMI                                                         1.00E+17                                                                                                                     8.25
16673241                                                358                                  360                                       99000                                20061201                         761.22                                   98879.64                                      90                  Mortgage Guaranty In                                        1.00E+17                                                                                                                      8.5
16674450                                                357                                  360                                      123600                                20061101                         914.12                                     123600                                      80                  No MI                                                       1.00E+17                                                                                                                    8.875
16676632                                                357                                  360                                       94450                                20061101                         751.49                                   94289.96                             79.97000122                  No MI                                                       1.00E+17                                                                                                                    8.875
16676721                                                358                                  360                                      176600                                20061201                        1204.72                                  176323.65                             79.98000336                  No MI                                                       1.00E+17                                                                                                                     7.25
16676774                                                358                                  360                                      476916                                20061201                        2980.73                                     476916                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16680447                                                358                                  360                                       62800                                20061201                         444.49                                   62708.81                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16680692                                                355                                  360                                      256000                                20060901                           1600                                     256000                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16658453                                                357                                  360                                      417000                                20061101                         2670.1                                  415890.16                             78.68000031                  No MI                                                       1.00E+17                                                                                                                    6.625
16658514                                                357                                  360                                      604700                                20061101                        3212.47                                     604700                             79.98999786                  No MI                                                       1.00E+17                                                                                                                    6.375
16658920                                                358                                  360                                      144400                                20061201                          960.7                                  144162.58                                      80                  No MI                                                       1.00E+17                                                                                                                        7
16659077                                                357                                  360                                       94400                                20061101                         658.83                                      94400                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16662469                                                357                                  360                                       84050                                20061101                         668.74                                   83907.59                             79.97000122                  No MI                                                       1.00E+17                                                                                                                    8.875
16662472                                                357                                  360                                      172000                                20061101                        1173.34                                  171595.05                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16662532                                                358                                  360                                      794400                                20061201                        5486.72                                  793187.35                                      80                  No MI                                                       1.00E+17                                                                                                                    7.375
16663813                                                358                                  360                                      148000                                20061201                         1017.5                                     148000                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16664051                                                358                                  360                                      128000                                20061201                         773.33                                     128000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16664101                                                358                                  360                                      130000                                20061201                         826.04                                     130000                             77.61000061                  No MI                                                       1.00E+17                                                                                                                    7.625
16665564                                                357                                  360                                      280000                                20061101                        1769.79                                  279236.52                             60.86999893                  No MI                                                       1.00E+17                                                                                                                      6.5
16662090                                                357                                  360                                      258000                                20061101                        1781.94                                  256580.55                                     100                  PMI                                                         1.00E+17                                                                                                                    7.375
16662268                                                358                                  360                                      280000                                20061201                        1981.82                                  279592.94                             78.87000275                  No MI                                                       1.00E+17                                                                                                                    7.625
16648680                                                357                                  360                                       78750                                20061101                         530.55                                   78556.26                                      75                  No MI                                                       1.00E+17                                                                                                                    7.125
16361576                                                353                                  360                                       48750                                20060701                         405.48                                   48573.56                                      75                  No MI                                                       1.00E+17                                                                                                                    9.375
16650162                                                358                                  360                                      155000                                20061201                        1044.26                                  154751.37                             60.77999878                  No MI                                                       1.00E+17                                                                                                                    7.125
16646425                                                358                                  360                                      607500                                20061201                        3606.57                                  607422.53                                      75                  No MI                                                       1.00E+17                                                                                                                    7.125
16358126                                                356                                  360                                      182400                                20061001                           1140                                     182400                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16358275                                                354                                  360                                      130200                                20060801                         989.61                                   129705.9                                      70                  No MI                                                       1.00E+17                                                                                                                    8.375
16358335                                                356                                  360                                     2000000                                20061001                       14675.29                                 1994578.26                             67.56999969                  No MI                                                       1.00E+17                                                                                                                        8
16643824                                                358                                  360                                       70000                                20061201                         489.45                                   69895.78                             59.56999969                  No MI                                                       1.00E+17                                                                                                                      7.5
16643874                                                356                                  360                                      440025                                20061001                        2566.81                                     440025                             79.27999878                  No MI                                                       1.00E+17                                                                                                                        7
16644139                                                358                                  360                                      108000                                20061201                         811.37                                  107861.79                                      80                  No MI                                                       1.00E+17                                                                                                                     8.25
16646065                                                356                                  360                                      222300                                20061001                        1611.83                                     221682                                      90                  PMI                                                         1.00E+17                                                                                                                    7.875
16646181                                                357                                  360                                       93499                                20061101                         645.77                                   93284.26                             78.90000153                  No MI                                                       1.00E+17                                                                                                                    7.375
16641215                                                357                                  360                                      308000                                20061101                        2233.21                                  307359.94                             64.16999817                  No MI                                                       1.00E+17                                                                                                                    7.875
16643616                                                357                                  360                                      152400                                20061101                         1065.6                                  152058.55                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16643724                                                358                                  360                                      108000                                20061201                         755.15                                  107838.24                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16611698                                                357                                  360                                      100780                                20061101                          687.5                                  100542.71                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16613119                                                357                                  360                                      481000                                20061101                        2956.15                                     481000                             56.59000015                  No MI                                                       1.00E+17                                                                                                                    7.375
16616144                                                357                                  360                                      272000                                20061101                        1898.33                                     272000                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16628930                                                357                                  360                                      152800                                20061101                        1161.39                                  152513.09                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16629205                                                357                                  360                                       66400                                20061101                         469.98                                    66254.9                                      80                  No MI                                                       1.00E+17                                                                                                                    7.625
16634515                                                357                                  360                                      105600                                20061101                         711.45                                  105345.14                                      80                  No MI                                                       1.00E+17                                                                                                                    7.125
16610153                                                358                                  360                                      763099                                20061201                         5335.7                                   761962.8                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16597265                                                358                                  360                                     2000000                                20061201                       12083.33                                    2000000                             52.63000107                  No MI                                                       1.00E+17                                                                                                                     7.25
16597447                                                357                                  360                                      236000                                20061101                        1325.01                                  235556.99                                      80                  No MI                                                       1.00E+17                                                                                                                     6.75
16597547                                                356                                  360                                      148197                                20061001                         895.36                                     148197                                      90                  GE Capital MI                                               1.00E+17                                                                                                                     7.25
16600903                                                358                                  360                                      102400                                20061201                         742.47                                   102258.6                                      80                  No MI                                                       1.00E+17                                                                                                                    7.875
16602660                                                356                                  360                                      376000                                20061001                        2271.67                                     376000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.25
16604221                                                355                                  360                                      600000                                20060901                           3875                                     600000                                      80                  No MI                                                       1.00E+17                                                                                                                     7.75
16605902                                                356                                  360                                      293600                                20061001                           1835                                     293600                                      80                  No MI                                                       1.00E+17                                                                                                                      7.5
16420756                                                355                                  480                                      222400                                20060901                        1546.37                                   222077.2                                      80                  No MI                                                       1.00E+17                                                                                                                        8
16468368                                                353                                  360                                      108675                                20060701                         916.94                                  108674.95                                      75                  No MI                                                       1.00E+17                                                                                                                   10.125
16419128                                                355                                  360                                      108000                                20060901                         820.88                                  107659.63                                      80                  No MI                                                       1.00E+17                                                                                                                    8.375
16406878                                                356                                  360                                      391000                                20061001                        2835.02                                  389912.99                             77.43000031                  No MI                                                       1.00E+17                                                                                                                    7.875
16405501                                                355                                  360                                       77250                                20060901                         600.84                                   77018.66                                      75                  No MI                                                       1.00E+17                                                                                                                    8.625

LOAN_ID                                  PER_RATE_CAP                         GROUP_ID                          LIEN                             BALLOON                               IO_PERIOD                   PORTFOLIO                                     PREPAY
-------                                  ------------                         --------                          ----                             -------                               ---------                   ---------                                     ------
16684756                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665775                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656694                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16661987                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665689                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16616045                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16640564                                                                      G01                               First Lien                       No                                          120                   WFLN                                          No
16609830                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16652239                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16656719                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16596952                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16656209                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16632436                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16791043                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16791055                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651585                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16650246                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16648965                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16339458                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706583                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16662560                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16662581                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16662602                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16662422                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16662446                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16662467                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16662371                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16662372                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16662374                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16662380                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16662392                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16662279                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16662284                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16662275                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16775002                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16777131                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16779025                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16784747                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16772058                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723643                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723654                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723668                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728701                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16729468                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16729903                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16722219                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16765163                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16768494                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16771161                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16771175                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16684499                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16616169                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16790861                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16670886                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16670890                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16670894                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672818                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16673116                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16674185                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16674188                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16676575                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16676783                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681522                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16681532                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16684102                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16685745                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16693556                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693652                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693679                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16693680                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693687                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693711                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693790                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696195                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16696238                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16696480                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16697411                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16706766                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706835                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706910                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706921                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16707080                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16707129                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16707884                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16708089                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16710767                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16711091                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713909                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714075                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714091                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714812                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16715114                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16715226                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16715231                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717253                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16717405                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717408                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16718999                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665581                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665586                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16611820                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16661960                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16112156                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16643870                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16661995                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16165649                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16628929                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16397233                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16650485                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16650288                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16649206                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16650043                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16650079                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16648969                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16648980                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16648848                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16648727                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16648615                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16648586                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16648519                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16648528                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16648453                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16648479                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16648480                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16648419                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16648335                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16648364                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16648396                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16395764                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16798172                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16790984                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16790985                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16661969                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16659219                                                                      G01                               First Lien                       No                                           60                   EFLO                                          Yes
16659066                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16659112                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16659026                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16659033                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16658934                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658953                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658988                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658846                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16662637                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670635                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670621                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665753                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16704510                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16651232                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16632930                                                                      G01                               First Lien                       No                                           60                   EFLO                                          Yes
16704433                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706900                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16695594                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16654025                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16654357                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16654477                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16654490                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656637                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656990                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658522                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658907                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16643854                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16659192                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16659193                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16649125                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16650412                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16664147                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665790                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665984                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16667117                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16667411                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16394053                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16634406                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16640965                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16611855                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16600850                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16601342                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16393867                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16790829                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16790833                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16790842                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16790862                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16790737                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16790799                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16789035                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16790433                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16790438                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16790484                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16790698                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16788695                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16788714                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16788751                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16788775                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16788801                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16788806                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16788818                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16788828                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16788892                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16788659                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16788676                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16633099                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16634314                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16634452                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16419530                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16571659                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16591556                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16420717                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16645829                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16661807                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16663563                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16665300                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16669984                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16669987                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16692431                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16692707                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16693797                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16696383                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696632                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16688275                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16688369                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16692102                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16676634                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16676754                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16676847                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680222                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16680306                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16680405                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681634                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16684690                                                                      G01                               First Lien                       No                                           60                   EFLO                                          Yes
16685771                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674414                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16674837                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16667377                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16667380                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16667423                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16670361                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670474                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670622                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16672487                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16672806                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672867                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672895                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672951                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665560                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16665576                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16665589                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16664012                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16664199                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16664382                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16653984                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16654547                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656002                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656704                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656784                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656869                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16656905                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656917                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16662079                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16662391                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16663736                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16663798                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16651637                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16653752                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16653759                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16649950                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16650280                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651066                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16633060                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16638275                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16638673                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16641066                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16643754                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16646366                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16616316                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16632380                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16596747                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16597707                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16602631                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16603814                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16570818                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16571675                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16570514                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16540095                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16544141                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16646488                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16646388                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16646413                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16646231                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16646278                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16646133                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16643574                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16643602                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16643645                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16643752                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16643755                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16643801                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16643813                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16643977                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16643985                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16644000                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16644042                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16644067                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16644100                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16641022                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16641184                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16641214                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16641397                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16643535                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16640724                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16640871                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16640643                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16638865                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16638896                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16638608                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16638611                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16638627                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16638798                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16638257                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16638309                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16638432                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16634700                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16634765                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16634237                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16634272                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16633097                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16632485                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16632592                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16632635                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16632261                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16632333                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16629185                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16629243                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16629293                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16788432                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16788449                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16788495                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16788563                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16784791                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16784801                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16784875                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16784919                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16784920                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16785017                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16786219                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16786277                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16784684                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16784689                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16781146                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16781268                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16784603                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16784639                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16780801                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16780814                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16780836                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16780915                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16780960                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16781040                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778707                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16778767                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16778889                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16776931                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16777004                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16777024                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16777037                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16777059                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16777106                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778233                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16778273                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16778379                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16778405                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16778408                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778416                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778438                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778457                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778465                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16778467                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778473                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778487                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778523                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778528                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778547                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778570                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16776809                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16776886                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16775628                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16775633                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16776677                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16776681                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16776687                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16628966                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16628700                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16628716                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16628802                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16616279                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16616314                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16615994                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16616018                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16616065                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16616182                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16616243                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16612984                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16613179                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16612953                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16775428                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16775379                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16612798                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16612854                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16612906                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16650402                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16774946                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16774954                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16774969                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16775056                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16775057                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16775078                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16784763                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16780948                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16772602                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16772616                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16772661                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16772665                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16772696                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16772267                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16772377                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16772452                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16772518                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16772529                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16771900                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16771957                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16772015                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16772068                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16771711                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16771730                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16771748                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16771752                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16771773                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16771781                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16771803                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16771827                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16770842                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16770853                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16770856                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16770861                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16770868                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16770893                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16770917                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16770937                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16770945                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16771000                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16771021                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16771057                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16771077                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16768125                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16768193                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16768213                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16768216                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16768224                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16768247                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16768252                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16768288                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16768351                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16768411                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16768430                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16768442                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16768476                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16768482                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16770752                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16770783                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16770797                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16768061                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16767997                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16768022                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16765575                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16765581                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16765582                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16765632                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16765641                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16765642                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16767832                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16767848                                                                      G01                               First Lien                       No                                           60                   EFLO                                          Yes
16767876                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16767895                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16767903                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16767912                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16767913                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16765356                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16765438                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16765525                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16765252                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16765309                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16765192                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16765199                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16765124                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16765134                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16765094                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16765111                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16732072                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16732105                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16732011                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16721808                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16719154                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16721743                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16721766                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16719057                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16718528                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16718585                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16718979                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16718742                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16718756                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16718803                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16718932                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16718402                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16718343                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16718374                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16718375                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16718268                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16718298                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717669                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16717672                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717675                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717734                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16717741                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16717766                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16717834                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16718144                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717496                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717560                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717573                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717617                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717620                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16717239                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16717252                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717261                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16717375                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717389                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16717407                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717416                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717430                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16717439                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16717448                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717483                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16715161                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16715196                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16715211                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16715251                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16715310                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717150                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16717162                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16714083                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714180                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714186                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714699                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16715112                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16714719                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16714742                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714743                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714746                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714811                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16714817                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714828                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714850                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16714881                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714920                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714921                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16713935                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713973                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16713984                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713729                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16713775                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16713524                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713547                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713581                                                                      G01                               First Lien                       Yes                                         120                   EFLO                                          Yes
16713709                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16713716                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713726                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16711093                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16711104                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16711123                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16711186                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16711196                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16711258                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16710862                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16710873                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16710918                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16710948                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16710988                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16711039                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16711044                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16711066                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16710150                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16710788                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16710205                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709494                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709500                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709598                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709612                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709614                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16709619                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709631                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709636                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709640                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709642                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709648                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709652                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709723                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16709742                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709770                                                                      G01                               First Lien                       No                                           60                   EFLO                                          Yes
16708165                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709806                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709846                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709867                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709877                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16708256                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709887                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16709895                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16709900                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16709904                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709949                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709981                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709984                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16709987                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16710012                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16708348                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16706860                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706869                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16706916                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706938                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706967                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16706968                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16706998                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16707031                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16707037                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16707054                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16707120                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16707150                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16707760                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16707804                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16707843                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16707886                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16707894                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16707930                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706721                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16706758                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16706794                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704435                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704456                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16704457                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704488                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704492                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704496                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704498                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704499                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704500                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704504                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16704508                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16704516                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704537                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16704552                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16704562                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16704580                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16706557                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706570                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16706593                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706418                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16706438                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16706445                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706461                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706463                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706470                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16706473                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706479                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706487                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16706490                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16706507                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16704048                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16704072                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16704177                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16704286                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16704338                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16704356                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16704375                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16704378                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16704406                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16697910                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16697704                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16697743                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16697813                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16695633                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16695653                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16695661                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16695665                                                                      G01                               First Lien                       No                                            0                   CNDU                                          Yes
16695669                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16695676                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16695522                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16695531                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16695542                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16695555                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16695563                                                                      G01                               First Lien                       No                                            0                   CNDU                                          No
16695567                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16695570                                                                      G01                               First Lien                       No                                          120                   CNDU                                          Yes
16695572                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16695576                                                                      G01                               First Lien                       No                                            0                   CNDU                                          No
16695590                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16695601                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16695603                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16695611                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16695614                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16695626                                                                      G01                               First Lien                       No                                            0                   MCND                                          Yes
16673622                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16673628                                                                      G01                               First Lien                       No                                            0                   MCND                                          No
16673641                                                                      G01                               First Lien                       No                                            0                   MCND                                          No
16673645                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16673659                                                                      G01                               First Lien                       No                                            0                   MCND                                          No
16673661                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16673669                                                                      G01                               First Lien                       No                                            0                   MCND                                          No
16673677                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16673682                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16634799                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709384                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16685549                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16780545                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16778141                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16776310                                                                      G01                               First Lien                       No                                          120                   WFLN                                          No
16776341                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16767481                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16767500                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16773156                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16773081                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16731229                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16765021                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16730339                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16731346                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16730413                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16731755                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16731776                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16731837                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16731881                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16731884                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16731794                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16730237                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16730049                                                                      G01                               First Lien                       No                                          120                   WFLN                                          No
16728005                                                                      G01                               First Lien                       No                                          120                   WFLN                                          No
16728212                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16643834                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656147                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16770898                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658576                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658526                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16658561                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658464                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658491                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16658501                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658446                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16658434                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16658369                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656891                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656901                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656848                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656814                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656828                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656686                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16803590                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801892                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16788889                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16778514                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16771755                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16771992                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16765182                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16731745                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16729374                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16729853                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16729917                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723948                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16722055                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16718494                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713685                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713889                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16714078                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714814                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16714951                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16715019                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16717123                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717125                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717127                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717233                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717257                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16708176                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16708279                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16710200                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16710960                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16710976                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706558                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16707716                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704484                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16697789                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16667186                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16658700                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16654195                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704363                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16680194                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672738                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656551                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16646000                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16803552                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16658586                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16695588                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16695540                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16662124                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16662218                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16667148                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16659140                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16667114                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16788756                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16711054                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16659114                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16651481                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16692105                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706931                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16654368                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16710752                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16723065                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16634491                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16680274                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16634447                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16768344                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16704491                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16640938                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16790706                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16790771                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16790997                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16798431                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16798445                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16798951                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801866                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16803802                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16803944                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16803978                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16775572                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16780748                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16788565                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16788631                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16788708                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16788991                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16770762                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16771015                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16774884                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16774886                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16775075                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656669                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656573                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656574                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16656541                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656439                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16656475                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16387140                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16388941                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16840295                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16838826                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16838904                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16826558                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16826896                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16819646                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16823679                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16823681                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16809470                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16809514                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16809523                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16809545                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16809623                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16809378                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16806760                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16806935                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16806945                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16806952                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16807057                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16807097                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16807102                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16807114                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16809290                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16804150                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16803434                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801461                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801475                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16801492                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801496                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801500                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16801508                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801576                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16801740                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801743                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801755                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801784                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801791                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801795                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16801937                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16801986                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16801991                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16798643                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16798687                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16798727                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16798732                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16798513                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16798530                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16798618                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16798207                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16798220                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16798337                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16798425                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16798466                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16549670                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656349                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656356                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656326                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656346                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656245                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656246                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656178                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16656123                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656145                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16378115                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656098                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16653966                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16653980                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16653986                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16653995                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16654031                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16654078                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16654185                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16654200                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16654201                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16654205                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16654217                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16803475                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16654220                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16654232                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16654270                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16654409                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16377427                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16653932                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16653788                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651543                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16651596                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651628                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16651639                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651292                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651318                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651336                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651365                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16651371                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16651454                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651218                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16651239                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651250                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16651115                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651127                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651167                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16371878                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16659123                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651312                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16697608                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16697651                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16697571                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16697580                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16697463                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16697471                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16697492                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16697407                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16697409                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16697427                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16697429                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696572                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696620                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16696520                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16696352                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696357                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16696339                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696328                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16696288                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696274                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696278                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696285                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696256                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696261                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696262                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16696264                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696266                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696267                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696202                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16696209                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696151                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696159                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16696181                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16696193                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16695936                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16695981                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16694072                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16694030                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693960                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16657318                                                                      G01                               First Lien                       No                                            0                   MJUM                                          No
16657481                                                                      G01                               First Lien                       No                                            0                   MJUM                                          No
16657697                                                                      G01                               First Lien                       No                                            0                   MJUM                                          No
16657899                                                                      G01                               First Lien                       No                                            0                   MJUM                                          No
16693902                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16693940                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693943                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16693847                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693861                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16693873                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16655469                                                                      G01                               First Lien                       No                                            0                   MCND                                          No
16693749                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693770                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16366767                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16693674                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693650                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693480                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693547                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693606                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16693405                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693446                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16693448                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16693472                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16692740                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16693331                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693333                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693350                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16693351                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693364                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16692701                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16692574                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16692632                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16692460                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16692468                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16692531                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16692540                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16692437                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16692442                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16692445                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16692331                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16692352                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16692358                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16692360                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16632439                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713661                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16670509                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16674048                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16692228                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16707783                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16638451                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16564826                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16717198                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16632666                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16692232                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16644188                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16692211                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16692154                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706903                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16658685                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16616511                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16688438                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16662316                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656595                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16628980                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672486                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656485                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16681197                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16697858                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680582                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672583                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16695604                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16665891                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16644069                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16695662                                                                      G01                               First Lien                       No                                            0                   CNDU                                          Yes
16695678                                                                      G01                               First Lien                       No                                          120                   MCND                                          Yes
16673100                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16670278                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709702                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16692552                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16649203                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672546                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714058                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16612814                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709622                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16692084                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16692101                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16688535                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16688443                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16688450                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16688329                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16688337                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16688348                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16688115                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16688133                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16688210                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16688406                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16688409                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16688417                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16688303                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16686346                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16686227                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16686185                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16686076                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16685928                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16685929                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16685857                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16685734                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16685747                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16685755                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16685815                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16685818                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16684780                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16684824                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16684887                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16685709                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16684589                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16684593                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16684626                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16684687                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16684710                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16684730                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16684450                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16684456                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16684462                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16684466                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16684503                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16684526                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16684572                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16684576                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16684106                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16684139                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16684156                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16684169                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16684186                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681729                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681748                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681825                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681844                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16681850                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16681983                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16681999                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16681677                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16681691                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16681651                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681610                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16681410                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16686114                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16681630                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681527                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16681557                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16681568                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16681476                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704513                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16681344                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16681388                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16681390                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16680397                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16680404                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16680459                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680467                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680479                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16680491                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680510                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680536                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680541                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16680580                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16680632                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680646                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680668                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16680699                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16681199                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16681211                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16681227                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16680354                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16680134                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16680147                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680149                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16680155                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680178                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680183                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680192                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16680219                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16680250                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680253                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16680262                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680266                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16680273                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16680327                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680333                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680336                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16676872                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16676879                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16676922                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16676784                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16676756                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16676633                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16676638                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16676700                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16676702                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16676502                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16676587                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16676608                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674433                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16674459                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16674464                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16674467                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674537                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16674548                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674562                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674564                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16674569                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674573                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674582                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674602                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674722                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16674732                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16674401                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674406                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16674224                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16674240                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674308                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16674309                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674321                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674369                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16673258                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16673262                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16674038                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16674093                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674122                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674166                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16375358                                                                      G01                               First Lien                       No                                          120                   CNDQ                                          No
16384150                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16672956                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672963                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672972                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672977                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672997                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16672887                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672917                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16672931                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672935                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672936                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672945                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672946                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672807                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672795                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16672746                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672575                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16672600                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672666                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672690                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672516                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16672454                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672457                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672459                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672351                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672352                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672358                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16670959                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670987                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670711                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16670568                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16670575                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670596                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16670610                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16670486                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670533                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670394                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670400                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16667469                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16670296                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670309                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16670343                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16667461                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16667436                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16667361                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16667390                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16667409                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16667284                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16667105                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16667112                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16667113                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16667118                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16667133                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16667136                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16667140                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16667179                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16667199                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16667206                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16652160                                                                      G01                               First Lien                       No                                            0                   CNDU                                          No
16666875                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16652183                                                                      G01                               First Lien                       No                                            0                   CNDU                                          No
16666803                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16666751                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16666783                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16666784                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16666789                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16665779                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16665784                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665787                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665847                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665849                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665855                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665860                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665868                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665872                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665882                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665884                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665888                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665894                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665898                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665899                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665900                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665912                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16665499                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665532                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665567                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16665579                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16664434                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16664455                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665456                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665468                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665473                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16664378                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16664330                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16664333                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16664055                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16664271                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16664273                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16664286                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16663990                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16663961                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16663902                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16663890                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16663864                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16663824                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681813                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16350228                                                                      G01                               First Lien                       No                                            0                   CNDU                                          No
16591528                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16562524                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16595320                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16571946                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16663777                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16663731                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16772826                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16713393                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16691838                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16693205                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16700135                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16709225                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16696144                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696321                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696437                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696461                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16692197                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16692485                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16693912                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16688495                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16681283                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16681501                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16681796                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16685908                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16655784                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16655836                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16663577                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16663667                                                                      G01                               First Lien                       No                                          120                   WFLN                                          No
16680324                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16610994                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16569853                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16638624                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16610090                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16612791                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16604398                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16603822                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16599655                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16597371                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16574848                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16684774                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16674372                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16662675                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16662666                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16662668                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16662655                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16662634                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665549                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665854                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16665876                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16665908                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16665919                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16670386                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670423                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16670948                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16664272                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656795                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656871                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16662204                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16662233                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16697824                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16707721                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16611280                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16611320                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16611600                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16611663                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16609908                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16609963                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16609718                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16610113                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16610120                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16652241                                                                      G01                               First Lien                       No                                            0                   MCND                                          No
16652232                                                                      G01                               First Lien                       No                                            0                   MCND                                          No
16674050                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16634529                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16606119                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16650432                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16605660                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16605795                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16605903                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16604388                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16604120                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16652190                                                                      G01                               First Lien                       No                                            0                   MCND                                          No
16564505                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16646289                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16606050                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16387566                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16604067                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16603958                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16599383                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16599634                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16597418                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16597714                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16595338                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16596525                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16591255                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16591298                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16591507                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16594883                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16585625                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16585637                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16585812                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16571944                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16572039                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16574899                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16570328                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16570491                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16571514                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16568797                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16568852                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16567772                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16567674                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16567354                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16564767                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16564927                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16562519                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16563093                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16549765                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16546209                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16546213                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16544133                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16544149                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16543940                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16540363                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16540399                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16540430                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16638610                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16663746                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674269                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681649                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16419499                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16407393                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16419087                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16419338                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16406827                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16407046                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16803559                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16662214                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16713751                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714133                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16728467                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16729835                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16646317                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16649057                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658970                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16666810                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16676886                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16594836                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16692160                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696358                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16697589                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16674173                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665513                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16646631                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16692096                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16662136                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16662089                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16662101                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16405586                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16402294                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16404072                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16730002                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16730034                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16729547                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16731461                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16731469                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16731490                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16729554                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16729555                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16729556                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16729598                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16729669                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16729807                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16729837                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16729841                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16729846                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16731498                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16731535                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16731547                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16731561                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16731616                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16729934                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16729952                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16400393                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728746                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728754                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728762                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16728776                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16728781                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728787                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728818                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16728893                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728906                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16728908                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16729396                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16729433                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16729452                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728293                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728302                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728523                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728594                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16728394                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16728427                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16728643                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728699                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16722842                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16728028                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16727948                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16721623                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16721514                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16728287                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16721572                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16717901                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16717903                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16717897                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16718005                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16709317                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16709332                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16706280                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16706306                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16706329                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16723960                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16728228                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16710509                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16713385                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16713357                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16714554                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16709217                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16709219                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16709268                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16728251                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709303                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16709312                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16697316                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16700045                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16697200                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16723895                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16693108                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16687850                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16688004                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16692007                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16693094                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16693172                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16687912                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16685632                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16685501                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16685502                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16685293                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16683797                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16685303                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16685498                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16681015                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16681031                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16723837                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723740                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16679160                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16679124                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16679085                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16676386                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16676353                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16675085                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16671432                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16671314                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16671482                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16671483                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16674891                                                                      G01                               First Lien                       No                                          120                   WFLN                                          No
16674973                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16674986                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16675039                                                                      G01                               First Lien                       No                                          120                   WFLN                                          No
16652235                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16652249                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16652256                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16652257                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16652259                                                                      G01                               First Lien                       No                                            0                   MCND                                          No
16652214                                                                      G01                               First Lien                       No                                            0                   MCND                                          No
16644794                                                                      G01                               First Lien                       No                                          120                   MCND                                          Yes
16644799                                                                      G01                               First Lien                       No                                          120                   MCND                                          Yes
16644800                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16644807                                                                      G01                               First Lien                       No                                          120                   MCND                                          Yes
16644815                                                                      G01                               First Lien                       No                                            0                   MCND                                          No
16644823                                                                      G01                               First Lien                       No                                          120                   MCND                                          Yes
16652152                                                                      G01                               First Lien                       No                                            0                   CNDU                                          No
16652156                                                                      G01                               First Lien                       No                                          120                   CNDU                                          Yes
16652175                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16652196                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16652199                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16723660                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16723650                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723551                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16722043                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16722050                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16722058                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16722107                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16722127                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16722160                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16722166                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16722334                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723057                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16723060                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723090                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16723096                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16723148                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723269                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723304                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723395                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16723458                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16723483                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16721938                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16721950                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723523                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16601189                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16600869                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16715039                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16595205                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16709689                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16646110                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16650594                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16662179                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16673070                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16564543                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680381                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16672383                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656363                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16650257                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16648773                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16650274                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713747                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16664024                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16706484                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16680078                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16650233                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16666572                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16666544                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16669995                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16670195                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16670212                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16670081                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16670114                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16670141                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16543970                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16545315                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16545332                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16551785                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16567415                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16586023                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16651364                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16651501                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16651667                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16651672                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16654252                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16654361                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16654429                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656214                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656244                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656264                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656323                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16656481                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16656560                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656700                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656922                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658372                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16658445                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658194                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16658146                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16658098                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16658227                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16658281                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16653630                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16661789                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16661796                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16661943                                                                      G01                               First Lien                       No                                          120                   WFLN                                          No
16653631                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16653675                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16655768                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16665294                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16655794                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16655796                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16665417                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16666558                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16666559                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16655877                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16655889                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16684453                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16684513                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16684616                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16684673                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16685701                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16685790                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16685913                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16685920                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16685952                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16685957                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16685978                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16686112                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16688078                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16688388                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16548817                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16638021                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16645765                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16658107                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16670183                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16644789                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16644790                                                                      G01                               First Lien                       No                                          120                   MCND                                          Yes
16644812                                                                      G01                               First Lien                       No                                          120                   MCND                                          Yes
16644813                                                                      G01                               First Lien                       No                                          120                   MCND                                          Yes
16673635                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16673684                                                                      G01                               First Lien                       No                                            0                   MCND                                          No
16697715                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16706574                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16707024                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16708130                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16709514                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709699                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16710772                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16711040                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16711369                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713639                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713672                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713746                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16713924                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16714796                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16714800                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16715103                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16715311                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717406                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717445                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16717525                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16717781                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16718449                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16718495                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16718625                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16721736                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16721975                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723080                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723576                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16723609                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16723842                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16728230                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728273                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728573                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16650990                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16809565                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16813553                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16649574                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16649717                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16638016                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16640467                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16640470                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16648197                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16645753                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16645766                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16648166                                                                      G01                               First Lien                       No                                          120                   WFLN                                          No
16638052                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16775296                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16633963                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16778503                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16784679                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16788682                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16788826                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16807045                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16807090                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16809630                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16833237                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16633959                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16631262                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16630990                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16630996                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16633990                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16731717                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16731858                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16768080                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16770805                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16770928                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16771191                                                                      G01                               First Lien                       No                                           60                   EFLO                                          No
16771839                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16729359                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16722177                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16723159                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16728485                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16612464                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16670584                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16703987                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16704446                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16704515                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16706548                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16706850                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16707043                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16656728                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16672774                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16709936                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16616049                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16710904                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16713548                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16713552                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16715160                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16717152                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16656921                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16684546                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16651135                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16731479                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16731488                                                                      G01                               First Lien                       No                                           60                   EFLO                                          Yes
16648949                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16650525                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16695673                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16731978                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16731998                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16650680                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16692541                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16710865                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16681837                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16695635                                                                      G01                               First Lien                       No                                            0                   CNDU                                          Yes
16681856                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16676683                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16603841                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16695587                                                                      G01                               First Lien                       No                                            0                   CNDU                                          No
16468165                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16601807                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16670778                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665603                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16665656                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681695                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          Yes
16659058                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16729553                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16600614                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16596942                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16599163                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16718028                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16585340                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16595934                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16590913                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16596033                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16673639                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16728664                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16695527                                                                      G01                               First Lien                       No                                          120                   CNDU                                          No
16695566                                                                      G01                               First Lien                       No                                          120                   CNDU                                          Yes
16695602                                                                      G01                               First Lien                       No                                          120                   MCND                                          No
16687845                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16693262                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16697252                                                                      G01                               First Lien                       No                                            0                   WFLN                                          No
16700065                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16706234                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16730334                                                                      G01                               First Lien                       No                                          120                   WFLN                                          Yes
16767493                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16671488                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16676339                                                                      G01                               First Lien                       No                                            0                   WFLN                                          Yes
16780582                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          No
16685285                                                                      G01                               First Lien                       Yes                                           0                   WFLN                                          Yes
16697566                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16693848                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16693856                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16693893                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16694136                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16696306                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696376                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16696411                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16696640                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16688452                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16692090                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16692095                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16693339                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16693392                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665660                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16665820                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665823                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665824                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16665826                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681224                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16681320                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16681526                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16666798                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16666866                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16666947                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16667024                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16667106                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16667107                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16670543                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16681819                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670776                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16670986                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672450                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16672499                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16672650                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16672736                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672834                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16672848                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16672888                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16673241                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16674450                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16676632                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16676721                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16676774                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16680447                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16680692                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16658453                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16658514                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16658920                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16659077                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16662469                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16662472                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16662532                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16663813                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16664051                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16664101                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16665564                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16662090                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16662268                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16648680                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16361576                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16650162                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16646425                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16358126                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16358275                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16358335                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16643824                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16643874                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16644139                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16646065                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16646181                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16641215                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16643616                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16643724                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16611698                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16613119                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16616144                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16628930                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16629205                                                                      G01                               First Lien                       No                                            0                   EFLO                                          Yes
16634515                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16610153                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16597265                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16597447                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16597547                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16600903                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16602660                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16604221                                                                      G01                               First Lien                       No                                          120                   EFLO                                          Yes
16605902                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16420756                                                                      G01                               First Lien                       Yes                                           0                   EFLO                                          No
16468368                                                                      G01                               First Lien                       No                                          120                   EFLO                                          No
16419128                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16406878                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
16405501                                                                      G01                               First Lien                       No                                            0                   EFLO                                          No
      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      FORM
        OF
        TRANSFER AFFIDAVIT

      

      Affidavit
        pursuant to Section 860E(e)(4) of the Internal Revenue Code of 1986, as amended,
        and for other purposes 

      

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

      [NAME
        OF
        OFFICER], being first duly sworn, deposes and says:

       

      1. That
        he/she is [Title of Officer] of [Name of Investor] (the “Investor”), a [savings
        institution] [corporation] duly organized and existing under the laws of
        [the
        State of _____] [the United States], on behalf of which he makes this
        affidavit.

       

      2. That
        (i)
        the Investor is not a “disqualified organization” as defined in Section
        860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”), or an
        "electing large partnership" as defined in Section 775(a) of the Code and
        will
        not be a disqualified organization or electing large partnership as of [Closing
        Date] [date of purchase]; (ii) it is not acquiring the Bear Stearns Asset-Backed
        Securities I LLC Asset-Backed Certificates, Series 2007-AC1, Class R-__
        Certificates (the “Residual Certificates”) for the account of a disqualified
        organization or an electing large partnership; (iii) it consents to any
        amendment of the Pooling and Servicing Agreement that shall be deemed necessary
        by Bear Stearns Asset Backed Securities I LLC (upon advice of counsel) to
        constitute a reasonable arrangement to ensure that the Residual Certificates
        will not be owned directly or indirectly by a disqualified organization or
        an
        electing large partnership; and (iv) it will not transfer such Residual
        Certificates unless (a) it has received from the transferee an affidavit
        in
        substantially the same form as this affidavit containing these same four
        representations and (b) as of the time of the transfer, it does not have
        actual
        knowledge that such affidavit is false.

       

      3. That
        the
        Investor is one of the following: (i) a citizen or resident of the United
        States, (ii) 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 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, (iii) an estate
        whose income is subject to United States federal income tax regardless of
        its
        source, or (iv) a trust other than a Aforeign
        trust,@
        as
        defined in Section 7701 (a)(31) of the Code.

       

      4. That
        the
        Investor’s taxpayer identification number is
        ______________________.

       

      5. That
        no
        purpose of the acquisition of the Residual Certificates is to avoid or impede
        the assessment or collection of tax.

       

      6. That
        the
        Investor understands that, as the holder of the Residual Certificates, the
        Investor may incur tax liabilities in excess of any cash flows generated
        by such
        Residual Certificates.

       

      7. That
        the
        Investor intends to pay taxes associated with holding the Residual Certificates
        as they become due.

       

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to authority of its Board of Directors, by its [Title of
        Officer] this ____ day of _________, 20__.

       

      

      
        	 	 	 	 	 	 	 	
                [NAME
                  OF INVESTOR]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                [Name
                  of Officer]

              
	 	 	 	 	 	 	 	
                [Title
                  of Officer]

              
	 	 	 	 	 	 	 	
                [Address
                  of Investor for receipt of distributions]

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Address
                  of Investor for receipt of tax
                  information:

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      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 Investor, 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
        Investor.

      

      Subscribed
        and sworn before me this ___ day of _________, 20___.

      

      NOTARY
        PUBLIC

      

      COUNTY
        OF

      

      STATE
        OF

      

      

      My
        commission expires the ___ day of ___________________, 20___.

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        D

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

      ______________,200___

       

      Bear
        Stearns Asset Backed Securities I LLC

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      Wells
        Fargo Bank, National Association

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        MN 55479

      

       

      Attention:
        Bear Stearns Asset Backed Securities I Trust 2007-AC1

       

      
        	 	
                Re:

              	
                Bear
                  Stearns Asset Backed Securities I
                  LLC

              

      

      Asset-Backed
        Certificates, Series 2007-AC1, Class__

       

      Ladies
        and Gentlemen:

       

      In
        connection with the sale by ___________ (the “Seller”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Asset-Backed
        Certificates, Series 2007-AC1, Class _____ (the “Certificates”), issued pursuant
        to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”),
        dated as of January 1, 2007, among Bear Stearns Asset-Backed Securities I
        LLC,
        as depositor (the “Depositor”), EMC
        Mortgage Corporation, as master servicer, seller and company, Wells
        Fargo Bank, National Association, as securities administrator (the “Securities
        Administrator”) and U.S. Bank National Association, as trustee (the “Trustee”).
        The Seller hereby certifies, represents and warrants to, a covenants with,
        the
        Depositor, the Securities Administrator and the Trustee that:

       

      Neither
        the Seller nor anyone acting on its behalf has (a) offered, pledged, sold,
        disposed of or otherwise transferred any Certificate, any interest in any
        Certificate or any other similar security to any person in any manner, (b)
        has
        solicited any offer to buy or to accept a pledge, disposition or other transfer
        of any Certificate, any interest in any Certificate or any other similar
        security from any person in any manner, (c) has otherwise approached or
        negotiated with respect to any Certificate, any interest in any Certificate
        or
        any other similar security with any person in any manner, (d) has made any
        general solicitation by means of general advertising or in any other manner,
        or
        (e) has taken any other action, that (as to any of (a) through (e) above)
        would
        constitute a distribution of the Certificates under the Securities Act of
        1933
        (the “Act”), that would render the disposition of any Certificate a violation of
        Section 5 of the Act or any state securities law, or that would require
        registration or qualification pursuant thereto. The Seller will not act in
        any
        manner set forth in the foregoing sentence with respect to any Certificate.
        The
        Seller has not and will not sell or otherwise transfer any of the Certificates,
        except in compliance with the provisions of the Pooling and Servicing
        Agreement.

       

      

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                (Seller)

              	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      FORM
        OF
        INVESTMENT LETTER (NON-RULE 144A)

       

      [Date]

       

      [SELLER]

       

      Bear
        Stearns Asset Backed Securities I LLC

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      Wells
        Fargo Bank, National Association

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        MN 55479

       

      
        	 	
                Re:

              	
                Bear
                  Stearns Asset Backed Securities I Trust 2007-AC1, Asset-Backed
                  Certificates, Series 2007-AC1 (the “Certificates”), including the Class
                  ___ 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)(1), (2), (3) or (7) 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 Securities Administrator) 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 National
        Association (the “Securities Administrator”) 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, and/or section
                  4975 of
                  the Internal Revenue Code of 1986, as amended, or (ii) in the case
                  of the
                  Privately Offered Certificates, have provided the Opinion of Counsel
                  required by the Agreement,
                  or (iii) in the case of the Class B-4 Certificates, are providing
                  a
                  representation to the effect that the proposed transfer and holding
                  of
                  such Certificate and servicing, management and operation of the
                  Trust and
                  its assets: (I) will not result in any prohibited transaction which
                  is not
                  covered under 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, the Securities Administrator or the
                  Trustee.

              

      

       

      (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 “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
        ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
        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 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) (OR ANY ENTITY IN WHICH ALL OF
        THE
        EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
        PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
        RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY IN THE
        FORM
        PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE SECURITIES ADMINISTRATOR
        OF
        AN OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS
        OF
        THE UNITED STATES. [In
        the
        case of the Class B-4 Certificates]: 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 SECURITIES ADMINISTRATOR, THE
        MASTER SERVICER OR THE TRUSTEE, WHICH WILL BE DEEMED REPRESENTED BY AN OWNER
        OF
        A BOOK-ENTRY CERTIFICATE OR A GLOBAL CERTIFICATE, OR PROVIDES AN OPINION
        OF
        COUNSEL TO SUCH EFFECT. [In
        the
        case of the Class P, Class C, Class R-1, Class R-2, Class R-3 and Class R-X
        Certificates]:
        NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE
        TRANSFEREE PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b)
        OF
        THE AGREEMENT OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE
        AGREEMENT, SATISFACTORY TO THE SECURITIES ADMINISTRATOR THAT THE PURCHASE
        AND
        HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
        CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION
        406
        OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR
        SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER,
        THE
        SECURITIES ADMINISTRATOR, OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY
        IN
        ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

      

      “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 January 1, 2007 (the “Pooling and Servicing
        Agreement”), among Bear Stearns Asset Backed Securities I LLC, as depositor,
        U.S. Bank National Association, as trustee, Wells Fargo Bank, National
        Association, as securities administrator, and EMC Mortgage Corporation, as
        master servicer, seller and company.

      

      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

       

      FORM
        OF
        RULE 144A AND RELATED MATTERS CERTIFICATE

       

      [SELLER]

       

      Bear
        Stearns Asset Backed Securities I LLC

      383
        Madison Avenue

      New
        York,
        New York 10179

       

      Wells
        Fargo Bank, National Association

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        MN 55479

       

      
        	 	
                Re:

              	
                Bear
                  Stearns Asset Backed Securities I Trust 2007-AC1, Asset-Backed
                  Certificates, Series 2007-AC1 (the “Certificates”), including the Class
                  ___ 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 January 1, 2007, among Bear Stearns Asset
        Backed Securities I LLC, as depositor, Wells Fargo Bank, National Association,
        as securities administrator, EMC Mortgage Corporation, as master servicer,
        seller and company, and U.S. Bank National Association, as trustee, pursuant
        to
        which the 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, and/or section 4975 of
        the
        Internal Revenue Code of 1986, as amended, or (ii) in the case of the Privately
        Offered Certificates, has provided the Opinion of Counsel required by the
        Agreement,
        or
        (iii) in the case of the Class B-4 Certificates, are providing a representation
        to the effect that the proposed transfer and holding of such Certificate
        and
        servicing, management and operation of the Trust and its assets: (I) will
        not
        result in any prohibited transaction which is not covered under 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, the Securities Administrator or the
        Trustee.

       

      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

       

      FORM
        OF
        REQUEST FOR RELEASE

       

      To:         
        Wells
        Fargo Bank, National Association

      1015
        10th
        Avenue S.E.

      Minneapolis,
        Minnesota 55414-0031

      

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of January 30, 2007, between Bear Stearns Asset
                  Backed
                  Securities I LLC, as Depositor, EMC Mortgage Corporation, as master
                  servicer, seller and company, Wells Fargo Bank, National Association,
                  as
                  custodian and securities administrator, and U.S. Bank National
                  Association, as trustee

              

      

       

      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
        H

      

      DTC
        LETTER OF REPRESENTATIONS

      

      [Provided
        upon Request]

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      SCHEDULE
        OF MORTGAGE LOANS WITH LOST NOTES

      

      [Provided
        upon Request]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

       

      FORM
        OF
        CUSTODIAL AGREEMENT

       

      THIS
        CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
“Agreement”), dated as of January 30, 2007, by and among U.S. BANK NATIONAL
        ASSOCIATION, as trustee under the Pooling and Servicing Agreement defined
        below
        (including its successors under the Pooling and Servicing Agreement defined
        below, the “Trustee”), BEAR STEARNS ASSET BACKED SECURITIES I LLC, as depositor
        (together with any successor in interest, the “Depositor”), EMC MORTGAGE
        CORPORATION, as a seller (in such capacity, “EMC”), as master servicer (together
        with any successor in interest or successor under the Pooling and Servicing
        Agreement referred to below, the “Master Servicer”) and company (together with
        any successor in interest or successor under the Pooling and Servicing Agreement
        referred to below, the “Company”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as
        securities administrator and custodian (together with any successor in interest
        or any successor appointed hereunder, the “Custodian”) and MASTER FUNDING LLC,
        as a seller (“Master Funding”, and together with EMC, the
“Sellers”).

       

      WITNESSETH
        THAT:

       

      WHEREAS,
        the Depositor, EMC, the Master Servicer, the Securities Administrator and
        the
        Trustee have entered into a Pooling and Servicing Agreement, dated as of
        January
        1, 2007, relating to the issuance of Bear Stearns Asset Backed Securities
        I
        Trust 2007-AC1, Asset-Backed Certificates, Series 2007-AC1 (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, the Master Servicer, or the Securities Administrator
        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 Sellers,
        the
        Master Servicer, the Securities Administrator 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 that have not
        been
        recorded pursuant to the provisions of Section 2.01 of the Pooling and Servicing
        Agreement and the related Mortgage Loan is not a MOM Loan or the related
        Mortgaged Properties are located in jurisdictions specifically excluded by
        the
        Opinion of Counsel delivered to the Trustee pursuant to Section 2.01 of the
        Pooling and Servicing Agreement, each such assignment shall be delivered
        by the
        Custodian to the related Seller for the purpose of recording it in the
        appropriate public office for real property records, and the Sellers, 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 EMC (on its own behalf
        and
        on behalf of Master Funding), 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
        EMC (on its own behalf and on behalf of Master Funding), 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 Custodian shall review the Mortgage
        Files as provided in Section 2.02 of the Pooling and Servicing Agreement
        and
        deliver to EMC (on its own behalf and on behalf of Master Funding), the Master
        Servicer and to 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 collectability, 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 EMC has repurchased a Mortgage
        Loan pursuant to Article II of the Pooling and Servicing Agreement, and a
        request for release (a “Request for Release”) confirming that the purchase price
        therefor has been deposited in the Master Servicer Collection Account or
        the
        Distribution Account, then the Custodian agrees to promptly release to EMC
        the
        related Mortgage File.

       

      Upon
        the
        Custodian’s receipt of a Request for Release substantially in the form of
        Exhibit G to the Pooling and Servicing Agreement signed by a Servicing Officer
        of a 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 Servicer, the related
        Mortgage File. The Depositor shall deliver to the Custodian and the Custodian
        agrees to review in accordance with the provisions of their Agreement the
        Mortgage Note and other documents constituting the Mortgage File with respect
        to
        any Replacement 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
        or
        PMI Policy, the Company or the related Servicer, as applicable, 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 Company or
        the
        related Servicer, as applicable, 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 Company or the related Servicer, as applicable. The Company or the related
        Servicer, as applicable, shall cause each Mortgage File or any document therein
        so released to be returned to the Custodian when the need therefore by the
        Company or the related Servicer, as applicable, 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 Master Servicer Collection Account
        or
        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 Company or the related Servicer, as applicable, 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 the Company or the related Servicer is required to deliver to the
        Custodian a Request for Release, the Company or the related Servicer, as
        applicable, shall deliver two copies of the Request for Release if delivered
        in
        hard copy or the Company or the related Servicer, as applicable, 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 a Mortgage
        File because of a repurchase of a Mortgage Loan, such Request for Release
        shall
        be accompanied by an assignment of mortgage, without recourse, representation
        or
        warranty from the Trustee to the Seller (unless such Mortgage Loan is a MOM
        Loan) and the related Mortgage Note shall be endorsed without recourse,
        representation or warranty by the Trustee (unless such Mortgage Loans is
        registered on the MERS System) and be returned to the Seller. 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 Company or the related 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 Pooling
        and Servicing Agreement or the related Servicing Agreement, shall cause the
        Company or the related Servicer, as applicable, 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
        a 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 Company, the Depositor, any Servicer
        or the
        Master Servicer or otherwise released from the possession of the
        Custodian.

       

      Section
        3.2.  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
        3.3.  Securities
        Administrator to Pay Custodian’s Fees and Expenses.
        The
        Securities Administrator 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, and the Securities Administrator 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
        3.4.  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 upon 60 days prior written notice
        to Custodian. 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 3.6 and shall be unaffiliated with the
        Servicers, the Company and the Depositor.

       

      Any
        resignation or removal of the Custodian and appointment of a successor Custodian
        pursuant to any of the provisions of this Section 3.4 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
        3.5.  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
        3.6.  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)  [Reserved];

       

      (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 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").

       

      (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 (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.
        

       

      (a)  On
        or
        before March 15 of each calendar year, the Custodian shall:

       

      (i) deliver
        to the Master Servicer, the Depositor and the Securities Administrator a
        report
        (in form and substance reasonably satisfactory to the Depositor) regarding
        the
        Custodian’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 Master Servicer, the Depositor and the Securities Administrator
        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 attached hereto; and

       

      (ii) deliver
        to the Master Servicer, the Depositor and the Securities Administrator a
        report
        of a registered public accounting firm reasonably acceptable to the Depositor
        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.

       

      (b)  In
        the
        event the Custodian is terminated under, or resigns pursuant to, the terms
        of
        this Agreement, the Custodian shall provide an Assessment of Compliance and
        cause to be provided an Attestation Report pursuant to this Section 4.4
        notwithstanding any such termination or resignation.

       

      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.

       

      (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 for all costs reasonably
        incurred by the Depositor 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.

       

      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.  [Reserved].

       

      Section
        5.3.  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.  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
        5.4.  GOVERNING
        LAW.
        THIS
        AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
        OF
        THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
        OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

       

      Section
        5.5.  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
        5.6.  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:

                One
                  Federal Street, 3rd
                  Floor

                Boston,
                  MA 02110

                Attention:
                  

                BSABS
                  I 2007-AC1

                Telecopy:
                  (617) 603-6638

              	
                U.S.
                  BANK NATIONAL ASSOCIATION, not individually but solely as
                  Trustee

                 

                By:___________________________________

                Name: 

                Title: 

              
	 	 
	
                Address:

                383
                  Madison Avenue

                New
                  York, New York 10179

              	
                BEAR
                  STEARNS ASSET BACKED SECURITIES I LLC

                 

                By:___________________________________

                Name: 
                  Joseph T. Jurkowski, Jr.

                Title: Vice
                  President

              
	 	 
	
                Address:

                2780
                  Lake Vista Drive, 

                Lewisville,
                  Texas 75067

              	
                EMC
                  MORTGAGE CORPORATION,

                as
                  Master Servicer and Seller

                 

                By:___________________________________

                Name: 

                Title: 

              
	 	 
	
                Address:

                2780
                  Lake Vista Drive, 

                Lewisville,
                  Texas 75067

              	
                MASTER
                  FUNDING LLC,

                as
                  Seller

                 

                By:___________________________________

                Name: 

                Title: 

              
	 	 
	
                Address:

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

              	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Securities Administrator

                 

                By:___________________________________

                Name: 

                Title: 

              
	 	 
	
                Address:

                1015
                  10th Avenue S.E.

                Minneapolis,
                  Minnesota 55414-0031

              	
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION, 

                as
                  Custodian

                 

                By:___________________________________

                Name: 

                Title: 

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	STATE OF MASSACHUSETTS	)
	 	) ss
	COUNTY OF SUFFOLK	)

      

       

       

      On
        the
        30th day of January 2007 before me, a notary public in and for said State,
        personally appeared __________________________, known to me to be a(n)
        __________________________ of U.S. Bank National Association, a national
        banking
        association, one of the parties that executed the within agreement, and also
        known to me to be the person who executed the within agreement on behalf
        of said
        party and acknowledged to me that such party 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
        30th day of January 2007 before me, a notary public in and for said State,
        personally appeared __________________________, known to me to be a(n)
        __________________________ of Bear Stearns Asset Backed Securities I LLC,
        and
        also known to me to be the person who executed the within instrument on behalf
        of said party, and acknowledged to me that such party 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 TEXAS	)
	 	) ss
	COUNTY OF DALLAS	)

      

       

       

      On
        the
        30th day of January 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 parties that executed
        the
        within instrument, and also known to me to be the person who executed the
        within
        instrument on behalf of said party, and acknowledged to me that such party
        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
        30th day of January 2007 before me, a notary public in and for said State,
        personally appeared __________________________, known to me to be an authorized
        representative of Master Funding LLC, one of the parties that executed the
        within instrument, and also known to me to be the person who executed the
        within
        instrument on behalf of said party, and acknowledged to me that such party
        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
        30th day of January 2007 before me, a notary public in and for said State,
        personally appeared __________________________, known to me to be a(n)
        __________________________ of Wells Fargo Bank, National Association, a national
        banking association, one of the parties that executed the within instrument,
        and
        also known to me to be the person who executed it on behalf of said party,
        and
        acknowledged to me that such party 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 MINNESOTA 	)
	 	) ss
	COUNTY OF 	)

          

           

        

      

       

      On
        the
        30th day of January 2007 before me, a notary public in and for said State,
        personally appeared __________________________, known to me to be a(n)
        __________________________ of Wells Fargo Bank, National Association, a national
        banking association, one of the parties that executed the within instrument,
        and
        also known to me to be the person who executed it on behalf of said party,
        and
        acknowledged to me that such party 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
        ONE

       

      FORM
        OF
        CUSTODIAN INITIAL CERTIFICATION

       

      January
        30, 2007

       

      
        	
                U.S.
                  Bank National Association

                One
                  Federal Street, 3rd
                  Floor

                Boston,
                  MA 02110

              	
                With
                  a copy to:  

                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067

                Attention:
                  Michelle Viner

                Facsimile:
                  (214) 626-4889

              
	 	 
	
                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067

                Attention:
                  Janan Weeks

                Facsimile:
                  (214) 626-3704

              

      

      

       

      Attention:
        Bear Stearns Asset Backed Securities I LLC, Series 2007-AC1

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of January 30, 2007, by and

                among
                  U.S. Bank National Association, Wells Fargo Bank,

                National
                  Association, Bear Stearns Asset Backed Securities

                I
                  LLC, EMC Mortgage Corporation and Master Funding

                LLC
                  relating to Bear Stearns Asset Backed Securities I

                Trust
                  2007-AC1, Asset-Backed Certificates, Series
                  2007-AC1

              

      

       

      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, NATIONAL ASSOCIATION

       

      By:______________________________

      Name:____________________________

      Title:_____________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

      (PROVIDED
        UPON REQUEST)

       

      
EXHIBIT
        TWO

       

      FORM
        OF
        CUSTODIAN INTERIM CERTIFICATION

       

      [DATE]

       

      
        	
                U.S.
                  Bank National Association

                One
                  Federal Street, 3rd
                  Floor

                Boston,
                  MA 02110

              	
                With
                  a copy to:  

                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067

                Attention:
                  Michelle Viner

                Facsimile:
                  (214) 626-4889

              
	 	 
	
                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067

                Attention:
                  Janan Weeks

                Facsimile:
                  (214) 626-3704

              

      

      

       

      Attention:
        Bear Stearns Asset Backed Securities I LLC, Series 2007-AC1

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of January 30, 2007, by and

                among
                  U.S. Bank National Association, Wells Fargo Bank,

                National
                  Association, Bear Stearns Asset Backed Securities

                I
                  LLC, EMC Mortgage Corporation and Master Funding

                LLC
                  relating to Bear Stearns Asset Backed Securities I

                Trust
                  2007-AC1, Asset-Backed Certificates, Series
                  2007-AC1

              

      

       

      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, NATIONAL ASSOCIATION

       

      
        By:______________________________

        Name:____________________________

        Title:_____________________________

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

      

      (PROVIDED
        UPON REQUEST)

      

      

       

      EXHIBIT
        THREE

       

      FORM
        OF
        CUSTODIAN FINAL CERTIFICATION

       

      [DATE]

       

      
        	
                U.S.
                  Bank National Association

                One
                  Federal Street, 3rd
                  Floor

                Boston,
                  MA 02110

              	
                With
                  a copy to:  

                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067

                Attention:
                  Michelle Viner

                Facsimile:
                  (214) 626-4889

              
	 	 
	
                EMC
                  Mortgage Corporation

                2780
                  Lake Vista Drive

                Lewisville,
                  TX 75067

                Attention:
                  Janan Weeks

                Facsimile:
                  (214) 626-3704

              

      

      

       

      Attention:
        Bear Stearns Asset Backed Securities I LLC, Series 2007-AC1

       

      
        	 	
                Re:

              	
                Custodial
                  Agreement, dated as of January 30, 2007, by and

                among
                  U.S. Bank National Association, Wells Fargo Bank,

                National
                  Association, Bear Stearns Asset Backed Securities

                I
                  LLC, EMC Mortgage Corporation and Master Funding

                 LLC
                  relating to Bear Stearns Asset Backed Securities I

                Trust
                  2007-AC1, Asset-Backed Certificates, Series
                  2007-AC1

              

      

       

      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, NATIONAL ASSOCIATION

       

      
        By:______________________________

        Name:____________________________

        Title:_____________________________

      

      

      SCHEDULE
        A

      

      (PROVIDED
        UPON REQUEST)

      

      

      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
        K

      

      FORM
        OF BACK-UP CERTIFICATION
        TO FORM 10-K CERTIFICATE

       

      The
        [ ]
        agreement dated as of [ ],
        200[ ]
        (the “Agreement”), among [IDENTIFY PARTIES]

      

      I,
        ________________________________, the _______________________ of [NAME OF
        COMPANY], certify to [the Purchaser], [the Depositor], and the [Master Servicer]
        [Trustee], and their officers, with the knowledge and intent that they will
        rely
        upon this certification, that:

       

      (1) I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation
        Report”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Company
        during 200[ ] that were delivered by the Company to the [Depositor] [Master
        Servicer] [Trustee] pursuant to the Agreement (collectively, the “Company
        Servicing Information”);

       

      (2) Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (3) Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Trustee];

       

      (4) I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

       

      (5) The
        Compliance Statement required to be delivered by the Company pursuant to
        the
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer or Subcontractor pursuant
        to the
        Agreement, have been provided to the [Depositor] [Master Servicer]. Any material
        instances of noncompliance described in such reports have been disclosed
        to the
        [Depositor] [Master Servicer]. Any material instance of noncompliance with
        the
        Servicing Criteria has been disclosed in such reports.

       

       

      Date: _________________________

       

      

       

      By:

       

      Name:
         ________________________________
        

       

      Title:
         ________________________________

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

      

      FORM
        OF
        MORTGAGE LOAN PURCHASE AGREEMENT

      

      MORTGAGE
        LOAN PURCHASE AGREEMENT, dated as of January 30, 2007, as amended and
        supplemented by any and all amendments hereto (collectively, “this
        Agreement”),
        by
        and among EMC MORTGAGE CORPORATION, a Delaware corporation (“EMC”
or
        a
“Mortgage
        Loan Seller”),
        MASTER FUNDING LLC, a Delaware limited liability company (“Master
        Funding”
or
        a
“Mortgage
        Loan Seller”,
        and
        together with EMC, the “Mortgage
        Loan Sellers”)and
        BEAR STEARNS ASSET BACKED SECURITIES I LLC, a Delaware limited liability
        company
        (the “Purchaser”).

       

      Upon
        the
        terms and subject to the conditions of this Agreement, each Mortgage Loan
        Seller
        agrees to sell, and the Purchaser agrees to purchase, certain conventional,
        fixed rate, first lien mortgage loans secured by one- to four-family residences
        (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 Asset Backed Securities I Trust 2007-AC1, Asset-Backed
        Certificates, Series 2007-AC1 (the “Certificates”),
        under
        a pooling and servicing agreement, to be dated as of January 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”),
        Wells
        Fargo Bank, National Association, as securities administrator (the “Securities
        Administrator”),
        and
        U.S. Bank National Association, as trustee (the “Trustee”).

       

      The
        Purchaser has filed with the Securities and Exchange Commission (the
“Commission”)
        a
        registration statement on Form S-3 (Number 333-131374) relating to its
        Asset-Backed 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 January 29, 2007, to the Prospectus, dated December
        18, 2006, 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 January 29, 2007, to an underwriting
        agreement, dated April 13, 2006, 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). With respect to Master Funding and the sale of the Master
        Funding Mortgage Loans, cash in an amount equal to $            
        *             
        (plus
        $        *       
        in
        accrued interest).

       

      Bear
        Stearns:
        Bear,
        Stearns & Co. Inc.

       

      Closing
        Date:
        January
        30, 2007.

       

      Custodial
        Agreement:
        An
        agreement, dated as of January 30, 2007 among the Depositor, EMC, Master
        Funding, the Trustee, the Master Servicer, the Securities Administrator and
        the
        Custodian.

       

      Cut-off
        Date Balance:
        Shall
        mean $455,775,287.84.

       

      Deleted
        Mortgage Loan:
        A
        Mortgage Loan replaced or to be replaced by a Replacement Mortgage
        Loan.

       

      Due
        Date:
        With
        respect to each Mortgage Loan, the date in each month on which its scheduled
        payment is due, as set forth in the related Mortgage Note.

       

      EMC:
        EMC
        Mortgage Corporation.

       

      EMC
        Flow Loans:
        The
        Mortgage Loans purchased by EMC pursuant to a flow loan purchase
        agreement.

       

      EMC
        Mortgage Loans:
        The
        Mortgage Loans identified as such on the Mortgage Loan Schedule for which
        EMC is
        the applicable Mortgage Loan Seller.

       

      Master
        Funding:
        Master
        Funding LLC.

       

      Master
        Funding Mortgage Loans:
        The
        Mortgage Loans identified as such on the Mortgage Loan Schedule for which
        Master
        Funding is the applicable Mortgage Loan Seller.

       

      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.

       

      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.

       

       

      
        
          _________________________

          * Please
            contact Bear Stearns for pricing information.

        

        
          * Please
            contact Bear Stearns for pricing information.

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

       

       

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

       

      Mortgage:
        The
        mortgage or deed of trust 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.

       

      Mortgage
        Rate:
        The
        annual rate of interest borne by a Mortgage Note as stated therein.

       

      Mortgagor:
        The
        obligor(s) on a Mortgage Note.

       

      Net
        Mortgage Rate:
        For
        each Mortgage Loan, the Mortgage Rate for such Mortgage Loan less (i) the
        Securities Administrator Fee, (ii) the Servicing Fee Rate and (iii) the rate
        at
        which the LPMI Fee is calculated, if applicable.

       

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be counsel for a 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 required to be purchased by EMC (on its own
        behalf
        as a Mortgage Loan Seller and on behalf of Master Funding) pursuant to the
        applicable provisions of this Agreement, an amount equal to the sum of (i)
        100%
        of the principal remaining unpaid on such Mortgage Loan as of the date of
        purchase (including if a foreclosure has already occurred, the principal
        balance
        of the related Mortgage Loan at the time the Mortgaged Property was acquired),
        (ii) accrued and unpaid interest thereon at the Mortgage Rate through and
        including the last day of the month of purchase, plus any portion of the
        Servicing Advances payable to the purchaser of the Mortgage Loan, and (iii)
        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 Moody’s, each a “Rating
        Agency.”

       

      Replacement
        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; upon such substitution, such mortgage loan shall be
        a
“Mortgage Loan” hereunder.

       

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

       

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

       

      Transaction
        Documents:
        This
        Agreement, the Pooling and Servicing Agreement, the Custodial Agreement and
        the
        Underwriting Agreement.

       

      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.

       

      Wells
        Fargo:
        Wells
        Fargo Bank, National Association.

       

      SECTION
        2.  Purchase
        and Sale of the Mortgage Loans and Related Rights.
        

       

      (a)  Upon
        satisfaction of the conditions set forth in Section 11 hereof, each Mortgage
        Loan Seller agrees to sell, and the Purchaser agrees to purchase Mortgage
        Loans
        sold by such Mortgage Loan Seller having an aggregate outstanding principal
        balance as of the Cut-off Date equal to the related 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 each respective Mortgage Loan Seller the
        related Acquisition Price for the Mortgage Loans sold by such Mortgage Loan
        Seller in immediately available funds by wire transfer to such account or
        accounts as shall be designated by such Mortgage Loan Seller.

       

      (d)  In
        addition to the foregoing, on the Closing Date each Mortgage Loan Seller
        assigns
        to the Purchaser all of its right, title and interest in the Servicing
        Agreements.

       

      SECTION
        3.  Mortgage
        Loan Schedules.
        EMC (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        agrees
        to provide to the Purchaser as of the date hereof a preliminary listing of
        the
        Mortgage Loans (the “Preliminary 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 each
        respective Mortgage Loan Seller. If there are changes to the Preliminary
        Mortgage Loan Schedule, such Mortgage Loan Seller shall provide to the Purchaser
        as of the Closing Date a final schedule (the “Final 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 such Mortgage
        Loan Seller to the Purchaser. The Final Mortgage Loan Schedule shall be
        delivered to the Purchaser on the Closing Date, shall be attached to an
        amendment to this Agreement to be executed on the Closing Date by the parties
        hereto and shall be in form and substance mutually agreed to by EMC (on its
        own
        behalf as a Mortgage Loan Seller and on behalf of Master Funding) and the
        Purchaser (the “Amendment”). If there are no changes to the Preliminary Mortgage
        Loan Schedule, the Preliminary Mortgage Loan Schedule shall be the Final
        Mortgage Loan Schedule for all purposes hereof.

       

      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 thereof. Each Mortgage Loan 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 thereof. Such principal amounts and any interest thereon
        belonging to the related Mortgage Loan 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 Final Mortgage Loan
        Schedule.

       

      (b)  Pursuant
        to various conveyancing 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, each Mortgage Loan
        Seller has delivered or will deliver or cause to be delivered to the Trustee
        or
        the Custodian on behalf of the Trustee by the Closing Date or such later
        date as
        is agreed to by the Purchaser and such Mortgage Loan Seller (each of the
        Closing
        Date and such later date is referred to as a “Mortgage
        File Delivery Date”),
        the
        items of each Mortgage File, provided,
        however,
        that in
        lieu of the foregoing, such Mortgage Loan Seller may deliver the following
        documents, under the circumstances set forth below: (x) in lieu of the original
        Mortgage (other than the Mortgages related to the EMC Flow Loans), 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
        Mortgage required to be included thereon, be delivered to recording offices
        for
        recording and have not been returned in time to permit their delivery as
        specified above, the related Mortgage Loan Seller may deliver a true copy
        thereof with a certification by such 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;” (y) in lieu of the Mortgage (other than the Mortgages related to the
        EMC Flow Loans), assignments to the Trustee or intervening assignments thereof,
        if the applicable jurisdiction retains the originals of such documents or
        if the
        originals are lost (in each case, as evidenced by a certification from such
        Mortgage Loan Seller or the Master Servicer to such effect), such 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; and (z) 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
        related Mortgage Loan Seller may deliver lost note affidavits and indemnities
        of
        such Mortgage Loan Seller; 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, such Mortgage Loan Seller, in lieu of delivering the
        above
        documents, may deliver to the Trustee a certification by such Mortgage Loan
        Seller or the Master Servicer to such effect. Each 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 Custodian on behalf of the Trustee, promptly after they are
        received. EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) shall cause the Mortgage and intervening assignments, if
        any,
        and the assignment of the Mortgage 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, EMC (on its own behalf as a Mortgage Loan Seller and on behalf of
        Master
        Funding) 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 related 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. EMC (on its own
        behalf as a Mortgage Loan Seller and on behalf of Master Funding) further
        agrees
        that it will not, and will not permit any Servicer or the Master Servicer
        to,
        and the Master Servicer agrees that it will not, alter the codes referenced
        in
        this paragraph with respect to any Mortgage Loan during the term of 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)  Each
        Mortgage Loan Seller and the Purchaser acknowledge hereunder that all of
        the
        Mortgage Loans and the related servicing, will ultimately be assigned to
        U.S.
        Bank National Association, as Trustee for the benefit of the Certificateholders,
        on the date hereof.

       

      SECTION
        5.  Examination
        of Mortgage Files.

       

      (a)  On
        or
        before the Mortgage File Delivery Date, each Mortgage Loan 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 such Mortgage Loan
        Seller and/or such 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 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, each Mortgage Loan 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 such 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, each Mortgage Loan Seller agrees to provide to the Purchaser,
        Bear Stearns and to any investors or prospective investors in the Certificates
        information regarding the Mortgage Loans and their servicing, to make the
        related Mortgage Files available to the Purchaser, Bear Stearns and to such
        investors or prospective investors (which may be at the offices of the related
        Mortgage Loan Seller and/or such Mortgage Loan Seller’s custodian) and to make
        available personnel knowledgeable about the related 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 Closing Date the Trustee (or
        the
        Custodian as obligated under the Custodial Agreement), for the benefit of
        the
        Certificateholders, will review items of the Mortgage Files as set forth
        on
Exhibit
        1
        and will
        deliver to EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) an initial certification in the form attached as Exhibit
        One to
        the Custodial Agreement.

       

      (c)  Within
        90
        days of the Closing Date, the Trustee or the Custodian on its behalf shall,
        in
        accordance with the provisions of Section 2.02 of the Pooling and Servicing
        Agreement, deliver to EMC
        (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master
        Funding)
        and the
        Trustee an Interim Certification in the form attached as Exhibit Two to the
        Custodial Agreement 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.

       

      (d)  The
        Trustee or the Custodian on its behalf will review the Mortgage Files within
        180
        days of the Closing Date and will deliver to EMC and the Master Servicer,
        and if
        reviewed by the Custodian, the Trustee, a final certification substantially
        in
        the form of Exhibit Three to the Custodial Agreement. If the Trustee or the
        Custodian on its behalf is unable to deliver a final certification with respect
        to the items listed in Exhibit
        1
        due to
        any document that is missing, has not been executed, is unrelated, determined
        on
        the basis of the Mortgagor name, original principal balance and loan number,
        to
        the Mortgage Loans identified in the Final Mortgage Loan Schedule (a
“Material
        Defect”),
        the
        Trustee or the Custodian on its behalf shall notify the EMC of such Material
        Defect. EMC (on its own behalf as a Mortgage Loan Seller and on behalf of
        Master
        Funding) shall correct or cure any such Material Defect within 90 days from
        the
        date of notice from the Trustee of the Material Defect and if EMC (on its
        own
        behalf as a Mortgage Loan Seller and on behalf of Master Funding) does not
        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, EMC (on its own behalf as a Mortgage Loan Seller and
        on
        behalf of Master Funding) 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 Replacement Mortgage Loan (if within two years of the Closing Date)
        or
        purchase the related Mortgage Loan at the applicable Purchase Price;
provided,
        however,
        that if
        such defect relates solely to the inability of EMC (on its own behalf as
        a
        Mortgage Loan Seller and on behalf of Master Funding) 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 EMC (on its own behalf as a Mortgage Loan Seller and
        on
        behalf of Master Funding) 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
        EMC
        (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        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 EMC (on its
        own
        behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall instead
        deliver a recording receipt of such recording office or, if such receipt
        is not
        available, a certificate of EMC (on its own behalf as a Mortgage Loan Seller
        and
        on behalf of Master Funding) or a Servicing Officer confirming that such
        documents have been accepted for recording, and delivery to the Trustee shall
        be
        effected by EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) within thirty days of its receipt of the original recorded
        document.

       

      (e)  At
        the
        time of any substitution, EMC (on its own behalf as a Mortgage Loan Seller
        and
        on behalf of Master Funding) shall deliver or cause to be delivered the
        Replacement 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 shall (i) assign the selected Mortgage Loan to
        EMC (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        and
        shall release or cause the 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 Trustee or the Custodian, as applicable 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 EMC (on its own behalf as a Mortgage Loan Seller and on behalf of
        Master
        Funding) title to such Deleted Mortgage Loan.

       

      SECTION
        6.  Recordation
        of Assignments of Mortgage.

       

      (a)  EMC
        (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        will,
        promptly after the Closing Date, cause each Mortgage and each assignment
        of
        Mortgage from the Mortgage Loan Sellers to the Trustee, and all unrecorded
        intervening assignments, if any, delivered on or prior to the Closing Date,
        to
        be recorded in all recording offices in the jurisdictions where the related
        Mortgaged Properties are located; provided,
        however,
        EMC (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        need
        not cause to be recorded any assignment which relates to a Mortgage Loan
        that is
        a MOM Loan or for which the related Mortgaged Property is located in any
        jurisdiction under the laws of which, as evidenced by an Opinion of Counsel
        delivered by EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) to the Trustee and the Rating Agencies, the recordation of
        such
        assignment is not necessary to protect the Trustee’s interest in the related
        Mortgage Loan; provided,
        however,
        notwithstanding the delivery of any Opinion of Counsel, each assignment of
        Mortgage shall be submitted for recording by EMC (on its own behalf as a
        Mortgage Loan Seller and on behalf of Master Funding) 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 Percentage
        Interests aggregating not less than 25% of the Trust, (ii) the occurrence
        of a
        Company Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure
        relating to EMC under the Pooling and Servicing Agreement, (iv) the occurrence
        of a servicing transfer as described in Section 9.05 of the Pooling and
        Servicing Agreement or an assignment of the servicing as described in Section
        8.05(b) of the Pooling and Servicing Agreement or (iv) with respect to any
        one
        assignment of Mortgage, the occurrence of a bankruptcy, insolvency or
        foreclosure relating to the Mortgagor under the related Mortgage.

       

      While
        each such Mortgage or assignment is being recorded, if necessary, EMC (on
        its
        own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall
        leave or cause to be left with the Trustee or the Custodian on its behalf
        a
        certified copy of such Mortgage or assignment. In the event that, within
        180
        days of the Closing Date, the Trustee has not been provided with an Opinion
        of
        Counsel as described above or received evidence of recording with respect
        to
        each Mortgage Loan delivered to the Purchaser pursuant to the terms hereof
        or as
        set forth above and the related Mortgage Loan is not a MOM Loan, the failure
        to
        provide evidence of recording or such Opinion of Counsel shall be considered
        a
        Material Defect, and the provisions of Section 5(c) and (d) shall apply.
        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 each 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 Mortgage Loans by such Mortgage
        Loan Seller to the Purchaser to secure a debt or other obligation of that
        Mortgage Loan 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 such Mortgage Loan 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 such Mortgage Loan Seller to the
        Purchaser of a security interest in all of such Mortgage Loan 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 (or the
        Custodian on its behalf) 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 9-305 (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. EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of Master Funding) 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 EMC 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 being
        sold by it, that:

       

      (a)  The
        information set forth in the Mortgage Loan Schedule hereto is true and correct
        in all material respects.

       

      (b)  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 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.

       

      (c)  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.

       

      (d)  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 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.

       

      (e)  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.

       

      (f)  No
        selection procedure reasonably believed by the Mortgage Loan Seller to be
        adverse to the interests of the Certificateholders was utilized in selecting
        the
        Mortgage Loans.

       

      (g)  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.

       

      (h)  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 clause (m) below.

       

      (i)  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.

       

      (j)  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.

       

      (k)  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.

       

      (l)  The
        Mortgaged Property and all improvements thereon comply with all requirements
        of
        any applicable zoning and subdivision laws and ordinances.

       

      (m)  A
        lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other
        assurance of title customary in the relevant jurisdiction therefor in a form
        acceptable to Fannie Mae or Freddie Mac, was issued on the date that each
        Mortgage Loan was created by a title insurance company which, to the best
        of the
        Mortgage Loan Seller’s knowledge, 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 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.

       

      (n)  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
        Freddie Mac. 

       

      (o)  The
        improvements on each Mortgaged Property securing a 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 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.

       

      (p)  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).

       

      (q)  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).

       

      (r)  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.

       

      (s)  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 5.7, 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. 

       

      (t)  Each
        Mortgage Loan was originated in accordance with the underwriting guidelines
        of
        the related originator.

       

      (u)  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.

       

      (v)  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.

       

      (w)  The
        Mortgage Loans are currently being serviced in accordance with accepted
        servicing practices.

       

      (x)  With
        respect to each 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 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.

       

      (y)  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.

       

      (z)  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 Mortgage Loan Seller as
        to any
        Replacement 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 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. 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 Mortgage Loan at the
        applicable Purchase Price or (iii) if within two years of the Closing Date,
        substitute a qualifying Replacement Mortgage Loan in exchange for such Mortgage
        Loan; provided that, (A) in the case of a breach of the representation and
        warranty concerning the Mortgage Loan Schedule contained in clause (a) of
        this
        Section 7, if such breach is material and relates to any field on the Mortgage
        Loan Schedule which identifies any Prepayment Charge or (B) in the case of
        a
        breach of the representation contained in clause (x) of this Section 7, then,
        in
        each case, in lieu of purchasing such Mortgage Loan from the Trust Fund at
        the
        Purchase Price, the Mortgage Loan Seller shall pay the amount of the Prepayment
        Charge (net of any amount previously collected by or paid to the Trust Fund
        in
        respect of such Prepayment Charge) from its own funds and without reimbursement
        therefor, and the Mortgage Loan Seller shall have no obligation to repurchase
        or
        substitute for such Mortgage Loan. The obligations of the Mortgage Loan Seller
        to cure, purchase or substitute a qualifying Replacement 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 Mortgage Loan Seller 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 Replacement Mortgage
        Loan
        pursuant to the terms hereof.

       

      SECTION
        8.  Representations
        and Warranties Concerning EMC.
        As of
        the date hereof and as of the Closing Date, EMC represents and warrants to
        the
        Purchaser and Master Funding 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 EMC’s
        ability to enter into this Agreement or any other Transaction Document to
        which
        it is a party and to consummate the transactions contemplated hereby or
        thereby;

       

      (b)  EMC
        has
        full power to own its property, to carry on its business as presently conducted
        and to enter into and perform its obligations under this Agreement or any
        other
        Transaction Document to which it is a party;

       

      (c)  the
        execution and delivery by EMC of this Agreement and any other Transaction
        Document to which it is a party has been duly authorized by all necessary
        action
        on the part of EMC; and neither the execution and delivery of this Agreement
        or
        any other Transaction Document to which it is a party, nor the consummation
        of
        the transactions herein or therein contemplated, nor compliance with the
        provisions hereof or thereof, 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 or any other Transaction Document to
        which
        it is a party and to consummate the transactions contemplated hereby or
        thereby;

       

      (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)  each
        of
        this Agreement and the other Transaction Document to which it is a party
        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 any other Transaction Document to which it is a party or
        (ii)
        with respect to any other matter which in the judgment of EMC could reasonably
        be expected to 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 or any other Transaction Document to which it is a party;
        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 Mortgage Loan Sellers as follows:

       

      (a)  the
        Purchaser (i) is a limited liability company 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 Purchaser’s
        business as presently conducted or on the Purchaser’s ability to enter into this
        Agreement or any other Transaction Document to which it is a party and to
        consummate the transactions contemplated hereby or thereby;

       

      (b)  the
        Purchaser has full power to own its property, to carry on its business as
        presently conducted and to enter into and perform its obligations under this
        Agreement or any other Transaction Document to which it is a party;

       

      (c)  the
        execution and delivery by the Purchaser of this Agreement or any other
        Transaction Document to which it is a party has been duly authorized by all
        necessary 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 or thereof, 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 certificate of formation
        or limited liability company agreement 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 or any
        other Transaction Document to which it is a party and to consummate the
        transactions contemplated hereby or thereby;

       

      (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)  each
        of
        this Agreement and the other Transaction Documents to which it is a party
        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 and the other Transaction Documents to which
        it
        is a party 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 other
        Transaction Documents to which it is a party; 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 the other Transaction Documents
        to which it is a party; and

       

      (g)  the
        Purchaser’s Information (as defined in Section 14(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.  Representations
        and Warranties Concerning Master Funding.
        As of
        the date hereof and as of the Closing Date, Master Funding represents and
        warrants to EMC and the Purchaser as follows:

       

      (a)  Master
        Funding (i) is a limited liability company 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 Master Funding’s
        business as presently conducted or on Master Funding’s ability to enter into
        this Agreement and to consummate the transactions contemplated
        hereby;

       

      (b)  Master
        Funding has full 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 Master Funding of this Agreement has been duly
        authorized by all necessary action on the part of Master Funding; and neither
        the execution and delivery of this Agreement, nor the consummation of the
        transactions herein contemplated, nor compliance with the provisions hereof
        or
        thereof, 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 Master Funding or its properties or
        the
        written consent of the sole member or limited liability company agreement
        of
        Master Funding, except those conflicts, breaches or defaults which would
        not
        reasonably be expected to have a material adverse effect on Master Funding’s
        ability to enter into this Agreement and to consummate the transactions
        contemplated hereby;

       

      (d)  The
        execution, delivery and performance by Master Funding 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 Master Funding and, assuming
        due authorization, execution and delivery by the Purchaser or the parties
        thereto, constitutes a valid and binding obligation of Master Funding
        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); and

       

      (f)  There
        are
        no actions, suits or proceedings pending or, to the knowledge of Master Funding,
        threatened against Master Funding, 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 Master Funding could reasonably be expected
        to
        be determined adversely to Master Funding and if determined adversely to Master
        Funding materially and adversely affect Master Funding’s ability to perform its
        obligations under this Agreement; and Master Funding 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.

       

      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:
        

       

      (1)  Each
        of
        the obligations of each Mortgage Loan 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 each 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 any of the Transaction
        Documents; and the Purchaser shall have received certificates to that effect
        signed by authorized officers of each of the Mortgage Loan Sellers.

       

      (2)  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:

       

      (i)  If
        required pursuant to Section 3 hereof, the Amendment dated as of the Closing
        Date and any documents referred to therein;

       

      (ii)  If
        required pursuant to Section 3 hereof, the Final Mortgage Loan Schedule
        containing the information set forth on Exhibit
        2
        hereto,
        one copy to be attached to each counterpart of the Amendment;

       

      (iii)  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;

       

      (iv)  A
        certificate of an officer of each Mortgage Loan Seller dated as of the Closing
        Date, in a form reasonably acceptable to the Purchaser, and attached thereto
        the
        resolutions of such Mortgage Loan Seller authorizing the transactions
        contemplated by this Agreement and the other Transaction Documents to which
        it
        is a party, together with copies of the articles of incorporation, by-laws
        and
        certificate of good standing of such Mortgage Loan Seller;

       

      (v)  One
        or
        more opinions of counsel from the Mortgage Loan Sellers’ counsel otherwise in
        form and substance reasonably satisfactory to the Purchaser, the Trustee
        and
        each Rating Agency;

       

      (vi)  A
        letter
        from each of the Rating Agencies giving each Class of Certificates set forth
        on
        Schedule A hereto the rating set forth therein; and

       

      (vii)  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.

       

      (3)  The
        Certificates to be sold to Bear Stearns pursuant to the Underwriting Agreement
        shall have been issued and sold to Bear Stearns.

       

      (4)  Each
        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 their respective
        counsel may reasonably request.

       

      (b)  The
        obligations of each Mortgage Loan Seller under this Agreement shall be subject
        to the satisfaction, on or prior to the Closing Date, of the following
        conditions:

       

      (1)  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 or any of the Transaction Documents,
        and
        each Mortgage Loan Seller shall have received a certificate to that effect
        signed by an authorized officer of the Purchaser.

       

      (2)  Each
        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 such Mortgage
        Loan Seller as required pursuant to the respective terms thereof:

       

      (i)  If
        required pursuant to Section 3 hereof, the Amendment dated as of the Closing
        Date and any documents referred to therein;

       

      (ii)  The
        Pooling and Servicing Agreement, in form and substance reasonably satisfactory
        to EMC, and all documents required thereby duly executed by all
        signatories;

       

      (iii)  A
        certificate of an officer of the Purchaser dated as of the Closing Date,
        in a
        form reasonably acceptable to each Mortgage Loan Seller, and attached thereto
        the written consent of the member of the Purchaser authorizing the transactions
        contemplated by this Agreement and the other Transaction Documents to which
        it
        is a party, together with copies of the Purchaser’s certificate of formation,
        limited liability company agreement, and evidence as to the good standing
        of the
        Purchaser dated as of a recent date;

       

      (iv)  A
        certificate of an officer of Master Funding dated as of the Closing Date,
        in a
        form reasonably acceptable to the Purchaser, and attached thereto the
        resolutions of Master Funding authorizing the transactions contemplated by
        this
        Agreement, together with copies of the written consent of the sole member,
        limited liability company agreement and certificate of good standing of Master
        Funding;

       

      (v)  One
        or
        more opinions of counsel from the Purchaser’s counsel in form and substance
        reasonably satisfactory to each Mortgage Loan Seller and the Rating Agencies;
        and

       

      (vi)  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, EMC (on its own behalf as a Mortgage Loan Seller and
        on
        behalf of Master Funding) 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 Mortgage
        Loan
        Sellers’ 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 Trustee
        or the Custodian on its behalf, (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 each 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. EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) 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 Final Mortgage Loan Schedule and will compare those
        characteristics to the description of the Mortgage Loans contained in the
        Prospectus Supplement under the captions “Summary—The Mortgage Loans” and “The
        Mortgage Pool” and in Schedule A thereto. EMC (on its own behalf as a Mortgage
        Loan Seller and on behalf of Master Funding) 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,
        Prepayment and Maturity Considerations” in the Prospectus
        Supplement.

       

      (b)  To
        the
        extent statistical information with respect to EMC’s servicing portfolio is
        included in the Prospectus Supplement under the caption “Servicing of the
        Mortgage Loans—EMC—Delinquency and Foreclosure Experience of EMC,” a letter from
        the certified public accountant for EMC 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.

       

      (a)  EMC
        (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        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 Sellers’ Information
        as
        identified in Exhibit
        3,
        the
        omission to state in the Term Sheet Supplement, the Prospectus Supplement
        or
        Prospectus (or any amendment thereof or supplement thereto approved by EMC
        (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        and in
        which additional Mortgage Loan Sellers’ Information is identified), in reliance
        upon and in conformity with Mortgage Loan Sellers’ 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 EMC
        (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        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 or
        Master Funding otherwise may have to the Purchaser or any other such indemnified
        party.

       

      (b)  The
        Purchaser shall indemnify and hold harmless each 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 each 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 Sellers, 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 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. 

       

      (d)  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 Mortgage Loan Sellers 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 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
        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, (Telecopy: ((469)759-4714), Attention: President
        or
        General Counsel; notices to Master Funding shall be directed to Master Funding
        LLC, 2780 Lake Vista Drive, Lewisville, Texas 75067 (Facsimile: (972-444-2880)
        Attention: Mark Novachek; and notices to the Purchaser shall be directed
        to Bear
        Stearns Asset Backed Securities I LLC, 383 Madison Avenue, New York, New
        York
        10179, (Telecopy: (212-272-7206)), Attention: Chief Counsel; 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 Mortgage
        Loan Sellers, 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 Sellers 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 Mortgage Loan
        Seller, if the conditions to the Mortgage Loan Sellers’ 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), EMC (on its
        own
        behalf as a Mortgage Loan Seller and on behalf of Master Funding) 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 Mortgage Loan Sellers 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 Final Mortgage Loan Schedule
        and
        any Replacement Mortgage Loan and not to those Mortgage Loans deleted from
        the
        Preliminary Mortgage Loan Schedule pursuant to Section 3 hereof prior to
        the
        Closing.

       

      SECTION
        19.  Severability.
        If any
        provision of this Agreement shall be prohibited or invalid under applicable
        law,
        this 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 REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
        OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

       

      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.

       

      (a)  This
        Agreement shall bind and inure to the benefit of and be enforceable by each
        of
        the Mortgage Loan Sellers 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 Mortgage Loan Sellers acknowledge and agree that the
        Purchaser may assign its rights under this Agreement (including, without
        limitation, with respect to the EMC’s representations and warranties respecting
        the Mortgage Loans) to the Trustee. Any person into which any Mortgage Loan
        Seller may be merged or consolidated (or any person resulting from any merger
        or
        consolidation involving such Mortgage Loan Seller), any person resulting
        from a
        change in form of such Mortgage Loan Seller or any person succeeding to the
        business of such Mortgage Loan Seller, shall be considered the “successor” of
        such 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,
        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
        Mortgage Loan Sellers.
        EMC
        will keep in full force and effect its existence, all 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 necessary to perform its obligations
        under this Agreement.
        Master
        Funding will keep in full force and effect its existence, all rights and
        franchises as a limited liability company under the laws of the State of
        its
        formation and will obtain and preserve its qualification to do business as
        a
        foreign limited liability company in each jurisdiction in which such
        qualification is necessary to perform its 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:

                	 

        

        

         

        
          	 	 	 	 	 	 	 	
                  BEAR
                    STEARNS ASSET BACKED SECURITIES I LLC

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	
                  Joseph
                    T. Jurkowski, Jr.

                
	 	 	 	 	 	 	 	
                  Title:

                	
                  Vice
                    President

                

        

        

         

        
          	 	 	 	 	 	 	 	
                  MASTER
                    FUNDING LLC

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	 
	 	 	 	 	 	 	 	
                  Name:

                	
                  Joseph
                    T. Jurkowski, Jr.

                
	 	 	 	 	 	 	 	
                  Title:

                	
                  Vice
                    President

                

        

        

         

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      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 this Agreement.

       

      (i)  The
        original Mortgage Note, including any riders thereto, endorsed without recourse
        to the order of “U.S. Bank National Association”, as Trustee for
        certificateholders of Bear Stearns Asset Backed Securities I LLC Asset-Backed
        Certificates, Series 2007-AC1,” or to blank and showing to the extent available
        to the Mortgage Loan Sellers an unbroken chain of endorsements from the original
        payee thereof to the Person endorsing it to the Trustee;

       

      (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 (x) in the proviso below applies,
        shall be in recordable form);

       

      (iii)  unless
        the Mortgage Loan is a MOM Loan, the assignment (either an original or a
        copy,
        which may be in the form of a blanket assignment if permitted in the
        jurisdiction in which the Mortgaged Property is located) to the Trustee of
        the
        Mortgage with respect to each Mortgage Loan in the name of “U.S. Bank National
        Association”, as Trustee for certificateholders of Bear Stearns Asset Backed
        Securities I LLC Asset-Backed Certificates, Series 2007-AC1,” which shall have
        been recorded (or if clause (x) in the proviso below applies, shall be in
        recordable form);

       

      (iv)  an
        original or a copy of all intervening assignments of the Mortgage, if any,
        to
        the extent available to the Mortgage Loan Sellers, with evidence of recording
        thereon;

       

      (v)  the
        original policy of title insurance or mortgagee’s certificate of title insurance
        or commitment or binder for title insurance, if available, or a copy thereof,
        or, in the event that such original title insurance policy is unavailable,
        a
        photocopy thereof, or in lieu thereof, a current lien search on the related
        Mortgaged Property and

       

      (vi)  originals
        or copies of all available assumption, modification or substitution agreements,
        if any;

       

      provided,
        however, that in lieu of the foregoing, the related Mortgage Loan Seller
        may
        deliver the following documents, under the circumstances set forth below:
        (x) if
        any Mortgage, assignment thereof to the Trustee or intervening assignments
        thereof have been delivered or are being delivered to recording offices for
        recording and have not been returned in time to permit their delivery as
        specified above, the Purchaser may deliver a true copy thereof with a
        certification by the related Mortgage Loan Seller or the title company issuing
        the commitment for title insurance, 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”; and (y) in lieu of the Mortgage Notes relating
        to the Mortgage Loans identified in the list set forth in Exhibit I to the
        Pooling and Servicing Agreement, the Purchaser may deliver a lost note affidavit
        and indemnity and a copy of the original note, if available; 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 Purchaser,
        in
        lieu of delivering the above documents, may deliver to the Trustee and its
        Custodian a certification of a Servicing Officer to such effect and in such
        case
        shall deposit all amounts paid in respect of such Mortgage Loans, in the
        Master
        Servicer Collection Account or in the Distribution Account on the Closing
        Date.
        In the case of the documents referred to in clause (x) above, the Purchaser
        shall deliver such documents to the Trustee or its Custodian promptly after
        they
        are received. EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) shall cause, at its expense, the Mortgage and intervening
        assignments, if any, and to the extent required in accordance with the
        foregoing, the assignment of the Mortgage to the Trustee to be submitted
        for
        recording promptly after the Closing Date; provided that EMC (on its own
        behalf
        as a Mortgage Loan Seller and on behalf of Master Funding) need not cause
        to be
        recorded any assignment (a) in any jurisdiction under the laws of which,
        as
        evidenced by an Opinion of Counsel addressed to the Trustee delivered by
        such
        Mortgage Loan Seller to the Trustee and the Rating Agencies, the recordation
        of
        such assignment is not necessary to protect the Trustee’s interest in the
        related Mortgage Loan or (b) if MERS is identified on the Mortgage or on
        a
        properly recorded assignment of the Mortgage as mortgagee of record solely
        as
        nominee for EMC (on its own behalf as a Mortgage Loan Seller and on behalf
        of
        Master Funding) and its successors and assigns. In the event that EMC (on
        its
        own behalf as a Mortgage Loan Seller and on behalf of Master Funding), the
        Purchaser or the Master Servicer gives written notice to the Trustee that
        a
        court has recharacterized the sale of the Mortgage Loans as a financing,
        EMC (on
        its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        shall
        submit or cause to be submitted for recording as specified above or, should
        EMC
        (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
        fail to perform such obligations, the Master Servicer shall cause each such
        previously unrecorded assignment to be submitted for recording as specified
        above at the expense of the Trust. In the event a Mortgage File is released
        to
        the Company or the related Servicer as a result of such Person having completed
        a Request for Release, the Custodian shall, if not so completed, complete
        the
        assignment of the related Mortgage in the manner specified in clause (iii)
        above.

       

      

      

      EXHIBIT
        2

       

      MORTGAGE
        LOAN SCHEDULE INFORMATION

       

      The
        Preliminary and Final Mortgage Loan Schedules shall set 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
                    Master Servicer’s Fee Rate;

                
	
                  (f)

                	
                  the
                    LPMI Fee, if applicable;

                
	
                  (g)

                	
                  the
                    Trustee Fee Rate, if applicable;

                
	
                  (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 Lifetime Mortgage Rate, if applicable;

                
	
                  (v)

                	
                  the
                    Minimum Lifetime 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; and

                
	
                  (gg)

                	
                  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.

       

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        3

      MORTGAGE
        LOAN SELLER’S INFORMATION

       

      All
        information in the Prospectus Supplement described under the following captions:
        “SUMMARY - The Mortgage Loans,” “THE MORTGAGE POOL,” “THE SPONSOR” and “SCHEDULE
        A - Mortgage Loan Statistical Data.”

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        4

      PURCHASER’S
        INFORMATION

       

      All
        information in the Prospectus Supplement and the Prospectus, except the Mortgage
        Loan Sellers’ Information.

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        5

      SCHEDULE
        OF LOST NOTES

       

      Available
        Upon Request

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        6

       

      REVISED
        October 20, 2006

       

      

      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 et seq.

                Effective
                  July 16, 2003

              	
                High
                  Cost Home Loan

              
	
                Cleveland
                  Heights, OH

              	
                Ordinance
                  No. 72-2003 (PSH), Mun. Code §§ 757.01 et seq.

                Effective
                  June 2, 2003

              	
                Covered
                  Loan

              
	
                Colorado

              	
                Consumer
                  Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 et seq.

                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
                  et seq.

                Effective
                  October 1, 2001 

              	
                High
                  Cost Home Loan

              
	
                District
                  of Columbia

              	
                Home
                  Loan Protection Act, D.C. Code §§ 26-1151.01 et seq.

                Effective
                  for loans closed on or after January 28, 2003

              	
                Covered
                  Loan

              
	
                Florida

              	
                Fair
                  Lending Act, Fla. Stat. Ann. §§ 494.0078 et seq.

                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 et seq.
                  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 et seq.

                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 et seq.

                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 et seq.

                Effective
                  January 1, 2005; amended by 2005 HB 1179, effective July 1, 2005.
                  

              	
                High
                  Cost Home Loans 

              
	
                Kansas

              	
                Consumer
                  Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et seq.

                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
                  et seq.
                  

                Effective
                  June 24, 2003

              	
                High
                  Cost Home Loan

              
	
                Maine

              	
                Truth
                  in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et seq.

                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 et seq.
                  and 209 C.M.R. §§ 40.01 et seq.

                Effective
                  March 22, 2001 and amended from time to time

              	
                High
                  Cost Home Loan

              
	
                Nevada

              	
                Assembly
                  Bill No. 284, Nev. Rev. Stat. §§ 598D.010 et seq.

                Effective
                  October 1, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et seq.

                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 et seq.

                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
                  et seq.

                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 et seq.

                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 et seq.

                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
                  et seq.

                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 et seq.

                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 et seq.

                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
                  et seq.

                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 et seq.

                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
                  et seq.

                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 et seq.

                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
                  et seq.

                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
                  et seq.

                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

              	 	
                Moody’s

              	 	
                S&P

              
	
                A-1

              	 	
                Aaa
                  

              	 	
                AAA

              
	
                A-2

              	 	
                Aa1
                  

              	 	
                AAA

              
	
                A-3

              	 	
                Aaa
                  

              	 	
                AAA

              
	
                X

              	 	
                Aaa

              	 	
                AAA

              
	
                M-1

              	 	
                Aa2
                  

              	 	
                AA

              
	
                M-2

              	 	
                Aa3
                  

              	 	
                AA-

              
	
                M-3

              	 	
                A1
                  

              	 	
                A+

              
	
                M-4

              	 	
                A2

              	 	
                A

              
	
                B-1

              	 	
                A3

              	 	
                A-

              
	
                B-2

              	 	
                Baa1

              	 	
                BBB+

              
	
                B-3

              	 	
                Baa2

              	 	
                BBB

              
	 	 	 	 	 

      

      None
        of
        the above ratings has been lowered, qualified or withdrawn since the dates
        of
        issuance of such ratings by the Rating Agencies.

       

      Private
        Certificates

      

      
        	
                Class

              	 	
                S&P

              	 	
                Moody’s

              
	
                B-4

              	 	
                Ba2

              	 	
                BB

              
	
                C

              	 	
                Not
                  Rated

              	 	
                Not
                  Rated

              
	
                P

              	 	
                Not
                  Rated

              	 	
                Not
                  Rated

              
	
                R-1

              	 	
                Not
                  Rated

              	 	
                Not
                  Rated

              
	
                R-2

              	 	
                Not
                  Rated

              	 	
                Not
                  Rated

              
	
                RX

              	 	
                Not
                  Rated

              	 	
                Not
                  Rated

              

      

      

       

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M

      

      [Reserved]

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

       

      Definitions

      Primary
        Servicer - transaction party having borrower contact

      Master
        Servicer - aggregator of pool assets

      Securities
        Administrator - 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

      

      
        	
                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
        O

      

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the 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 Statements to Certificateholders”
are required to be included in the periodic Distribution Date statement under
        Section 6.06, provided by the Securities Administrator 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 Securities Administrator and the
        Depositor.

      

      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              	
                Custodian

              	
                Trustee

                (nominal)

              	
                Depositor

              	
                Sponsor

              
	
                10-D

              	
                Must
                  be filed within 15 days of the distribution date for the asset-backed
                  securities.

              	 	 	 	 
	
                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

              	 	 	
                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

              	 	 	 	 	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P

      

      ADDITIONAL
        DISCLOSURE NOTIFICATION

       

      Bear
        Stearns Asset Backed Securities I LLC

      383
        Madison Avenue

      New
        York,
        New York 10179

      Fax:
        (212) 272-2000

      E-mail:
        regabnotifications@bear.com

       

      Wells
        Fargo Bank, N.A. as Securities Administrator 

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Fax:
        (410) 715-2380

      E-mail:
        cts.sec.notifications@wellsfargo.com

      Attn:
        Corporate Trust Services - BSABS I 2007-AC1-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
        January 1, 2007, among EMC Mortgage Corporation, as Master Servicer, Seller
        and
        Company, Wells Fargo Bank, National Association, as Securities Administrator
        and
        U.S. Bank National Association as Trustee. 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
        Q-1

       

      AMERICAN
        HOME SERVICING AGREEMENT

      

      
         

        

        

        EMC
          MORTGAGE CORPORATION 

        Purchaser,

        

        AMERICAN
          HOME MORTGAGE CORP. 

        Company,

        

        AMERICAN
          HOME MORTGAGE SERVICING, INC.

        Servicer,

        

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        Dated
          as
          of March 1, 2006

        

        

        

        

        

        (Fixed
          and Adjustable Rate Mortgage Loans)

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        TABLE
          OF CONTENTS

        

        ARTICLE
          I

        

        
          	
                  Section
                    1.01 

                	
                  Defined
                    Terms

                
	 	 
	
                  ARTICLE
                    II

                   

                
	 	 
	
                  Section
                    2.01 

                	
                  Agreement
                    to Purchase

                
	
                  Section
                    2.02 

                	
                  Purchase
                    Price

                
	
                  Section
                    2.03 

                	
                  Servicing
                    of Mortgage Loans

                
	
                  Section
                    2.04 

                	
                  Record
                    Title and Possession of Mortgage Files; Maintenance of Servicing
                    Files

                
	
                  Section
                    2.05 

                	
                  Books
                    and Records

                
	
                  Section
                    2.06 

                	
                  Transfer
                    of Mortgage Loans

                
	
                  Section
                    2.07 

                	
                  Delivery
                    of Mortgage Loan Documents

                
	
                  Section
                    2.08 

                	
                  Quality
                    Control Procedures

                
	
                  Section
                    2.09 

                	
                  Near-term
                    Principal Prepayments; Near Term Payment Defaults

                
	
                  Section
                    2.10 

                	
                  Modification
                    of Obligations

                
	 	 
	
                  ARTICLE
                    III

                
	 	 
	
                  Section
                    3.01 

                	
                  Representations
                    and Warranties of the Company

                
	
                  Section
                    3.02

                	
                  Representations
                    and Warranties as to Individual Mortgage Loans

                
	
                  Section
                    3.03 

                	
                  Repurchase
                    ....................................................

                
	
                  Section
                    3.04 

                	
                  Representations
                    and Warranties of the Purchaser

                
	 	 
	
                  ARTICLE
                    IV

                
	 	 
	
                  Section
                    4.01 

                	
                  Company
                    to Act as Servicer

                
	
                  Section
                    4.02 

                	
                  Collection
                    of Mortgage Loan Payments

                
	
                  Section
                    4.03 

                	
                  Realization
                    Upon Defaulted Mortgage Loans

                
	
                  Section
                    4.04 

                	
                  Establishment
                    of Custodial Accounts; Deposits in Custodial Accounts

                
	
                  Section
                    4.05 

                	
                  Permitted
                    Withdrawals from the Custodial Account

                
	
                  Section
                    4.06 

                	
                  Establishment
                    of Escrow Accounts; Deposits in Escrow Accounts

                
	
                  Section
                    4.07 

                	
                  Permitted
                    Withdrawals From Escrow Account

                
	
                  Section
                    4.08 

                	
                  Payment
                    of Taxes, Insurance and Other Charges; Maintenance of Primary
                    Mortgage
                    Insurance Policies; Collections Thereunder

                
	
                  Section
                    4.09 

                	
                  Transfer
                    of Accounts

                
	
                  Section
                    4.10 

                	
                  Maintenance
                    of Hazard Insurance

                
	
                  Section
                    4.11 

                	
                  Maintenance
                    of Mortgage Impairment Insurance Policy

                
	
                  Section
                    4.12 

                	
                  Fidelity
                    Bond, Errors and Omissions Insurance

                
	
                  Section
                    4.13 

                	
                  Title,
                    Management and Disposition of REO Property

                
	
                  Section
                    4.14 

                	
                  Notification
                    of Maturity Date

                
	 	 
	
                  ARTICLE
                    V

                
	 	 
	
                  Section
                    5.01 

                	
                  Distributions

                
	
                  Section
                    5.02 

                	
                  Statements
                    to the Purchaser

                
	
                  Section
                    5.03 

                	
                  Monthly
                    Advances by the Company

                
	
                  Section
                    5.04 

                	
                  Liquidation
                    Reports

                
	 	 
	
                  ARTICLE
                    VI

                
	 	 
	
                  Section
                    6.01 

                	
                  Assumption
                    Agreements

                
	
                  Section
                    6.02 

                	
                  Satisfaction
                    of Mortgages and Release of Mortgage Files

                
	
                  Section
                    6.03 

                	
                  Servicing
                    Compensation

                
	
                  Section
                    6.04 

                	
                  Annual
                    Statement as to Compliance

                
	
                  Section
                    6.05 

                	
                  Annual
                    Independent Certified Public Accountants’ Servicing
                    Report

                
	
                  Section
                    6.06 

                	
                  Purchaser’s
                    Right to Examine Company Records

                
	 	 
	
                  ARTICLE
                    VII

                
	 	 
	
                  Section
                    7.01 

                	
                  Company
                    Shall Provide Information as Reasonably Required

                
	 	 
	
                  ARTICLE
                    VIII

                
	 	 
	
                  Section
                    8.01 

                	
                  Indemnification;
                    Third Party Claims

                
	
                  Section
                    8.02 

                	
                  Merger
                    or Consolidation of the Company

                
	
                  Section
                    8.03 

                	
                  Limitation
                    on Liability of the Company and Others

                
	
                  Section
                    8.04 

                	
                  Company
                    Not to Assign or Resign

                
	
                  Section
                    8.05 

                	
                  No
                    Transfer of Servicing

                
	
                  ARTICLE
                    IX

                
	 	 
	
                  Section
                    9.01 

                	
                  Events
                    of Default

                
	
                  Section
                    9.02 

                	
                  Waiver
                    of Defaults

                
	 	 
	
                  ARTICLE
                    X

                
	 	 
	
                  Section
                    10.01 

                	
                  Termination

                
	
                  Section
                    10.02 

                	
                  Termination
                    without cause

                
	
                  Section
                    10.03 

                	
                  Survival
                    

                
	 	 
	
                  ARTICLE
                    XI

                
	 	 
	
                  Section
                    11.01 

                	
                  Successor
                    to the Company

                
	
                  Section
                    11.02 

                	
                  Amendment

                
	
                  Section
                    11.03 

                	
                  Recordation
                    of Agreement

                
	
                  Section
                    11.04 

                	
                  Governing
                    Law

                
	
                  Section
                    11.05 

                	
                  Notices

                
	
                  Section
                    11.06 

                	
                  Severability
                    of Provisions

                
	
                  Section
                    11.07 

                	
                  Exhibits

                
	
                  Section
                    11.08 

                	
                  General
                    Interpretive Principles

                
	
                  Section
                    11.09 

                	
                  Reproduction
                    of Documents

                
	
                  Section
                    11.10 

                	
                  Confidentiality
                    of Information

                
	
                  Section
                    11.11 

                	
                  Recordation
                    of Assignment of Mortgage

                
	
                  Section
                    11.12 

                	
                  Assignment
                    by Purchaser

                
	
                  Section
                    11.13 

                	
                  No
                    Partnership

                
	
                  Section
                    11.14 

                	
                  Execution:
                    Successors and Assigns

                
	
                  Section
                    11.15 

                	
                  Entire
                    Agreement

                
	
                  Section
                    11.16 

                	
                  No
                    Solicitation

                
	
                  Section
                    11.17 

                	
                  Closing

                
	
                  Section
                    11.18 

                	
                  Cooperation
                    of Company with Reconstitution

                
	
                  Section
                    11.19 

                	
                  Monthly
                    Reporting with Respect to a Reconstitution

                
	 	 
	
                  EXHIBITS

                   

                	 
	
                  A
                    

                	
                  Contents
                    of Mortgage File

                
	
                  B
                    

                	
                  Custodial
                    Account Letter Agreement

                
	
                  C
                    

                	
                  Escrow
                    Account Letter Agreement

                
	
                  D
                    

                	
                  Form
                    of Assignment, Assumption and Recognition Agreement

                
	
                  E
                    

                	
                  Form
                    of Trial Balance

                
	
                  F
                    

                	
                  [reserved]

                
	
                  G
                    

                	
                  Request
                    for Release of Documents and Receipt

                
	
                  H
                    

                	
                  Company’s
                    Underwriting Guidelines

                
	
                  I
                    

                	
                  Form
                    of Term Sheet

                
	
                  J
                    

                	
                  Reconstituted
                    Mortgage Loan Reporting

                

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        

        This
          is a
          Purchase, Warranties and Servicing Agreement, dated as of March 1, 2006
          and is
          executed by and among EMC MORTGAGE CORPORATION, as Purchaser, with offices
          located at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving,
          Texas
          75038 (the "Purchaser"), American
          Home Mortgage Corp., with offices located at 538 Broadhollow Road, Melville,
          New
          York 11747
          (the
          "Company"), and American Home Mortgage Servicing, Inc., with offices located
          at
          4600 Regent Boulevard, Suite 200, Irving, Texas 75063 (the
          "Servicer").

        

        W I T N E&
amp;
          #160;S S E T H
          :

        

        WHEREAS,
          the Purchaser has heretofore agreed to purchase from the Company and the
          Company
          has heretofore agreed to sell to the Purchaser, from time to time, certain
          Mortgage Loans on
          a
          servicing retained basis;
          

        

        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 Mortgage Loan Schedule, which is annexed
          to
          the related Term Sheet; and

        

        WHEREAS,
          the Purchaser, the Company and the Servicer wish to prescribe the
          representations and warranties of the Company and the Servicer with respect
          to
          themselves, respectively, and the Mortgage Loans and the management and
          servicing 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 Purchaser and the Company 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:
          With
          respect to any Mortgage Loan, those mortgage servicing practices (including
          collection procedures) of prudent mortgage banking institutions which service
          mortgage loans of the same type as such Mortgage Loan in the jurisdiction
          where
          the related Mortgaged Property is located, and which are in accordance
          with
          Fannie Mae servicing practices and procedures, for MBS pool mortgages,
          as
          defined in the Fannie Mae Guides including future updates. 

        

        Adjustment
          Date:
          As to
          each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
          Rate
          is adjusted in accordance with the terms of the related Mortgage
          Note.

        

        Agreement:
          This
          Purchase, Warranties and Servicing Agreement including all exhibits hereto,
          amendments hereof and supplements hereto.

        

        Appraised
          Value:
          With
          respect to any Mortgaged Property, the value thereof as determined by an
          appraisal made for the originator of the Mortgage Loan at the time of
          origination of the Mortgage Loan by an appraiser who met the requirements
          of the
          Company and Fannie Mae. 

        

        Assignment:
          An
          individual 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 of record
          the sale
          or transfer of the Mortgage Loan.

         

        BIF:
          The
          Bank Insurance Fund, or any successor thereto.

        

        Business
          Day:
          Any day
          other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
          of
          New York, or (iii) a day on which banks in the State of New York are authorized
          or obligated by law or executive order to be closed.

        

        Closing
          Date:
          With
          respect to any Mortgage Loan, the date stated on the related Term Sheet.
          

         

        Code: The
          Internal Revenue Code of 1986, or any successor statute thereto.

        

        Commission
          or SEC:
          The
          Securities and Exchange Commission.

        

        Company:
          American Home Mortgage Corp., its successors in interest and assigns, as
          permitted by this Agreement.

        

        Company's
          Officer's Certificate:
          A
          certificate signed by the President, the Executive Vice President or Treasurer
          of Company stating the date by which Company expects to receive any missing
          documents sent for recording from the applicable recording office.

        

        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 Purchaser and the Company which relates
          to
          the Mortgage Loans.

        

        Consumer
          Information:
           Information
          including, but not limited to, all personal information about Mortgagors
          that is
          supplied to the Purchaser by or on behalf of the Company.

        

        Co-op
          Lease:
          With
          respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
          by
          the Mortgagor and relating to the stock allocated to the related dwelling
          unit.

        

        Co-op
          Loan:
          A
          Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
          in a
          residential cooperative housing corporation and a collateral assignment
          of the
          related Co-op Lease.

        

        Current
          Appraised Value: With
          respect to any Mortgaged Property, the value thereof as determined by an
          appraisal made for the Company (by an appraiser who met the requirements
          of the
          Company and Fannie Mae) at the request of a Mortgagor for the purpose of
          canceling a Primary Mortgage Insurance Policy in accordance with federal,
          state
          and local laws and regulations or otherwise made at the request of the
          Company
          or Mortgagor.

        

        Current
          LTV: The
          ratio
          of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
          Value of the Mortgaged Property.

        

        Custodial
          Account:
          Each
          separate demand account or accounts created and maintained pursuant to
          Section
          4.04 which shall be entitled "[_____________________], in trust for the
          [Purchaser], Owner of Adjustable Rate Mortgage Loans" and shall be established
          in an Eligible Account, in the name of the Person that is the "Purchaser"
          with
          respect to the related Mortgage Loans.

         

        Custodian:
          With
          respect to any Mortgage Loan, the entity stated on the related Term Sheet,
          and
          its successors and assigns, as custodian for the Purchaser.

        

        Cut-off
          Date:
          With
          respect to any Mortgage Loan, the date stated on the related Term Sheet.
          

        

        Delinquency
          Recognition Policies:
          The
          generally accepted industry standard that defines the proper means of reporting
          delinquency status (such as MBA versus OTS reporting methodology) and the
          processing standard for addressing residential mortgage loans of the same
          type
          as the Mortgage Loans at various stages throughout default (such as Fannie
          Mae
          Guide or FHLMC Guide standards). 

        

        Depositor:
          The
          depositor, as such term is defined in Regulation AB, with respect to any
          Securitization Transaction.

        

        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.

        

        Due
          Date:
          The day
          of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
          of any days of grace, which is the first day of the month.

        

        Due
          Period:
          With
          respect to any 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.

        

        Eligible
          Account:
          An
          account established and maintained: (i) within FDIC insured accounts created,
          maintained and monitored by the Servicer so that all funds deposited therein
          are
          fully insured, or (ii) as a trust account with the corporate trust department
          of
          a depository institution or trust company organized under the laws of the
          United
          States of America or any one of the states thereof or the District of Columbia
          which is not affiliated with the Company or the Servicer (or any sub-servicer)
          or (iii) with an entity which is an institution whose deposits are insured
          by
          the FDIC, the unsecured and uncollateralized long-term debt obligations
          of which
          shall be rated “A2” or higher by Standard & Poor’s and “A” or higher by
          Fitch, Inc. or one of the two highest short-term ratings by any applicable
          Rating Agency, and which is either (a) a federal savings association duly
          organized, validly existing and in good standing under the federal banking
          laws,
          (b) an institution duly organized, validly existing and in good standing
          under
          the applicable banking laws of any state, (c) a national banking association
          under the federal banking laws, or (d) a principal subsidiary of a bank
          holding
          company, or (iv) if ownership of the Mortgage Loans is evidenced by
          mortgaged-backed securities, the equivalent required ratings of each Rating
          Agency, and held such that the rights of the Purchaser and the owner of
          the
          Mortgage Loans shall be fully protected against the claims of any creditors
          of
          the Company or the Servicer (or any sub-servicer) and of any creditors
          or
          depositors of the institution in which such account is maintained or (v)
          in a
          separate non-trust account without FDIC or other insurance in an Eligible
          Institution. In the event that a Custodial Account is established pursuant
          to
          clause (iii), (iv) or (v) of the preceding sentence, the Servicer shall
          provide
          the Purchaser with written notice on the Business Day following the date
          on
          which the applicable institution fails to meet the applicable ratings
          requirements.

        

        Eligible
          Institution:
          An
          institution having (i) the highest short-term debt rating, and one of the
          two
          highest long-term debt ratings of each Rating Agency; or (ii) with respect
          to
          any Custodial Account, an unsecured long-term debt rating of at least one
          of the
          two highest unsecured long-term debt ratings of each Rating Agency.

        

        Equity
          Take-Out Refinanced Mortgage Loan:
          A
          Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
          principal balance of the existing mortgage loan as defined in the Fannie
          Mae
          Guide(s). 

        

        Escrow
          Account:
          Each
          separate trust account or accounts created and maintained pursuant to Section
          4.06 which shall be entitled "__________________, in trust for the [Purchaser],
          Owner of Adjustable Rate Mortgage Loans, and various Mortgagors" and shall
          be
          established in an Eligible Account, in the name of the Person that is the
          "Purchaser" with respect to the related Mortgage Loans.

        

        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: The
          Federal National Mortgage Association, or any successor thereto.

        

        Fannie
          Mae Guide(s):
          The
          Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
          or additions thereto.

        

        FDIC:
          The
          Federal Deposit Insurance Corporation, or any successor thereto.

        

        FHLMC:
          The
          Federal Home Loan Mortgage Corporation, or any successor thereto.

        

        FHLMC
          Guide:
          The
          FHLMC Single Family Seller/Servicer Guide and all amendments or additions
          thereto.

        

        Fidelity
          Bond:
          A
          fidelity bond to be maintained by the Company pursuant to Section
          4.12.

        

        FIRREA:
          The
          Financial Institutions Reform, Recovery, and Enforcement Act of
          1989.

        

        First
          Remittance Date:
          With
          respect to any Mortgage Loan, the Remittance Date occurring in the month
          following the month in which the related Closing Date occurs.

        

        GAAP:
          Generally accepted accounting principles, consistently applied.

        

        HUD:
          The
          United States Department of Housing and Urban Development or any successor
          thereto.

        

        Index:
          With
          respect to any adjustable rate Mortgage Loan, the index identified on the
          Mortgage Loan Schedule and set forth in the related Mortgage Note for the
          purpose of calculating the interest rate thereon.

        

        Initial
          Rate Cap: As
          to
          each adjustable rate Mortgage Loan, where applicable, the maximum increase
          or
          decrease in the Mortgage Interest Rate on the first Adjustment
          Date.

        

        Insurance
          Proceeds:
          With
          respect to each Mortgage Loan, proceeds of insurance policies insuring
          the
          Mortgage Loan or the related Mortgaged Property.

        

        Lifetime
          Rate Cap:
          As to
          each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate
          over the
          term of such Mortgage Loan. 

        

        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.

        

        Loan-to-Value
          Ratio or LTV:
          With
          respect to any Mortgage Loan, the ratio of the original outstanding principal
          amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
          Property as of the Origination Date with respect to a Refinanced Mortgage
          Loan,
          and (ii) the lesser of the Appraised Value of the Mortgaged Property as
          of the
          Origination Date or the purchase price of the Mortgaged Property with respect
          to
          all other Mortgage Loans.

        

        Margin:
          With
          respect to each adjustable rate Mortgage 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, as set forth in the Mortgage
          Loan
          Schedule.

        

        Master
          Servicer:
          With
          respect to any Securitization Transaction, the “master servicer,” if any,
          identified in the related transaction documents.

        

        Monthly
          Advance:
          The
          aggregate of the advances made by the Servicer on any Remittance Date pursuant
          to Section 5.03.

        

        Monthly
          Payment:
          The
          scheduled monthly payment of principal and interest on a Mortgage Loan
          which is
          payable by a 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
          File:
          The
          mortgage documents pertaining to a particular Mortgage Loan which are specified
          in Exhibit A 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, which may be
          adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
          with the provisions of the related Mortgage Note.

        

        Mortgage
          Loan:
          An
          individual 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 attached to the related Term Sheet, 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, excluding
          replaced or repurchased mortgage loans.

        

        Mortgage
          Loan Documents:
          The
          documents listed in
          Exhibit A.

        

        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 the
          Servicing Fee Rate.

        

        Mortgage
          Loan Schedule:
          The
          schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
          setting forth the following information with respect to each Mortgage Loan
          in
          the related Mortgage Loan Package:

        

        (1) the
          Company's Mortgage Loan identifying number;

        

        (2) the
          Mortgagor's first and last 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
          investor property;

        

        (5) the
          type
          of residential property constituting the Mortgaged Property;

        

        
          	(6)  	
                  the
                    original months to maturity of the Mortgage
                    Loan;

                

        

        

        (7)  the
          remaining months to maturity from the related Cut-off Date, based on the
          original amortization schedule and, if different, the maturity expressed
          in the
          same manner but based on the actual amortization schedule;

        

        (8) the
          Sales
          Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
          origination;

        

        (9) the
          Mortgage Interest Rate as of origination and as of the related Cut-off
          Date;
          with respect to each adjustable rate Mortgage Loan, the initial Adjustment
          Date,
          the next Adjustment Date immediately following the related Cut-off Date,
          the
          Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if
          any,
          minimum Mortgage Interest Rate under the terms of the Mortgage Note and
          the
          Lifetime Rate Cap;

        

        (10) the
          Origination Date of the Mortgage Loan;

        

        (11) the
          stated maturity date;

        

        (12) the
          amount of the Monthly Payment at origination;

        

        (13) the
          amount of the Monthly Payment as of the related Cut-off Date;

        

        (14) the
          original principal amount of the Mortgage Loan; 

        

        (15) the
          scheduled Stated Principal Balance of the Mortgage Loan as of the close
          of
          business on the related Cut-off Date, after deduction of payments of principal
          due on or before the related Cut-off Date whether or not collected;

        

        (16)
           a
          code
          indicating the purpose of the Mortgage Loan (i.e., purchase, rate and term
          refinance, equity take-out refinance); 

        

        (17)
           a
          code
          indicating the documentation style (i.e. full, alternative, etc.); 

        

        (18) the
          number of times during the twelve (12) month period preceding the related
          Closing Date that any Monthly Payment has been received after the month
          of its
          scheduled due date;

        

        (19) the
          date
          on which the first payment is or was due; 

        

        
          	(20)  	
                  a
                    code indicating whether or not the Mortgage Loan is the subject
                    of a
                    Primary Mortgage Insurance Policy and the name of the related
                    insurance
                    carrier; 

                

        

        

        (21)
           a
          code
          indicating whether or not the Mortgage Loan is currently convertible and
          the
          conversion spread; 

        

        (22)
           the
          last
          Due Date on which a Monthly Payment was actually applied to the unpaid
          principal
          balance of the Mortgage Loan.

        

        (23)
           product
          type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

        

        
          	(24)  	
                  credit
                    score and/or mortgage score, if
                    applicable;

                

        

        

        (25) [reserved];
          

        

        (26)  a
          code
          indicating whether or not the Mortgage Loan has a prepayment penalty and
          if so,
          the amount and term thereof;

        

        (27)  the
          Current Appraised Value of the Mortgage Loan and Current LTV, if
          applicable;

        

        (28)  whether
          such Mortgage Loan is a “Home Loan”, “Covered Home Loan”, “Manufactured Housing”
or “Home Improvement Loan” as defined in the
          New
          Jersey Home Ownership Security Act of 2002; and

        

        
          	(29)  	
                  whether
                    the Mortgage Loan has a mandatory arbitration
                    clause.

                

        

        

        With
          respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
          attached to the related Term Sheet shall set forth the following information,
          as
          of the related 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; 

        

        (4) the
          weighted average maturity of the Mortgage Loans; and

        

        (5)
           the
          weighted average months to next Adjustment Date.

         

        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, consisting
          of a
          single parcel of real estate considered to be real estate under the laws
          of the
          state in which such real property is located which may include condominium
          units
          and planned unit developments, improved by a residential dwelling; except
          that
          with respect to real property located in jurisdictions in which the use
          of
          leasehold estates for residential properties is a widely-accepted practice,
          a
          leasehold estate of the Mortgage, the term of which is equal to or longer
          than
          the term of the Mortgage. 

        

        Mortgagor:
          The
          obligor on a Mortgage Note. 

        

        Nonrecoverable
          Advance:
          Any
          portion of a Monthly Advance or Servicing Advance previously made or proposed
          to
          be made by the Servicer pursuant to this Agreement, that, in the good faith
          judgment of the Servicer, will not or, in the case of a proposed advance,
          would
          not, be ultimately recoverable by it from the related Mortgagor or the
          related
          Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or otherwise
          with respect to the related Mortgage Loan.

        

        OCC:
          Office
          of the Comptroller of the Currency, or any successor thereto.

        

        Officers'
          Certificate:
          A
          certificate signed by the President, an Executive Vice President or a Vice
          President or by the Treasurer or the Secretary or one of the Assistant
          Treasurers or Assistant Secretaries of the Person on behalf of whom such
          certificate is being delivered to the Purchaser 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
          Purchaser.

        

        Origination
          Date:
          The
          date on which a Mortgage Loan funded, which date shall not, in connection
          with a
          Refinanced Mortgage Loan, be the date of the funding of the debt being
          refinanced, but rather the closing of the debt currently outstanding under
          the
          terms of the Mortgage Loan Documents. 

        

        OTS:
          Office
          of Thrift Supervision, or any successor thereto.

        

        Periodic
          Rate Cap:
          As to
          each adjustable rate Mortgage Loan, the maximum increase or decrease in
          the
          Mortgage Interest Rate on any Adjustment Date, as set forth in the related
          Mortgage Note and the related Mortgage Loan Schedule.

        

        Permitted
          Investments:
          Any one
          or more of the following obligations or securities:

        

        (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; 

        

        
          	 	
                  (ii)
                    (a) demand or time deposits, federal funds or bankers' acceptances
                    issued
                    by any depository institu-tion or trust company incorporated
                    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,
                    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 and (b)
                    any other
                    demand or time deposit or certificate of deposit that is fully
                    insured by
                    the FDIC;

                

        

        

        
          	 	
                  (iii)
                    repurchase obligations with a term not to exceed thirty (30)
                    days and with
                    respect to (a) any security described in clause (i) above and
                    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 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 in-vestment
                    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 secur-ities issued by such corporation
                    and
                    held as Permitted Investments to exceed 10% of the aggregate
                    outstand-ing
                    principal balances of all of the Mortgage Loans and Permitted
                    Investments;

                

        

        

        
          	 	
                  (v)
                    commercial paper (including both non-interest-bearing discount
                    obligations
                    and interest-bearing obliga-tions payable on demand or on a specified
                    date
                    not more than one year after the date of issuance there-of) 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 as evidenced
                    in
                    writing by 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
                    instru-ment-al-ity 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 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
          ob-li-ga-tions underlying such instrument or if such security provides
          for
          payment of both principal and interest with a yield to matur-ity in excess
          of
          120% of the yield to maturity at par or if such investment or security
          is
          purchased at a price greater than 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 Shortfall:
          With
          respect to any Remittance Date, for each Mortgage Loan that was the subject
          of a
          Principal Prepayment during the related Prepayment Period, an amount equal
          to
          the excess of one month’s interest at the applicable Mortgage Loan Remittance
          Rate on the amount of such Principal Prepayment over the amount of interest
          (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
          Mortgagor with respect to such Prepayment Period.

        

        Prepayment
          Period: With
          respect to any Remittance Date, the calendar month preceding the month
          in which
          such Remittance Date occurs.

        

        Primary
          Mortgage Insurance Policy:
          Each
          primary policy of mortgage insurance represented to be in effect pursuant
          to
          Section 3.02(hh), or any replacement policy therefor obtained by the Company
          pursuant to Section 4.08.

        

        Prime
          Rate:
          The
          prime rate announced to be in effect from time to time as published as
          the
          average rate in the Wall Street Journal (Northeast Edition).

        

        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.

        

        Purchase
          Price:
          As
          defined in Section 2.02.

        

        Purchaser:
          EMC
          Mortgage Corporation, its successors in interest and assigns.

        

        Qualified
          Appraiser:
          An
          appraiser, duly appointed by the Company, who had no interest, direct or
          indirect in the related 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 such appraiser and the appraisal made by such
          appraiser both satisfy the requirements of Title XI of FIRREA and the
          regulations promulgated thereunder and the requirements of Fannie Mae,
          all as in
          effect on the date the Mortgage Loan was originated.

        

        Qualified
          Correspondent:
          Any
          Person from which the Company purchased Mortgage Loans, provided that the
          following conditions are satisfied: (i) such Mortgage Loans were 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; (ii) such Mortgage Loans were in fact underwritten
          as described in clause (i) above and were acquired by the Company within
          180
          days after origination; (iii) 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
          (iv)
          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 Persons from which it purchased mortgage loans properly applied
          the
          underwriting criteria designated by the Company.

        

        Qualified
          Insurer:
          An
          insurance company duly qualified as such under the laws of the states in
          which
          the related Mortgaged Property is 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 or FHLMC. 

        

        Rating
          Agency:
          Standard & Poor's, Fitch, Inc. or, in the event that some or all of the
          ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
          the
          nationally recognized rating agencies issuing ratings with respect to such
          securities, if any.

         

        Refinanced
          Mortgage Loan:
          A
          Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
          prior to the origination of such Mortgage Loan and the proceeds of which
          were
          used in whole or part to satisfy an existing mortgage.

        

        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.

        

        REMIC:
          A "real
          estate mortgage investment conduit," as such term is defined in Section
          860D of
          the Code.

        

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

        

        Remittance
          Date:
          The
          18th day of any month, beginning with the First Remittance Date, 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 Purchaser
          as
          described in Section 4.13.

        

        Repurchase
          Price:
          With
          respect to any Mortgage Loan, a price equal to (i) the product of the greater
          of
          100% or the percentage of par as stated in the Confirmation multiplied
          by the
          Stated Principal
          Balance
          of such Mortgage Loan on the repurchase date, plus
          (ii)
          interest on such outstanding principal balance at the Mortgage Loan Remittance
          Rate from the last date through which interest has been paid and distributed
          to
          the Purchaser to the end of the month of repurchase, plus, (iii) third
          party
          expenses reasonably incurred in connection with the transfer of the Mortgage
          Loan being repurchased; 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.

        

        Sales
          Price: With
          respect to any Mortgage Loan the proceeds of which were used by the Mortgagor
          to
          acquire the related Mortgaged Property, the amount paid by the related
          Mortgagor
          for such Mortgaged Property.

        

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

        

        Securitization
          Transaction:
          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.

        

        Servicer:
          American Home Mortgage Servicing, Inc., its successors in interest and
          assigns,
          as permitted by this Agreement.

        

        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, 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 and, upon Purchaser’s request, provides documentation
          supporting such expense (which documentation would be acceptable to Fannie
          Mae),
          and provided further that any such enforcement, administrative or judicial
          proceeding does not arise out of a breach of any representation, warranty
          or
          covenant of the Company or the Servicer hereunder), (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, (e) any expenses reasonably sustained by the
          Servicer
          with respect to the liquidation of the Mortgaged Property in accordance
          with the
          terms of this Agreement and (f) 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
          M
          for
          convenience of reference only. In the event of a conflict or inconsistency
          between the terms of Exhibit
          M
          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
          Purchaser, the Servicer and any Person that will be responsible for signing
          any
          Sarbanes Certification with respect to a Securitization Transaction in
          response
          to evolving interpretations of Regulation AB and incorporated into a revised
          Exhibit
          M).

        

        Servicing
          Fee:
          With
          respect to each Mortgage Loan, the amount of the annual fee the Purchaser
          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 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 of such Monthly Payment collected
          by
          the Servicer, or as otherwise provided under Section 4.05 and in accordance
          with
          the Fannie Mae Guide(s). Any fee payable to the Servicer for administrative
          services related to any REO Property as described in Section 4.13 shall
          be
          payable from Liquidation Proceeds of the related REO Property.

        

        Servicing
          Fee Rate:
          As set
          forth in the Term Sheet.

        

        Servicing
          File:
          With
          respect to each Mortgage Loan, the file retained by the Servicer consisting
          of
          originals of all documents in the Mortgage File which are not delivered
          to the
          Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
          the
          originals of which are delivered to the Purchaser or its designee pursuant
          to
          Section 2.04.

        

        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 Purchaser 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 principal balance
          of
          such Mortgage Loan at the 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 Mortgage
          Loan representing payments or recoveries of principal or advances in lieu
          thereof.

        

        Static
          Pool Information:
          Static
          pool information as described in Item 1105(a)(1)-(3) and 1105(c) 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 Servicer
          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.
          Any subservicer shall meet the qualifications set forth in Section
          4.01.

        

        Subservicing
          Agreement:
          An
          agreement between the Servicer and a Subservicer, if any, for the servicing
          of
          the Mortgage Loans.

        

        Term
          Sheet:
          A
          supplemental agreement in the form attached hereto as Exhibit I which shall
          be
          executed and delivered by the Company, the Servicer and the Purchaser to
          provide
          for the sale and servicing pursuant to the terms of this Agreement of the
          Mortgage Loans listed on Schedule I attached thereto, which supplemental
          agreement shall contain certain specific information relating to such sale
          of
          such Mortgage Loans and may contain additional covenants relating to such
          sale
          of such Mortgage Loans.

        

        Third-Party
          Originator:
          Each
          Person, other than a Qualified Correspondent, that originated Mortgage
          Loans
          acquired by the Company.

        

        

        ARTICLE
          II

        

        PURCHASE
          OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

        RECORD
          TITLE AND POSSESSION OF MORTGAGE FILES;

        BOOKS
          AND RECORDS; CUSTODIAL AGREEMENT;

        DELIVERY
          OF MORTGAGE LOAN DOCUMENTS

        

        Section
          2.01 Agreement
          to Purchase.

        

        The
          Company agrees to sell and the Purchaser agrees to purchase the Mortgage
          Loans
          having an aggregate Stated Principal Balance on the related Cut-off Date
          set
          forth in the related Term Sheet in an amount as set forth in the Confirmation,
          or in such other amount as agreed by the Purchaser and the Company as evidenced
          by the actual aggregate Stated Principal Balance of the Mortgage Loans
          accepted
          by the Purchaser on the related Closing Date, with servicing retained by
          the
          Servicer. The Company shall deliver the related Mortgage Loan Schedule
          attached
          to the related Term Sheet for the Mortgage Loans to be purchased on the
          related
          Closing Date to the Purchaser at least two (2) Business Days prior to the
          related Closing Date. The Mortgage Loans shall be sold pursuant to this
          Agreement, and the related Term Sheet shall be executed and delivered on
          the
          related Closing Date.

        

        Section
          2.02 Purchase
          Price.

        

        The
          Purchase Price for each Mortgage Loan shall be the percentage of par as
          stated
          in the Confirmation (subject to adjustment as provided therein), multiplied
          by
          the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
          Loan listed on the related Mortgage Loan Schedule attached to the related
          Term
          Sheet, after application of scheduled payments of principal due on or before
          the
          related Cut-off Date whether or not collected. 

        

        In
          addition to the Purchase Price as described above, the Purchaser shall
          pay to
          the Company, at closing, accrued interest on the Stated Principal Balance
          of
          each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
          Remittance Rate of each Mortgage Loan from the related Cut-off Date through
          the
          day prior to the related Closing Date, inclusive.

        

        The
          Purchase Price plus accrued interest as set forth in the preceding paragraph
          shall be paid on the related Closing Date by wire transfer of immediately
          available funds.

        

        Purchaser
          shall be entitled to (1) all scheduled principal due after the related
          Cut-off
          Date, (2) all other recoveries of principal collected on or after the related
          Cut-off Date (provided, however, that all scheduled payments of principal
          due on
          or before the related Cut-off Date and collected by the Company or the
          Servicer
          or any successor servicer after the related Cut-off Date shall belong to
          the
          Company), and (3) all payments of interest on the Mortgage Loans net of
          applicable Servicing Fees (minus that portion of any such payment which
          is
          allocable to the period prior to the related Cut-off Date). The outstanding
          principal balance of each Mortgage Loan as of the related Cut-off Date
          is
          determined after application of payments of principal due on or before
          the
          related Cut-off Date whether or not collected, together with any unscheduled
          principal prepayments collected prior to the related Cut-off Date; provided,
          however, that payments of scheduled principal and interest prepaid for
          a Due
          Date beyond the related Cut-off Date shall not be applied to the principal
          balance as of the related Cut-off Date. Such prepaid amounts shall be the
          property of the Purchaser. The Servicer shall deposit any such prepaid
          amounts
          into the Custodial Account, which account is established for the benefit
          of the
          Purchaser for subsequent remittance by the Servicer to the
          Purchaser.

        

        Section
          2.03 Servicing
          of Mortgage Loans.

        

        Simultaneously
          with the execution and delivery of each Term Sheet, the Servicer does hereby
          agree to directly service the Mortgage Loans listed on the related Mortgage
          Loan
          Schedule attached to the related Term Sheet subject to the terms of this
          Agreement and the related Term Sheet. The rights of the Purchaser to receive
          payments with respect to the related Mortgage Loans shall be as set forth
          in
          this Agreement.

        

        Section
          2.04 Record
          Title and Possession of Mortgage Files; Maintenance of Servicing
          Files.

        

        As
          of the
          related Closing Date, the Company sold, transferred, assigned, set over
          and
          conveyed to the Purchaser, without recourse, on a servicing retained basis,
          and
          the Company hereby acknowledges that the Purchaser has, but subject to
          the terms
          of this Agreement and the related Term Sheet, all the right, title and
          interest
          of the Company in and to the Mortgage Loans. Company will deliver the Mortgage
          Files to the Custodian designated by Purchaser, on or before the related
          Closing
          Date, at the expense of the Company. The Servicer 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 Purchaser.
          The Servicing File shall contain all documents necessary to service the
          Mortgage
          Loans. The possession of each Servicing File by the Servicer is at the
          will of
          the Purchaser, for the sole purpose of servicing the related Mortgage Loan,
          and
          such retention and possession by the Servicer is in a custodial capacity
          only.
          From the related Closing Date, the ownership of each Mortgage Loan, including
          the Mortgage Note, the Mortgage, the contents of the related Mortgage File
          and
          all rights, benefits, proceeds and obligations arising therefrom or in
          connection therewith, has been vested in the Purchaser. 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
          Company
          and the Servicer shall be received and held by the Company and the Servicer,
          as
          applicable, in trust for the benefit of the Purchaser as the owner of the
          Mortgage Loans. Any portion of the Mortgage Files retained by the Servicer
          shall
          be appropriately identified in the Servicer's computer system to clearly
          reflect
          the ownership of the Mortgage Loans by the Purchaser. The Servicer shall
          release
          its custody of the contents of the Mortgage Files only in accordance with
          written instructions of the Purchaser, except when such release is required
          as
          incidental to the Servicer's servicing of the Mortgage Loans or is in connection
          with a repurchase of any Mortgage Loan or Loans with respect thereto pursuant
          to
          this Agreement and the related Term Sheet, such written instructions shall
          not
          be required.

        

        Section
          2.05  Books
          and Records.

        

        The
          sale
          of each Mortgage Loan 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 the Mortgage Loans that shall be appropriately identified in
          the
          Company's computer system to clearly reflect the ownership of the 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 FHLMC,
          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 of any condominium project as required by Fannie Mae
          or
          FHLMC, 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.

        

        The
          Servicer 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.

        

        In
          addition to the foregoing, Company and the Servicer shall provide to any
          supervisory agents or examiners that regulate Purchaser, including but
          not
          limited to, the OTS, the FDIC and other similar entities, access, during
          normal
          business hours, upon reasonable advance notice to Company or the Servicer,
          as
          applicable, and without cost to Company or the Servicer, as applicable,
          or such
          supervisory agents or examiners, to any documentation regarding the Mortgage
          Loans that may be required by any applicable regulator.

        

        Section
          2.06. Transfer
          of Mortgage Loans.

        

        The
          Servicer shall keep at its servicing office books and records in which,
          subject
          to such reasonable regulations as it may prescribe, the Servicer 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 and 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
          Company
          or the Servicer, as applicable, in accordance with this Section 2.06 and
          the
          books and records of the Servicer 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 the
          transferee will not be deemed to be a Purchaser hereunder binding upon
          the
          Company and the Servicer, as applicable, 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 in an Assignment and Assumption of this Agreement
          substantially in the form of Exhibit D hereto executed by the transferee
          shall
          have been delivered to the Company and the Servicer, as applicable. The
          Purchaser also shall advise the Company and the Servicer, as applicable,
          of the
          transfer. Upon receipt of notice of the transfer, the Company and the Servicer
          shall mark their respective books and records to reflect the ownership
          of the
          Mortgage Loans of such assignee, and the previous Purchaser shall be released
          from its obligations hereunder with respect to the Mortgage Loans sold
          or
          transferred.

        

        Section
          2.07 Delivery
          of Mortgage Loan Documents.

        

        The
          Company shall deliver and release to the Purchaser or its designee the
          Mortgage
          Loan Documents in accordance with the terms of this Agreement and the related
          Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5),
          (6), (7),
          (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company
          to the
          Purchaser or its designee no later than three (3) Business Days prior to
          the
          related Closing Date pursuant to a bailee letter agreement. All other documents
          in Exhibit A hereto, together with all other documents executed in connection
          with the Mortgage Loan that Company may have in its possession, shall be
          retained by the Company in trust for the Purchaser. If the Company cannot
          deliver the original recorded Mortgage Loan Documents or the original policy
          of
          title insurance, including riders and endorsements thereto, on the related
          Closing Date, the Company shall, promptly upon receipt thereof and in any
          case
          not later than 120 days from the related Closing Date, deliver such original
          documents, including original recorded documents, to the Purchaser or its
          designee (unless the Company is delayed in making such delivery by reason
          of the
          fact that such documents shall not have been returned by the appropriate
          recording office). If delivery is not completed within 120 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, Company shall
          deliver such document to Purchaser, or its designee, within such time period
          as
          specified in a Company's Officer's Certificate. In the event that documents
          have
          not been received by the date specified in the Company's Officer's Certificate,
          a subsequent Company's Officer's Certificate shall be delivered by such
          date
          specified in the prior Company's Officer's Certificate, stating a revised
          date
          for receipt of documentation. The procedure shall be repeated until the
          documents have been received and delivered. 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 Company shall continue to use its best efforts to effect delivery as
          soon as
          possible thereafter, provided that if such documents are not delivered
          by the
          270th day from the date of the related Closing Date, the Company shall
          repurchase the related Mortgage Loans at the Repurchase Price in accordance
          with
          Section 3.03 hereof.

        

        The
          Company shall pay all initial recording fees, if any, for the assignments
          of
          mortgage and any other fees in connection with the transfer of all original
          documents to the Purchaser or its designee. Company shall prepare, in recordable
          form, all assignments of mortgage necessary to assign the Mortgage Loans
          to
          Purchaser, or its designee. Company shall be responsible for recording
          the
          assignments of mortgage.

        

        Company
          shall provide an original or duplicate original of the title insurance
          policy to
          Purchaser or its designee within ninety (90) days of the receipt of the
          recorded
          documents (required for issuance of such policy) from the applicable recording
          office.

        

        Any
          review by the Purchaser, or its designee, of the Mortgage Files shall in
          no way
          alter or reduce the Company's obligations hereunder.

        

        If
          the
          Purchaser or its designee discovers any defect with respect to a Mortgage
          File,
          the Purchaser shall, or shall cause its designee to, give written specification
          of such defect to the Company which may be given in the exception report
          or the
          certification delivered pursuant to this Section 2.07, or otherwise in
          writing
          and the Company shall cure or repurchase such Mortgage Loan in accordance
          with
          Section 3.03.

        

        The
          Company shall forward to the Purchaser, or its designee, 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
          Purchaser, or its designee, 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 sixty (60) days of its submission
          for
          recordation.

        

        From
          time
          to time the Company may have a need for Mortgage Loan Documents to be released
          from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
          upon the written request of the Company, within ten (10) Business Days,
          deliver
          to the Company, any requested documentation previously delivered to Purchaser
          as
          part of the Mortgage File, provided that such documentation is promptly
          returned
          to Purchaser, or its designee, when the Company no longer requires possession
          of
          the document, and provided that during the time that any such documentation
          is
          held by the Company, such possession is in trust for the benefit of Purchaser.
          Company shall indemnify Purchaser, and its designee, from and against any
          and
          all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
          (including court costs and reasonable attorney's fees) resulting from or
          related
          to the loss, damage, or misplacement of any documentation delivered to
          Company
          pursuant to this paragraph.

        

        Section
          2.08 Quality
          Control Procedures.

        

        Each
          of
          the Company and the Servicer must have an internal quality control program
          that,
          among other things, verifies, on a regular basis, the existence and accuracy
          of
          the legal documents, credit documents, property appraisals, and underwriting
          decisions. These programs must be capable of evaluating and monitoring
          the
          overall quality of the Company’s and the Servicer’s respective loan production
          and servicing activities. These programs is to ensure that the Mortgage
          Loans
          are originated and serviced in accordance with prudent mortgage banking
          practices and accounting principles; guard against dishonest, fraudulent,
          or
          negligent acts; and guard against errors and omissions by officers, employees,
          or other authorized persons.

        

        Section
          2.09 Near-term
          Principal Prepayments; Near Term Payment Defaults

        

        In
          the
          event any Principal Prepayment is made by a Mortgagor on or prior to three
          months after the related Closing Date, the Company shall remit to the Purchaser
          an amount equal to the excess, if any, of the Purchase Price Percentage
          over par
          multiplied by the amount of such Principal Prepayment. Such remittance
          shall be
          made by the Company to Purchaser no later than the third Business Day following
          receipt of such Principal Prepayment by the Company or the
          Servicer.

        

        In
          the
          event either of the first three (3) scheduled Monthly Payments which are
          due the
          Purchaser under any Mortgage Loan after the related Cut-off Date are not
          made
          during the month in which such Monthly Payments are due, then not later
          than
          five (5) Business Days after notice to the Company by Purchaser (and at
          Purchaser’s sole option), the Company, shall repurchase such Mortgage Loan from
          the Purchaser pursuant to the repurchase provisions contained in this Section
          3.03.

        

        

        Section
          2.10  Modification
          of Obligations. 

        

        Purchaser
          may, without any notice to Company or the Servicer, extend, compromise,
          renew,
          release, change, modify, adjust or alter, by operation of law or otherwise,
          any
          of the obligations of the Mortgagors or other persons obligated under a
          Mortgage
          Loan without releasing or otherwise affecting the obligations of Company
          and the
          Servicer under this Agreement, or with respect to such Mortgage Loan, except
          to
          the extent Purchaser’s extension, compromise, release, change, modification,
          adjustment, or alteration affects the Company’s or the Servicer’s ability to
          collect the Mortgage Loan or realize on the security of the Mortgage, but
          then
          only to the extent such action has such effect.

        

        

        

        ARTICLE
          III

        

        REPRESENTATIONS
          AND WARRANTIES OF

        THE
          COMPANY AND THE SERVICER; 

        REPURCHASE;
          REVIEW OF MORTGAGE LOANS

        

        Section
          3.01 Representations
          and Warranties of the Company and the Servicer. 

        

        Each
          of
          the Company and the Servicer, to the extent set forth in this Section 3.01,
          hereby represent, warrant and covenant to the Purchaser that, as of the
          related
          Closing Date or as of such date specifically provided herein:

        

        (a) Each
          of
          the Company and the Servicer are a corporation, duly organized, validly
          existing
          and in good standing under the laws of their respective jurisdictions of
          incorporation or formation and have all licenses necessary to carry out
          their
          respective business as now being conducted, and is licensed and qualified
          to
          transact business in and is in good standing under the laws of each state
          in
          which any Mortgaged Property is located or is otherwise exempt under applicable
          law from such licensing or qualification or is otherwise not required under
          applicable law to effect such licensing or qualification and no demand
          for such
          licensing or qualification has been made upon the Company or the Servicer
          by any
          such state, and in any event each of the Company and the Servicer are in
          compliance with the laws of any 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)
          Each
          of the Company and the Servicer have the full corporate power and authority
          and
          legal right to hold, transfer and convey each Mortgage Loan, to sell each
          Mortgage Loan and to execute, deliver and perform, and to enter into and
          consummate all transactions contemplated by this Agreement and the related
          Term
          Sheet and to conduct its business as presently conducted, has duly authorized
          the execution, delivery and performance of this Agreement and the related
          Term
          Sheet and any agreements contemplated hereby, has duly executed and delivered
          this Agreement and the related Term Sheet, and any agreements contemplated
          hereby, and
          this
          Agreement and the related Term Sheet and each Assignment to the Purchaser
          and
          any agreements contemplated hereby, constitutes a legal, valid and binding
          obligation of the Company
          and the Servicer,
          as
          applicable, enforceable against it in accordance with its terms, and all
          requisite corporate action has been taken by the Company and the Servicer
          to
          make this Agreement and the related Term Sheet and all agreements contemplated
          hereby valid and binding upon the Company and the Servicer, as applicable,
          in
          accordance with their terms;
          

        

        (c)
          Neither the execution and delivery of this Agreement and the related Term
          Sheet
          by the Company and the Servicer, nor the origination or purchase of the
          Mortgage
          Loans by the Company, the sale of the Mortgage Loans to the Purchaser,
          the
          consummation of the transactions contemplated hereby, nor the fulfillment
          of or
          compliance with the terms and conditions of this Agreement and the related
          Term
          Sheet, will conflict with any of the terms, conditions or provisions of
          the
          Company's and the Servicer’s, as applicable, charter or by-laws or materially
          conflict with or result in a material breach of any of the terms, conditions
          or
          provisions of any legal restriction or any agreement or instrument to which
          the
          Company or the Servicer, as applicable, 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 Company or the Servicer, or their respective
          properties are subject, or impair the ability of the Purchaser to realize
          on the
          Mortgage Loans.

        

        (d)
          There
          is no litigation, suit, proceeding or investigation pending or, to the
          best of
          Company’s or the Servicer’s, as applicable, knowledge, threatened, or any order
          or decree outstanding, with respect to the Company or the Servicer, as
          applicable, which, either in any one instance or in the aggregate, is reasonably
          likely to have a material adverse effect on the sale of the Mortgage Loans,
          the
          execution, delivery, performance or enforceability of this Agreement and
          the
          related Term Sheet, or which is reasonably likely to have a material adverse
          effect on the financial condition of the Company and the Servicer, as
          applicable.

        

        (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 Company
          or
          the Servicer, as applicable, of or compliance by the Company or the Servicer
          with this Agreement or the related Term Sheet, or the sale of the Mortgage
          Loans
          and delivery of the Mortgage Files to the Purchaser or the consummation
          of the
          transactions contemplated by this Agreement or the related Term Sheet,
          except
          for consents, approvals, authorizations and orders which have been
          obtained;

        

        (f)
          The
          consummation of the transactions contemplated by this Agreement or the
          related
          Term Sheet is in the ordinary course of business of the Company and Company,
          and
          the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
          by the Company pursuant to this Agreement or the related Term Sheet are
          not
          subject to bulk transfer or any similar statutory provisions in effect
          in any
          applicable jurisdiction;

        

        (g)
          The
          origination and servicing practices used by the Company or the Servicer,
          as
          applicable, and any prior originator or servicer with respect to each Mortgage
          Note and Mortgage have been legal and in accordance with applicable laws
          and
          regulations and the Mortgage Loan Documents, and in all material respects
          proper
          and prudent in the mortgage origination and servicing business. Each Mortgage
          Loan has been serviced by the Servicer
          in
          all
          material respects with Accepted Servicing Practices. With respect to escrow
          deposits and payments that the Servicer, on behalf of an investor, is entitled
          to collect, all such payments are in the possession of, or under the control
          of,
          the Servicer, 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 and
          the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
          Loan that is the subject of an escrow, escrow of funds is not prohibited
          by
          applicable law and has been established in an amount sufficient to pay
          for every
          escrowed item that remains unpaid and has been assessed but is not yet
          due and
          payable. No escrow deposits or other charges or payments due under the
          Mortgage
          Note have been capitalized under any Mortgage or the related Mortgage
          Note;

        

        (h)
          The
          Company used no selection procedures that identified the Mortgage Loans
          as being
          less desirable or valuable than other comparable mortgage loans in the
          Company's
          portfolio at the related Cut-off Date; 

        

        (i) The
          Company will treat the sale of the Mortgage Loans to the Purchaser as a
          sale for
          reporting and accounting purposes and, to the extent appropriate, for federal
          income tax purposes; 

        

        (j) The
          Company is an approved seller of residential mortgage loans for Fannie
          Mae,
          FHLMC and HUD. The Company is duly qualified, licensed, registered and
          otherwise
          authorized under all applicable federal, state and local laws, and regulations,
          if applicable, meets the minimum capital requirements set forth by the
          OCC, and
          is in good standing to sell mortgage loans to Fannie Mae and FHLMC and
          no event
          has occurred which would make Company unable to comply with eligibility
          requirements or which would require notification to either Fannie Mae or
          FHLMC.
          The Servicer
          is
          an
          approved servicer of residential mortgage loans for Fannie Mae, FHLMC and
          HUD,
          with such facilities, procedures and personnel necessary for the sound
          servicing
          of such mortgage loans. The Servicer is duly qualified, licensed, registered
          and
          otherwise authorized under all applicable federal, state and local laws,
          and
          regulations, if applicable, meets the minimum capital requirements set
          forth by
          the OCC, and is in good standing to service mortgage loans for Fannie Mae
          and
          FHLMC and no event has occurred which would make Servicer unable to comply
          with
          eligibility requirements or which would require notification to either
          Fannie
          Mae or FHLMC;

        

        (k) Neither
          the Company nor the Servicer believe, nor do they have any cause or reason
          to
          believe, that they cannot perform each and every one of their respective
          covenants contained in this Agreement or the related Term Sheet. The Company
          is
          solvent and the sale of the Mortgage Loans will not cause the Company to
          become
          insolvent. The sale of the Mortgage Loans is not undertaken with the intent
          to
          hinder, delay or defraud any of the Company's creditors;

        

        (l) No
          statement, tape, diskette, form, report or other document prepared by,
          or on
          behalf of, Company pursuant to this Agreement or the related Term Sheet
          or in
          connection with the transactions contemplated hereby, contains or will
          contain
          any statement that is inaccurate or misleading in any material
          respect;

        

        (m)
           The
          Servicer acknowledges and agrees that the Servicing Fee represents reasonable
          compensation for performing such services and that the entire Servicing
          Fee
          shall be treated by the Servicer, for accounting and tax purposes, as
          compensation for the servicing and administration of the Mortgage Loans
          pursuant
          to this Agreement. In the opinion of Company, the consideration received
          by
          Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
          and the related Term Sheet constitutes fair consideration for the Mortgage
          Loans
          under current market conditions. 

        

        (n) Company
          has delivered to the Purchaser 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 of the Servicer, business,
          operations, financial condition, properties or assets of the Company or
          the
          Servicer since the date of the financial statements referenced hereunder
          that
          would have a material adverse effect on its ability to perform its obligations
          under this Agreement;

        

        (o)  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;

        

        (p) As
          of the
          date of each Securitization Transaction, and except as has been otherwise
          disclosed to the Purchaser, any Master Servicer and any Depositor: (1)
          no
          default or servicing related performance trigger has occurred as to any
          other
          securitization due to any act or failure to act of the Company or the Servicer;
          (2) no material noncompliance with applicable servicing criteria as to
          any other
          securitization has occurred, been disclosed or reported by the Company
          or the
          Servicer; (3) neither the Company nor 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;
          (4) no material changes to the Company’s or the Servicer’s servicing policies
          and procedures for similar loans has occurred in the preceding three years;
          (5)
          there are no aspects of the Company’s or the Servicer’s financial condition that
          could have a material adverse impact on the performance by the Company
          or the
          Servicer, as applicable, of its obligations hereunder; (6) there are no
          legal
          proceedings pending, or known to be contemplated by governmental authorities,
          against the Company or the Servicer that could be material to investors
          in the
          securities issued in such Securitization Transaction; and (7) there are
          no
          affiliations, relationships or transactions relating to the Company or
          the
          Servicer of a type that are described under Item 1119 of Regulation
          AB;

        

        (q) If
          so
          requested by the Purchaser or any Depositor on any date, the Company and
          the
          Servicer shall, within five (5) Business Days following such request, confirm
          in
          writing the accuracy of the representations and warranties set forth in
          Section
          3.01(p) 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; 

        

        (r) Notwithstanding
          anything to the contrary in the Agreement, the Company and the Servicer
          shall
          (or shall cause each Subservicer and Third-Party Originator to) (i) immediately
          notify the Purchaser, any Master Servicer and any Depositor in writing
          of (A)
          any material litigation or governmental proceedings pending against the
          Company,
          the Servicer, any Subservicer or any Third-Party Originator, (B) any
          affiliations or relationships that develop following the closing date of
          a
          Securitization Transaction between the Company, the Servicer, any Subservicer
          or
          any Third-Party Originator and any of the parties specified in clause (7)
          of
          paragraph (p) of this Section (and any other parties identified in writing
          by
          the requesting party) with respect to such Securitization
          Transaction,
          (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 Company or 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 Purchaser and any Depositor a description of such proceedings,
          affiliations or relationships.

        

        All
          notification pursuant to this Section 3.01(r) should be sent by e-mail
          transmission to regABnotifications@bear.com,
          and
          additionally as specified below.

        

        All
          notification pursuant to this Section 3.01(r), other than those pursuant
          to
          Section 3.01(r)(i)(A), 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

        

        Notifications
          pursuant to Section 3.01(r)(i)(A) 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

        

        (s) 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
          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, any Master Servicer and any Depositor of such
          succession or appointment and (y) in writing and in form and substance
          reasonably satisfactory to the Purchaser, any Master Servicer and such
          Depositor, all information reasonably requested by the Purchaser, any 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.

        

        Section
          3.02 Representations
          and Warranties as to Individual Mortgage Loans.

        

        References
          in this Section to percentages of Mortgage Loans refer in each case to
          the
          percentage of the aggregate Stated Principal Balance of the Mortgage Loans
          as of
          the related Cut-off Date, based on the outstanding Stated Principal Balances
          of
          the Mortgage Loans as of the related Cut-off Date, and giving effect to
          scheduled Monthly Payments due on or prior to the related Cut-off Date,
          whether
          or not received. References to percentages of Mortgaged Properties refer,
          in
          each case, to the percentages of expected aggregate Stated Principal Balances
          of
          the related Mortgage Loans (determined as described in the preceding sentence).
          Each of the Company and the Servicer (but with respect to the Servicer,
          only to
          the extent expressly set forth in this Section 3.02), hereby represent
          and
          warrant to the Purchaser, as to each Mortgage Loan, as of the related Closing
          Date as follows:

        

          
          (a)
The
          information set forth in the Mortgage Loan Schedule attached to the related
          Term
          Sheet is true, complete and correct in all material respects as of the
          related
          Cut-Off Date;

        

        (b) The
          Mortgage creates a valid, subsisting and enforceable first lien or a first
          priority ownership interest in an estate in fee simple in real property
          securing
          the related Mortgage Note subject to principles of equity, bankruptcy,
          insolvency and other laws of general application affecting the rights of
          creditors;

        

        (c)
          All
          payments due prior to the related Cut-off Date for such Mortgage Loan have
          been
          made as of the related Closing Date; the Mortgage Loan has not been dishonored;
          there are no material defaults under the terms of the Mortgage Loan; the
          Company
          has not advanced its own funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the Mortgaged Property
          subject to the Mortgage, directly or indirectly, for the payment of any
          amount
          required by the Mortgage Loan. As of the related Closing Date, all of the
          Mortgage Loans will have an actual interest paid to date of their related
          Cut-off Date (or later) and will be due for the scheduled monthly payment
          next
          succeeding the Cut-off Date (or later), as evidenced by a posting to Servicer's
          servicing collection system. No payment under any Mortgage Loan is delinquent
          as
          of the related Closing Date nor has any scheduled payment been delinquent
          at any
          time during the twelve (12) months prior to the month of the related Closing
          Date. For purposes of this paragraph, a Mortgage Loan will be deemed delinquent
          if any payment due thereunder was not paid by the Mortgagor in the month
          such
          payment was due;

        

        (d)
          There
          are no defaults by Company in complying with the terms of the Mortgage,
          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 escrow funds have been established in an amount
          sufficient to pay for every such escrowed item which remains unpaid and
          which
          has been assessed but is not yet due and payable;

        

        (e)
          The
          terms of the Mortgage Note and the Mortgage have not been impaired, waived,
          altered or modified in any respect, except by written instruments which
          have
          been recorded to the extent any such recordation is required by law, or,
          necessary to protect the interest of the Purchaser. No instrument of waiver,
          alteration or modification has been executed except in connection with
          a
          modification agreement and which modification agreement is part of the
          Mortgage
          File and the terms of which are reflected in the related Mortgage Loan
          Schedule,
          and no Mortgagor has been released, in whole or in part, from the terms
          thereof
          except in connection with an assumption agreement and which assumption
          agreement
          is part of the Mortgage File and the terms of which are reflected in the
          related
          Mortgage Loan Schedule; the substance of any such waiver, alteration or
          modification has been approved by the issuer of any related Primary Mortgage
          Insurance Policy and title insurance policy, to the extent required by
          the
          related policies;

        

        (f)
          The
          Mortgage Note and the Mortgage are 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 the Mortgage
          Note or
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury,
          and no such right of rescission, set-off, counterclaim or defense has been
          asserted with respect thereto; and as of the related Closing Date the Mortgagor
          was not a debtor in any state or federal bankruptcy or insolvency
          proceeding;

        

        (g)
          All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by a Qualified Insurer, against loss by fire, hazards of extended
          coverage and such other hazards as are provided for in the Fannie Mae or
          FHLMC
          Guide, as well as all additional requirements set forth in Section 4.10
          of this
          Agreement. All such standard hazard policies are in full force and effect
          and
          contain a standard mortgagee clause naming the Company and its successors
          in
          interest and assigns as loss payee and such clause is still in effect and
          all
          premiums due thereon have been paid. If required by the Flood Disaster
          Protection Act of 1973, as amended, the Mortgage Loan is covered by a flood
          insurance policy meeting the requirements of the current guidelines of
          the
          Federal Insurance Administration which policy conforms to Fannie Mae or
          FHLMC
          requirements, as well as all additional requirements set forth in Section
          4.10
          of this Agreement. Such policy was issued by a Qualified Insurer. The Mortgage
          obligates the Mortgagor thereunder to maintain all such insurance at the
          Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
          authorizes the holder of the Mortgage to maintain such insurance at the
          Mortgagor's cost and expense and to seek reimbursement therefor from the
          Mortgagor. None of the Company, the Servicer (nor any prior originator
          or
          servicer of any of the Mortgage Loans) nor any Mortgagor has engaged in
          any act
          or omission which has impaired or would impair the coverage of any such
          policy,
          the benefits of the endorsement provided for herein, or the validity and
          binding
          effect of either;

        

        (h)
          Each
Mortgage
          Loan complies with, and the Company has complied with, applicable local,
          state
          and federal laws, regulations and other requirements including, without
          limitation, usury, equal credit opportunity, real estate settlement procedures,
          the Federal Truth-In-Lending Act, disclosure laws and all predatory and
          abusive
          lending laws and consummation of the transactions contemplated hereby,
          including
          without limitation, the receipt of interest by the owner of such Mortgage
          Loan,
          will not involve the violation of any such laws, rules or regulations.
          None of
          the Mortgage Loans are (a) Mortgage Loans subject to 12 CFR Part 226.31,
          12 CFR
          Part 226.32 or 226.34 of Regulation Z, the regulation implementing TILA,
          which
          implements the Home Ownership and Equity Protection Act of 1994, as amended,
          or
          (b) except as may be provided in subparagraph (c) below, classified and/or
          defined, as a “high cost”, “threshold”, “predatory” “high risk home loan” or
“covered” loan (or a similarly classified loan using different terminology under
          a law imposing additional legal liability for mortgage loans having high
          interest rates, points and or/fees) under any other state, federal or local
          law
          including, but not limited to, the States of Georgia, New York, North Carolina,
          Arkansas, Kentucky or New Mexico, (c) Mortgage Loans subject to the New
          Jersey
          Home Ownership Security Act of 2002 (the “Act”), unless such Mortgage Loan is a
          (1) “Home Loan” as defined in the Act that is a first lien Mortgage Loan, which
          is not a “High Cost Home Loan” as defined in the Act or (2) “Covered Home Loan”
as defined in the Act that is a first lien purchase money Mortgage Loan,
          which
          is not a High Cost Home Loan under the Act, or (d) secured by Mortgaged
          Property
          in the Commonwealth of Massachusetts with a loan application date on or
          after
          November 7, 2004 that refinances a mortgage loan that is less than sixty
          (60)
          months old, unless such Mortgage Loan (1) is on an investment property,
          (ii)
          meets the requirements set forth in the Code of Massachusetts Regulation
          (“CMR”), 209 CMR 53.04(1)(b), or (iii) meets the requirements set forth in the
          209 CMR 53.04(1)(c). In addition to and notwithstanding anything to the
          contrary
          herein, no Mortgage Loan for which the Mortgaged Property is located in
          New
          Jersey is a Home Loan as defined in the Act that was made, arranged, or
          assigned
          by a person selling either a manufactured home or home improvements to
          the
          Mortgaged Property or was made by an originator to whom the Mortgagor was
          referred by any such seller. Each Mortgage Loan is being (and has been)
          serviced
          in accordance with Accepted Servicing Practices and applicable state and
          federal
          laws, including, without limitation, the Federal Truth-In-Lending Act and
          other
          consumer protection laws, real estate settlement procedures, usury, equal
          credit
          opportunity and disclosure laws. Company shall maintain in its possession,
          available for the Purchaser’s inspection, as appropriate, and shall deliver to
          the Purchaser or its designee upon demand, evidence of compliance with
          all such
requirements;
          

        

        (i)
          The
          Mortgage has not been satisfied, canceled or subordinated, in whole or
          in part,
          or rescinded, 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;

        

        (j) The
          Mortgage is a valid, subsisting, enforceable and perfected first lien on
          the
          Mortgaged Property, including all buildings on the Mortgaged Property and
          all
          installations and mechanical, electrical, plumbing, heating and air conditioning
          systems affixed to such buildings, and all additions, alterations and
          replacements made at any time with respect to the foregoing securing the
          Mortgage Note's original principal balance subject to principles of equity,
          bankruptcy, insolvency and other laws of general application affecting
          the
          rights of creditors. The Mortgage and the Mortgage Note do not contain
          any
          evidence of any security interest or other interest or right thereto. Such
          lien
          is free and clear of all adverse claims, liens and encumbrances having
          priority
          over the first lien of the Mortgage subject only to (1) the lien of
          non-delinquent 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 which
          are
          acceptable to mortgage lending institutions generally and either (A) which
          are
          referred to in the lender’s title insurance policy delivered to the originator
          or otherwise considered in the appraisal made for the originator of the
          Mortgage
          Loan, or (B) which do not adversely affect the residential use or Appraised
          Value of the Mortgaged Property as set forth in such appraisal, and (3)
          other
          matters to which like properties are commonly subject which do not individually
          or in the aggregate 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, enforceable
          and
          perfected first lien and first priority security interest on the property
          described therein, and the Company has the full right to sell and assign
          the
          same to the Purchaser;

        

        (k)
          The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to principles of equity,
          bankruptcy, insolvency and other laws of general application affecting
          the
          rights of creditors, and the Company has taken all action necessary to
          transfer
          such rights of enforceability to the Purchaser. All parties to the Mortgage
          Note
          and the Mortgage had the legal capacity to enter into the Mortgage Loan
          and to
          execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
          Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage
          Note and
          the Mortgage have been duly and properly executed by such parties. No fraud,
          error, omission, misrepresentation, negligence or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of Company, the
          Servicer
          or the Mortgagor, or on the part of any other party involved in the origination
          or servicing of the Mortgage Loan. 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
          improvements 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;

        

        (l)
          The
          Company is the sole owner and holder of the Mortgage Loan and the indebtedness
          evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
          Purchaser, the Company will retain the Mortgage File or any part thereof
          with
          respect thereto not delivered to the Purchaser or the Purchaser’s designee in
          trust only for the purpose of servicing and supervising the servicing of
          the
          Mortgage Loan. Immediately prior to the transfer and assignment to the
          Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
          were
          not subject to an assignment, sale or pledge to any person other than Purchaser,
          and the Company had good and marketable title to and was the sole owner
          thereof
          and had full right to transfer and sell the Mortgage Loan to the Purchaser
          free
          and clear of any encumbrance, equity, lien, pledge, charge, claim or security
          interest and has the full right and authority subject to no interest or
          participation of, or agreement with, any other party, to sell and assign
          the
          Mortgage Loan pursuant to this Agreement and following the sale of the
          Mortgage
          Loan, the Purchaser will own such Mortgage Loan free and clear of any
          encumbrance, equity, participation interest, lien, pledge, charge, claim
          or
          security interest. The Company intends to relinquish all rights to possess,
          control and monitor the Mortgage Loan, except for the purposes of the Servicer’s
          servicing the Mortgage Loan as set forth in this Agreement. After the related
          Closing Date, the Company will not have any right to modify or alter the
          terms
          of the sale of the Mortgage Loan and the Company will not have any obligation
          or
          right to repurchase the Mortgage Loan or substitute another Mortgage Loan,
          except as provided in this Agreement, or as otherwise agreed to by the
          Company
          and the Purchaser;

        

        (m)
          Each
          Mortgage Loan is covered by an ALTA lender's title insurance policy or
          other
          generally acceptable form of policy or insurance acceptable to Fannie Mae
          or
          FHLMC (including adjustable rate endorsements), issued by a title insurer
          acceptable to Fannie Mae or FHLMC and qualified to do business in the
          jurisdiction where the Mortgaged Property is located, insuring (subject
          to the
          exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
          and assigns, as to the first priority lien of the Mortgage in the original
          principal amount of the Mortgage Loan 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. Where required by state law or regulation, the Mortgagor has been
          given
          the opportunity to choose the carrier of the required mortgage title insurance.
          The Company, its successors and assigns, is the sole insured of such lender's
          title insurance policy, such title insurance policy has been duly and validly
          endorsed to the Purchaser or the assignment to the Purchaser of the Company's
          interest therein does not require the consent of or notification to the
          insurer
          and such lender's title insurance policy is in full force and effect and
          will be
          in full 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 or servicer of the related Mortgage, including
          the
          Company, nor any Mortgagor, has done, by act or omission, anything which
          would
          impair the coverage of such lender's title insurance policy;

        

        (n)
          Other
          than a Monthly Payment due but not delinquent (as provided in Section 3.02(c)
          herein) and in such case, only if specified on the related Mortgage Loan
          Schedule, there is no default, breach, violation or event of acceleration
          existing under the Mortgage or the related 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 permitting
          acceleration; and neither the Company, nor any prior mortgagee has waived
          any
          default, breach, violation or event permitting acceleration;

        

        (o)
          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 law could give
          rise
          to such liens) affecting the related Mortgaged Property which are or may
          be
          liens prior to or equal to the lien of the related Mortgage;

        

        (p)
          All
          improvements subject to the Mortgage which were considered in determining
          the
          Appraised Value of the Mortgaged Property lie wholly within the boundaries
          and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in clause (m) above and
          all
          improvements on the property comply with all applicable zoning and subdivision
          laws and ordinances;

        

        (q)
          Each
          Mortgage Loan was originated by or for the Company pursuant to, and conforms
          with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
          Mortgage Loan bears interest at an adjustable rate (if applicable) as set
          forth
          in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
          Note are due and payable on the first day of each month. The Mortgage contains
          the usual and enforceable provisions of the Company at the time of origination
          for the acceleration of the payment of the unpaid principal amount of the
          Mortgage Loan if the related Mortgaged Property is sold without the prior
          consent of the mortgagee thereunder;

        

        (r)
          The
          Mortgaged Property is not subject to any material damage. At origination
          of the
          Mortgage Loan there was not, since origination of the Mortgage Loan there
          has
          not been, and there currently is no proceeding pending for the total or
          partial
          condemnation of the Mortgaged Property. The Company has not received
          notification that any such proceedings are scheduled to commence at a future
          date;

        

        (s)
          The
          related 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, (1) in the case of a Mortgage designated as a deed of trust,
          by
          trustee's sale, and (2) otherwise by judicial foreclosure. There is no
          homestead
          or other exemption available to the Mortgagor which would interfere with
          the
          right to sell the Mortgaged Property at a trustee's sale or the right to
          foreclose the Mortgage;

        

        (t)
          If
          the Mortgage constitutes a deed of trust, a trustee, authorized and duly
          qualified if required under applicable law to act as such, has been properly
          designated and currently so serves and is named in the Mortgage, and no
          fees or
          expenses, except as may be required by local law, are or will become payable
          by
          the Purchaser to the trustee under the deed of trust, except in connection
          with
          a trustee's sale or attempted sale after default by the Mortgagor;

        

        (u)
          The
          Mortgage File contains an appraisal of the related Mortgaged Property signed
          prior to the final approval of the mortgage loan application by a Qualified
          Appraiser, approved 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 or FHLMC and 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. The appraisal is in
          a form
          acceptable to Fannie Mae or FHLMC;

        

        (v)
          All
          parties which have had any legal interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

        

        (w)
          The
          related 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 above and
          such
          collateral does not serve as security for any other obligation;

        

        (x)
          The
          Mortgagor has received and has executed, where applicable, all disclosure
          materials required by applicable law with respect to the making of such
          mortgage
          loans;

        

        (y)
          The
          Mortgage Loan does not contain balloon or "graduated payment" features.
          No
          Mortgage Loan is subject to a buydown agreement or contains any buydown
          provision;

        

        (z)
          The
          Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and
          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 could reasonably be expected to cause investors who invest
          in
          mortgage loans of the type similar to the Mortgage Loans to regard the
          Mortgage
          Loan as an unacceptable investment, cause the Mortgage Loan to become
          delinquent, or materially adversely affect the value or marketability of
          the
          Mortgage Loan;

        

        (aa)
          Each
          Mortgage Loan bears interest based upon a thirty (30) day month and a three
          hundred and sixty (360) day year. The Mortgage Loans have an original term
          to
          maturity of not more than thirty (30) years, with interest payable in arrears
          on
          the first day of each month. As to each adjustable rate Mortgage Loan,
          on each
          applicable Adjustment Date, the Mortgage Interest Rate will be adjusted
          to equal
          the sum of the Index, plus the applicable Margin; provided, that the Mortgage
          Interest Rate, on each applicable Adjustment Date, will not increase by
          more
          than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the
          term of
          each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not
          exceed
          such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
          “interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
          respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
          a
          monthly payment which is suffi-cient (a) during the period prior to the
          first
          adjust-ment to the Mortgage Interest Rate, to fully amortize the original
          principal balance over the original term thereof and to pay interest at
          the
          related Mortgage Interest Rate, and (b) during the period following each
          Adjust-ment Date, to fully amortize the outstanding principal balance as
          of the
          first day of such period over the then remaining term of such Mortgage
          Note and
          to pay interest at the related Mortgage Interest Rate. With respect to
          each
          adjustable rate Mortgage Loan, the Mortgage Note provides that when the
          Mortgage
          Interest Rate changes on an Adjustment Date, the then outstanding principal
          balance will be reamortized over the remaining life of the Mortgage Loan.
          No
          Mortgage Loan contains terms or provi-sions which would result in negative
          amortization. None of the Mortgage Loans contain a conversion feature which
          would cause the Mortgage Loan interest rate to convert to a fixed interest
          rate.
          None of the Mortgage Loans are considered agricultural loans; 

        

        (bb)
          (INTENTIONALLY LEFT BLANK)

        

        (cc)
          (INTENTIONALLY LEFT BLANK)

        

        (dd)
          (INTENTIONALLY LEFT BLANK)

         

        (ee)
          (INTENTIONALLY LEFT BLANK) 

        

        (ff)
          (INTENTIONALLY LEFT BLANK)

        

        (gg)
          (INTENTIONALLY LEFT BLANK)

        

        (hh) In
          the
          event the Mortgage Loan had an LTV at origination greater than 80.00%,
          the
          excess of the principal balance of the Mortgage Loan over 75.0% of the
          Appraised
          Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
          or
          the lesser of the Appraised Value or the purchase price of the Mortgaged
          Property with respect to a purchase money Mortgage Loan was insured as
          to
          payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
          Insurer. No Mortgage Loan has an LTV over 95%. All provisions of such Primary
          Mortgage Insurance 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
          Mortgage Loan requires payment of such premiums, in whole or in part, by
          the
          Purchaser. 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 Primary Mortgage Insurance Policy
          obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance
          Policy, subject to state and federal law, and to pay all premiums and charges
          in
          connection therewith. No action has been taken or failed to be taken, on
          or
          prior to the Closing Date which has resulted or will result in an exclusion
          from, denial of, or defense to coverage under any Primary Mortgage Insurance
          Policy (including, without limitation, any exclusions, denials or defenses
          which
          would limit or reduce the availability of the timely payment of the full
          amount
          of the loss otherwise due thereunder to the insured) whether arising out
          of
          actions, representations, errors, omissions, negligence, or fraud of the
          Company
          or the Mortgagor, or for any other reason under such coverage; The mortgage
          interest rate for the Mortgage Loan as set forth on the related Mortgage
          Loan
          Schedule is net of any such insurance premium. None of the Mortgage Loans
          are
          subject to “lender-paid” mortgage insurance;

        

        (ii) The
          Assignment is in recordable form and is acceptable for recording under
          the laws
          of the jurisdiction in which the Mortgaged Property is located;

        

        (jj) None
          of
          the Mortgage Loans are secured by an interest in a leasehold estate. The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a single parcel of real property with a detached
          single family residence erected thereon, or a townhouse, or a two-to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          an
          individual unit in a planned unit development or a de minimis planned unit
          development, provided, however, that no residence or dwelling is a single
          parcel
          of real property with a manufactured home not affixed to a permanent foundation,
          or a mobile home. Any
          condominium unit or planned unit development conforms with the Company’s
          underwriting guidelines. As
          of the
          date of origination, no portion of any Mortgaged Property was used for
          commercial purposes, and since the Origination Date, no portion of any
          Mortgaged
          Property has been, or currently is, used for commercial purposes;

        

        (kk) Payments
          on the Mortgage Loan commenced no more than sixty (60) days after the funds
          were
          disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
          on
          the first day of each month in monthly installments of principal and interest,
          which installments are subject to change due to the adjustments to the
          Mortgage
          Interest Rate on each Adjustment Date, with interest calculated and payable
          in
          arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
          date, over an original term of not more than thirty years from commencement
          of
          amortization;

        

        (ll) As
          of the
          Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
          under applicable law, and 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;

        

        (mm) There
          is
          no pending action or proceeding directly involving the Mortgaged Property
          in
          which compliance with any environmental law, rule or regulation is an issue;
          there is no violation of any environmental law, rule or regulation with
          respect
          to the Mortgaged Property; and the Company has not received any notice
          of any
          environmental hazard on the Mortgaged Property and nothing further remains
          to be
          done to satisfy in full all requirements of each such law, rule or regulation
          constituting a prerequisite to use and enjoyment of said property;

        

        (nn) 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;

        

        (oo)
           No
          Mortgage Loan is a construction or rehabilitation Mortgage Loan or was
          made to
          facilitate the trade-in or exchange of a Mortgaged Property;

        

        (pp) The
          Mortgagor for each Mortgage Loan is a natural person;

        

        (qq) None
          of
          the Mortgage Loans are Co-op Loans; 

        

        (rr)
           With
          respect to each Mortgage Loan that has a prepayment penalty feature, each
          such
          prepayment penalty is enforceable and will be enforced by the Company and
          each
          prepayment penalty is 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 on the Mortgage Loan Schedule, with respect to each Mortgage Loan
          that
          contains a prepayment penalty, 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;

        

        (ss)
           With
          respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
          Property securing such Mortgage Loan was at least equal to 80 percent of
          the
          original principal balance of such Mortgage Loan at the time such Mortgage
          Loan
          was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
          Property and (b) substantially all of the proceeds of such Mortgage Loan
          were
          used to acquire or to improve or protect the Mortgage Property. For the
          purposes
          of the preceding sentence, if the Mortgage Loan has been significantly
          modified
          other than as a result of a default or a reasonable foreseeable default,
          the
          modified Mortgage Loan will be viewed as having been originated on the
          date of
          the modification;

        

        (tt)
          The
          Mortgage Loan was originated by a mortgagee approved by the Secretary of
          Housing
          and Urban Development pursuant to sections 203 and 211 of the National
          Housing
          Act, a savings and loan association, a savings bank, a commercial bank,
          credit
          union, insurance company or similar institution which is supervised and
          examined
          by a federal or state authority; 

        

        (uu)
          None
          of the Mortgage Loans are simple interest Mortgage Loans and none of the
          Mortgaged Properties are timeshares; 

        

        (vv)
          All
          of the terms of the Mortgage pertaining to interest rate adjustments, payment
          adjustments and adjustments of the outstanding principal balance are
          enforceable, all such adjustments have been properly made, including the
          mailing
          of required notices, and such adjustments do not and will not affect the
          priority of the Mortgage lien. With respect to each Mortgage Loan which
          has
          passed its initial Adjustment Date, Company has performed an audit of the
          Mortgage Loan to determine whether all interest rate adjustments have been
          made
          in accordance with the terms of the Mortgage Note and Mortgage;

        

        (ww)
          Each
          Mortgage Note, each Mortgage, each Assignment and any other documents required
          pursuant to this Agreement to be delivered to the Purchaser or its designee,
          or
          its assignee for each Mortgage Loan, have been, on or before the related
          Closing
          Date, delivered to the Purchaser or its designee, or its assignee;

        

        (xx)
          There is no Mortgage Loan that was originated on or after October 1, 2002
          and
          before March 7, 2003, which is secured by property located in the State
          of
          Georgia;

        

        (yy)
          [reserved];

        

        (zz)
          No
          borrower was encouraged or required to select a Mortgage Loan product offered
          by
          the Mortgage Loan’s originator which is a higher cost product designed for less
          creditworthy borrowers, unless at the time of the Mortgage Loan’s origination,
          such borrower did not qualify taking into account credit history and
          debt-to-income ratios for a lower-cost credit product then offered by the
          Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
          If, at the time of loan application, the borrower may have qualified for
          a
          lower-cost credit product then offered by any mortgage lending affiliate
          of the
          Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
          borrower’s application to such affiliate for underwriting
          consideration;

        

        (aaa) The
          methodology used in underwriting the extension of credit for each Mortgage
          Loan
          employs objective mathematical principles which relate the borrower’s income,
          assets and liabilities to the proposed payment and such underwriting methodology
          does not rely on the extent of the borrower’s equity in the collateral as the
          principal determining factor in approving such credit extension. Such
          underwriting methodology confirmed that at the time of origination
          (application/approval) the borrower had a reasonable ability to make timely
          payments on the Mortgage Loan;

         

        (bbb) With
          respect to any Mortgage Loan that contains a provision permitting imposition
          of
          a premium upon a prepayment prior to maturity: (i) prior to the loan’s
          origination, the borrower agreed to such premium in exchange for a monetary
          benefit, including but not limited to a rate or fee reduction, (ii) prior
          to the
          loan’s origination, the borrower was offered the option of obtaining a mortgage
          loan that did not require payment of such a premium, (iii) the prepayment
          premium is disclosed to the borrower in the loan documents pursuant to
          applicable state and federal law, and (iv) notwithstanding any state or
          federal
          law to the contrary, the Servicer shall not impose such prepayment premium
          in
          any instance when the mortgage debt is accelerated as the result of the
          borrower’s default in making the loan payments;

         

        (ccc) No
          borrower was required to purchase any credit life, disability, accident
          or
          health insurance product as a condition of obtaining the extension of credit.
          No
          borrower obtained a prepaid single-premium credit life, disability, accident
          or
          health insurance policy in connection with the origination of the Mortgage
          Loan;
          No proceeds from any Mortgage Loan were used to purchase or finance single
          premium credit insurance policies as part of the origination of, or as
          a
          condition to closing, such Mortgage Loan; 

         

        (ddd) The
          Servicer will
          transmit full-file credit reporting data for each Mortgage Loan pursuant
          to the
          Fannie Mae Selling Guide and that for each Mortgage Loan, the Servicer
          agrees it
          shall report one of the following statuses each month as follows: new
          origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed,
          or
          charged-off, 

         

        (eee)
          [reserved]; 

        

        (fff)
          With
          respect to any Mortgage Loan originated on or after August 1, 2004 and
          underlying the security, neither the related Mortgage nor the related Mortgage
          Note requires the borrower to submit to arbitration to resolve any dispute
          arising out of or relating in any way to the mortgage loan transaction;
          

         

        (ggg)
          No
          Mortgage Loan is secured by Mortgaged Property in the Commonwealth of
          Massachusetts with a loan application date on or after November 7, 2004
          that
          refinances a mortgage loan that is less than sixty (60) months old, unless
          such
          Mortgage Loan (1) is on an investment property, (ii) meets the requirements
          set
          forth in the Code of Massachusetts Regulation (“CMR”), 209 CMR 53.04(1)(b), or
          (iii) meets the requirements set forth in the 209 CMR 53.04(1)(c); 

        

        (hhh) 
          For any Mortgage Loan with Mortgaged Property located in Texas which is
          a second
          lien and the interest rate is in excess of 10% where terms of the Mortgage
          Note
          contain a provision for which the Mortgagor may be entitled to prepaid
          interest
          upon payoff, no Mortgagor paid any administrative fees, points, or loan
          origination fees which would actually result in any prepaid interest being
          due
          the Mortgagor under the terms of the Mortgage Note;

         

        (iii)  
          The Company and the Servicer have complied with all applicable anti-money
          laundering laws and regulations, including without limitation the USA Patriot
          Act of 2001 (collectively, the Anti-Money Laundering Laws").  The Company
          and the Servicer have each established an anti-money laundering compliance
          program as required by the Anti-Money Laundering Laws and has conducted the
          requisite due diligence in connection with the origination of each Mortgage
          Loan
          for the purposes of the Anti-Money Laundering Laws.  The Company and
          the Servicer further represent that each takes reasonable efforts to determine
          whether any Mortgagor appears on any list of blocked or prohibited parties
          designated by the U.S. Department of Treasury; and

        

        (jjj)
          With respect to each Mortgage Loan, information regarding the borrower
          credit
          files related to such Mortgage Loan has been furnished to credit reporting
          agencies in compliance with the provisions of the Fair Credit Reporting
          Act and
          the applicable implementing regulations.

        

        Section
          3.03 Repurchase.

        

        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 and
          delivery
          of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
          inure to the benefit of the Purchaser, notwithstanding any restrictive
          or
          qualified endorsement on any Mortgage Note or Assignment or the examination,
          or
          lack of examination, of any Mortgage File. Upon discovery by any of the
          Company,
          the Servicer 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 in any Mortgage
          Loan, the
          party discovering such breach shall give prompt written notice to the other.
          The
          Company or the Servicer, as applicable, shall have a period of sixty (60)
          days
          from the earlier of its discovery or its receipt of notice of any such
          breach
          within which to correct or cure such breach. The Company and the Servicer,
          as
          applicable, hereby covenant and agree that if any such breach is not corrected
          or cured within such sixty day period, the Company shall, at the Purchaser's
          option and not later than ninety (90) days of its discovery or its receipt
          of
          notice of such breach, repurchase such Mortgage Loan at the Repurchase
          Price. In
          the event that any such breach shall involve any representation or warranty
          set
          forth in Section 3.01, and such breach is not cured within sixty (60) days
          of
          the earlier of either discovery by or notice to the Company of such breach,
          all
          Mortgage Loans shall, at the option of the Purchaser, be repurchased by
          the
          Company at the Repurchase Price. Any such repurchase shall be accomplished
          by
          wire transfer of immediately available funds to Purchaser in the amount
          of the
          Repurchase Price. Notwithstanding anything to the contrary contained herein,
          it
          is understood by the parties hereto that a breach of the representations
          made in
          Section 3.02 (h ),
          (xx),
          (yy), (zz), (aaa), (bbb), (ccc), (fff), (ggg) or (iii) will be deemed to
          materially and adversely affect the value of the related Mortgage Loan
          or the
          interest of Purchaser therein. 

        

        It
          is
          understood and agreed that the obligation of the Company and the Servicer,
          as
          applicable, set forth in this Section 3.03 to cure or repurchase for a
          defective
          Mortgage Loan, and to indemnify Purchaser pursuant to Section 8.01, constitute
          the sole remedies of the Purchaser respecting a breach of the foregoing
          representations and warranties. If the Company fails to repurchase a defective
          Mortgage Loan in accordance with this Section 3.03, or fails to cure a
          defective
          Mortgage Loan to Purchaser's reasonable satisfaction in accordance with
          this
          Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that
          failure
          shall be an Event of Default and the Purchaser shall be entitled to pursue
          all
          remedies available in this Agreement as a result thereof. No provision
          of this
          paragraph shall affect the rights of the Purchaser to terminate this Agreement
          for cause, as set forth in Sections 10.01 and 11.01.

        

        Any
          cause
          of action against the Company or the Servicer, as applicable, 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) the earlier
          of
          discovery of such breach by the Company or the Servicer or notice thereof
          by the
          Purchaser to the Company or the Servicer, (ii) failure by the Company or
          the
          Servicer, as applicable, to cure such breach or repurchase such Mortgage
          Loan as
          specified above, and (iii) demand upon the Company or the Servicer, as
          applicable, by the Purchaser for compliance with this Agreement.

        

        Section
          3.04 Representations
          and Warranties of the Purchaser.

         

        The
          Purchaser represents, warrants and convenants to the Company and the Servicer
          that, as of the related Closing Date or as of such date specifically provided
          herein:

        

        (a)  The
          Purchaser is a corporation, dully organized validly existing and in good
          standing under the laws of the State of Delaware 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;

        

        (b)  The
          Purchaser has full corporate power and authority and legal right to hold
          each
          Mortgage Loan, to purchase each Mortgage Loan pursuant to this Agreement
          and the
          related Term Sheet and to execute, deliver and perform, and to enter into
          and
          consummate all transactions contemplated by this Agreement and the related
          Term
          Sheet and to conduct its business as presently conducted, has duly authorized
          the execution, delivery and performance of this Agreement and the related
          Term
          Sheet, has duly executed and delivered this Agreement and the related Term
          Sheet, and this Agreement and the related Term Sheet and any agreements
          contemplated hereby, constitutes a legal, valid and binding obligation
          of the
          Purchaser, enforceable against it in accordance with its terms, and all
          requisite corporate action has been taken by the Purchaser to make this
          Agreement and the related Term Sheet and all agreements contemplated hereby
          valid and binding upon the Purchaser, in accordance with their
          terms;

        

        (c) None
          of
          the execution and delivery of this Agreement and the related Term Sheet,
          the
          purchase of the Mortgage Loans, the consummation of the transactions
          contemplated hereby, or the fulfillment of or compliance with the terms
          and
          conditions of this Agreement and the related Term Sheet will conflict with
          any
          of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
          materially conflict with or result in a material breach of any of the terms,
          conditions or provisions
          of any legal restriction or any agreement or instrument to which the Purchaser
          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 Purchaser
          or
          its property is subject;

        

        (d) There
          is
          no litigation, legal proceeding or governmental investigation pending or
          to the
          best of the Purchaser’s knowledge, threatened with respect to the Purchaser
          which is reasonably likely to have a material adverse effect on the purchase
          of
          the related Mortgage Loans hereunder, the execution, delivery, performance
          or
          enforceability of this Agreement and the related Term Sheet, or which is
          reasonably likely to have a material adverse effect on the financial condition
          of the Purchaser;

        

        (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 Purchaser
          of
          or compliance by the Purchaser with this Agreement and the related Term
          Sheet,
          the purchase of the Mortgage Loans or the consummation of the transactions
          contemplated by this Agreement and the related Term Sheet except for consents,
          approvals, authorizations and orders which have been obtained;

        

        (f) The
          consummation of the transactions contemplated by this Agreement and the
          related
          Term Sheet is in the ordinary course of business of the Purchaser;

        

        (h) The
          Purchaser will treat the purchase of the Mortgage Loans from the Company
          as a
          purchase for reporting, tax and accounting purposes; and

        

        (i) The
          Purchaser does not believe, nor does it have any cause or reason to believe,
          that it cannot perform each and every one of its covenants contained in
          this
          Agreement and the related Term Sheet.

        

        The
          Purchaser shall indemnify the Company and the Servicer, as applicable,
          and hold
          them harmless against any claims, proceedings, losses, damages, penalties,
          fines, forfeitures, reasonable and necessary legal fees and related costs,
          judgments, and other costs and expenses resulting from a breach by the
          Purchaser
          of the representations and warranties contained in this Section 3.04. It
          is
          understood and agreed that the obligations of the Purchaser set forth in
          this
          Section 3.04 to indemnify the Company and the Servicer as provided herein
          constitute the sole remedies of the Company and the Servicer respecting
          a breach
          of the foregoing representations and warranties.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        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 the related Term Sheet and with Accepted
          Servicing Practices, 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 the related Term Sheet and with Accepted
          Servicing Practices and 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 and the related Term Sheet, the Servicer shall
          service the Mortgage Loans in strict compliance with the servicing provisions
          of
          the Fannie Mae Guides (special servicing option), 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 mortgage impairment insurance, 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, the title, management and disposition 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 Files, 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
          the
          related Term Sheet and any of the servicing provisions of the Fannie Mae
          Guides,
          the provisions of this Agreement and the related Term Sheet shall control and be
          binding upon the Purchaser and the Servicer. 

        

        Consistent
          with the terms of this Agreement and the related Term Sheet, the Servicer
          may
          waive, modify or vary any term of any Mortgage Loan or consent to the
          postponement of any such term or in any manner grant indulgence to any
          Mortgagor
          if in the Servicer's reasonable and prudent determination such waiver,
          modification, postponement or indulgence is not materially adverse to the
          Purchaser, provided, however, that unless the Servicer has obtained the
          prior
          written consent of the Purchaser, the Servicer shall not permit any modification
          with respect to any Mortgage Loan that would change the Mortgage Interest
          Rate,
          defer for more than ninety days or forgive any 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 has been agreed to in writing by the
          Purchaser and which permits the deferral of interest or principal payments
          on
          any Mortgage Loan, the Servicer 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 4.04, 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 Servicer shall be entitled to reimbursement for such advances
          to
          the same extent as for all other 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. Notwithstanding anything
          herein to the contrary, the Servicer may not enter into a forbearance agreement
          or similar arrangement with respect to any Mortgage Loan which runs more
          than
          180 days after the first delinquent Due Date. Any such agreement shall
          be
          approved by Purchaser and, if required, by the Primary Mortgage Insurance
          Policy
          insurer, if required. 

        

        Notwithstanding
          anything in this Agreement to the contrary, if any Mortgage Loan becomes
          subject
          to a Securitization Transaction, the servicing provisions set forth in
          the
          related Reconstitution Agreement shall govern the servicing of such Mortgage
          Loans to the extent such terms contradict the servicing provisions set
          forth in
          this Agreement, including but not limited to the servicing provisions of
          Articles IV, V and VI hereof.

        

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

        

        Prior
          to
          taking any action with respect to the Mortgage Loans subject to a Securitization
          Transaction, which is not contemplated under the terms of this Agreement,
          the
          Servicer will obtain an Opinion of Counsel reasonably acceptable to the
          trustee
          in such Securitization Transaction with respect to whether such action
          could
          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)(either such event, an “Adverse REMIC Event”), and the Servicer shall not
          take any such actions as to which it has been advised that an Adverse REMIC
          Event could occur.

        

        The
          Servicer shall not permit the creation of any “interests” (within the meaning of
          Section 860G of the Code) in any REMIC. The Servicer shall not enter into
          any
          arrangement by which a REMIC will receive a fee or other compensation for
          services nor permit a REMIC to receive any income from assets other than
          “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
          investments” as defined in Section 860G(a)(5) of the Code.

        

        In
          servicing and administering the Mortgage Loans, the Servicer shall employ
          Accepted Servicing Practices, giving due consideration to the Purchaser's
          reliance on the Servicer. Unless a different time period is stated in this
          Agreement or the related Term Sheet, Purchaser shall be deemed to have
          given
          consent in connection with a particular matter if Purchaser does not
          affirmatively grant or deny consent within five (5) Business Days from
          the date
          Purchaser receives a second written request for consent for such matter
          from
          Servicer as servicer. 

        

        The
          Mortgage Loans may be subserviced by a Subservicer on behalf of the Servicer
          provided that the Subservicer is an entity that engages in the business
          of
          servicing loans, and in either case shall be authorized to transact business,
          and licensed to service mortgage loans, in the state or states where the
          related
          Mortgaged Properties it is to service are situated, if and to the extent
          required by applicable law to enable the Subservicer to perform its obligations
          hereunder and under the Subservicing Agreement, and in either case shall
          be a
          FHLMC or Fannie Mae approved mortgage 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 Fannie Mae or
          FHLMC, or
          which would require notification to Fannie Mae or FHLMC. In addition, each
          Subservicer will obtain and preserve its qualifications to do business
          as a
          foreign corporation and its licenses to service mortgage loans, in each
          jurisdiction in which such qualifications and/or licenses are or shall
          be
          necessary to protect the validity and enforceability of this Agreement,
          or any
          of the Mortgage Loans and to perform or cause to be performed its duties
          under
          the related Subservicing Agreement. The Servicer 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 Servicer
          of
          the 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 the Subservicer as fully as if such acts and omissions were
          those
          of the Servicer. The Servicer shall pay all fees and expenses of the Subservicer
          from its own funds, and the Subservicer's fee shall not exceed the Servicing
          Fee. Servicer shall notify Purchaser promptly in writing upon the appointment
          of
          any Subservicer.

        

        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 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 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 4.13, 8.04, 9.01 or 10.01
          and if
          requested to do so by the Purchaser, the Servicer shall at its own cost
          and
          expense terminate the rights and responsibilities of the 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 the Subservicer from the Servicer's own funds without
          reimbursement from the Purchaser.

        

        Notwithstanding
          any of the provisions of this Agreement relating to agreements or arrangements
          between the Servicer and the Subservicer or any reference herein to actions
          taken through the Subservicer or otherwise, the Servicer 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 Servicer shall be entitled to enter
          into
          an agreement with the Subservicer for indemnification of the Servicer by
          the
          Subservicer and nothing contained in this Agreement shall be deemed to
          limit or
          modify such indemnification. The Servicer will indemnify and hold Purchaser
          harmless from any loss, liability or expense arising out of its use of
          a
          Subservicer to perform any of its servicing duties, responsibilities and
          obligations hereunder.

        

        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 Servicer 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 Servicer pursuant to this
          Agreement, the Servicer shall be deemed to have received a payment on a
          Mortgage
          Loan when the 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 diligently 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,
          Accepted
          Servicing Practices, and the terms and provisions of any 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 special care in ascertaining and
          estimating annual escrow payments, and all other charges that, as provided
          in
          the Mortgage, will become due and payable, so 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. If a Prepayment Charge is waived, but does not
          meet
          the standards described above, then the Servicer is required to pay the
          amount
          of such waived Prepayment Charge by remitting such amount to the Purchaser
          by
          the Remittance Date.

        

        Section
          4.03 Realization
          Upon Defaulted Mortgage

        

        The
          Servicer shall use its best efforts, consistent with the procedures that
          the
          Servicer would use in servicing loans for its own account, consistent with
          Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
          the
          best interest of Purchaser, 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
          use
          Delinquency Recognition Policies, and shall revise these policies as reasonably
          requested by the Purchaser from time to time. Foreclosure
          or comparable proceedings shall be initiated within ninety (90) days of
          default
          for Mortgaged Properties for which no satisfactory arrangements can be
          made for
          collection of delinquent payments, subject to state and federal law and
          regulation. The Servicer shall use its best efforts to realize upon defaulted
          Mortgage Loans in such manner as will maximize the receipt of principal
          and
          interest by the Purchaser, taking into account, among other things, the
          timing
          of foreclosure proceedings. The foregoing is subject to the provisions
          that, in
          any case in which a 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
          Purchaser 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 obtain prior approval of Purchaser as
          to repair
          or restoration expenses in excess of ten thousand dollars ($10,000). The
          Servicer shall notify the Purchaser in writing of the commencement of
          foreclosure proceedings and not less than five (5) days prior to the acceptance
          or rejection of any offer of reinstatement. The Servicer shall be responsible
          for all costs and expenses incurred by it in any such proceedings or functions;
          provided, however, that it shall be entitled to reimbursement thereof from
          the
          related property, as contemplated 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 Purchaser otherwise requests an environmental
          inspection or review of such Mortgaged Property, such an inspection or
          review is
          to be conducted by a qualified inspector at the Purchaser's expense. Upon
          completion of the inspection, the Servicer 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
          Servicer
          shall proceed with respect to the Mortgaged Property. 

        

        Notwithstanding
          anything to the contrary contained herein, the Purchaser may, at the Purchaser's
          sole option, terminate the Servicer as servicer of any Mortgage Loan which
          becomes ninety (90) days or greater delinquent in payment of a scheduled
          Monthly
          Payment, without payment of any termination fee with respect thereto, provided
          that the Servicer shall on the date said termination takes effect be reimbursed
          for any unreimbursed Monthly Advances of the Servicer's funds made pursuant
          to
          Section 5.03 and any unreimbursed Servicing Advances and Servicing Fees
          in each
          case relating to the Mortgage Loan underlying such delinquent Mortgage
          Loan
          notwithstanding anything to the contrary set forth in Section 4.05. In
          the event
          of any such termination, the provisions of Section 11.01 hereof shall apply
          to
          said termination and the transfer of servicing responsibilities with respect
          to
          such delinquent Mortgage Loan to the Purchaser or its designee.

        

        In
          the
          event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
          such property shall be disposed of by the Servicer, with the consent of
          Purchaser as required pursuant to this Agreement, before the close of the
          third
          taxable year following the taxable year in which the Mortgage Loan became
          an REO
          Property, unless the Servicer provides to the trustee under such REMIC
          an
          opinion of counsel to the effect that the holding of such REO Property
          subsequent to the close of the third taxable year following the taxable
          year in
          which the Mortgage Loan became an REO Property, will not result in the
          imposition of taxes on "prohibited transactions" as defined in Section
          860F of
          the Code, or cause the transaction to fail to qualify as a REMIC at any
          time
          that certificates are outstanding. The Servicer shall manage, conserve,
          protect
          and operate each such REO Property for the certificateholders solely for
          the
          purpose of its prompt disposition and sale in a manner which does not cause
          such
          property to fail to qualify as "foreclosure property" within the meaning
          of
          Section 860F(a)(2)(E) of the Code, or any "net income from foreclosure
          property"
          which is subject to taxation under the REMIC provisions of the Code. Pursuant
          to
          its efforts to sell such property, the Servicer shall either itself or
          through
          an agent selected by Servicer, protect and conserve such property in the
          same
          manner and to such an extent as is customary in the locality where such
          property
          is located. Additionally, Servicer shall perform the tax withholding and
          reporting related to Sections 1445 and 6050J of the Code.

        

        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.
          The
          Custodial Account shall be an Eligible Account. Funds shall be deposited
          in the
          Custodial Account within two (2) Business Days hours of receipt, and shall
          at
          all times be insured by the FDIC up to the FDIC insurance limits, or must
          be
          invested in Permitted Investments for the benefit of the Purchaser. 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 Purchaser on the Closing Date,
          and
          upon the request of any subsequent Purchaser.

        

        The
          Servicer shall deposit in the Custodial Account on a daily basis, and retain
          therein the following payments and collections received or made by it subsequent
          to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
          to a period subsequent thereto, other than in respect of principal and
          interest
          on the Mortgage Loans due on or before the Cut-off Date:

        

        (i) all
          payments on account of principal, including Principal Prepayments, on the
          Mortgage Loans;

        

        (ii)
           all
          payments on account of interest on the Mortgage Loans adjusted to the Mortgage
          Loan Remittance Rate;

        

        (iii)
           all
          Liquidation Proceeds;

        

        (iv)
           any
          amounts required to be deposited by the Servicer in connection with any
          REO
          Property pursuant to Section 4.13 and in connection therewith, the Servicer
          shall provide the Purchaser with written detail itemizing all of such
          amounts;

        

        (v)
           all
          Insurance Proceeds including amounts required to be deposited pursuant
          to
          Sections 4.08, 4.10 and 4.11, 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 Accepted Servicing Practices,
          the
          Mortgage Loan Documents or applicable law;

        

        (vi)
           all
          Condemnation Proceeds affecting any Mortgaged Property which are not released
          to
          the Mortgagor in accordance with Accepted Servicing Practices, the loan
          documents or applicable law;

        

        (vii)
           any
          Monthly Advances;

        

        (viii)
           with
          respect to each full or partial Principal Prepayment, any Prepayment Interest
          Shortfalls, to the extent of the Servicer’s aggregate Servicing Fee received
          with respect to the related Prepayment Period;

        

        (ix)
           any
          amounts required to be deposited by the Servicer pursuant to Section 4.10
          in
          connection with the deductible clause in any blanket hazard insurance policy,
          such deposit shall be made from the Servicer's own funds, without reimbursement
          therefor; and

        

        (x)
           any
          amounts required to be deposited in the Custodial Account pursuant to Section
          4.01, 4.13 or 6.02.

        

        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 and assumption
          fees,
          to the extent permitted by Section 6.01, need not be deposited by the Servicer
          in the Custodial Account. Any interest paid on funds deposited in the Custodial
          Account by the depository institution shall accrue to the benefit of the
          Servicer and the Servicer shall be entitled to retain and withdraw such
          interest
          from the Custodial Account pursuant to Section 4.05 (iv). The Purchaser
          shall
          not be responsible for any losses suffered with respect to investment of
          funds
          in the Custodial Account.

        

        Section
          4.05 Permitted
          Withdrawals From the Custodial Account.

        

        The
          Servicer may, from time to time, withdraw 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, the Servicer's right to reimburse
          itself
          pursuant to this subclause (ii) being limited to 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,
          it being understood that, in the case of such reimbursement, the Servicer's
          right thereto shall be prior to the rights of the Purchaser, except that,
          where
          the Company is required to repurchase a Mortgage Loan, pursuant to Section
          3.03,
          the Servicer's right to such reimbursement shall be subsequent to the payment
          to
          the Purchaser of the Repurchase Price pursuant to such Section 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 any unpaid Servicing
          Fees, the Servicer's right to reimburse itself pursuant to this subclause
          (iii)
          with respect to any defaulted Mortgage Loan being limited to related proceeds
          from Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds
          in
          accordance with the relevant provisions of the Fannie Mae Guides or as
          otherwise
          set forth in this Agreement
          and only
          to the extent that the aggregate of Liquidation Proceeds and Insurance
          Proceeds
          with respect to such Mortgage Loan, after any reimbursement to the Servicer,
          exceeds the outstanding Stated Principal Balance of such Mortgage Loan
          plus
          accrued and unpaid interest thereon at the related Mortgage Rate less the
          Servicing Fee Rate to but not including the date of payment (in any event,
          the
          aggregate amount of servicing compensation received by a Subservicer and
          the
          Servicer with respect to any defaulted Monthly Payment shall not exceed
          the
          applicable Servicing Fee);
          

        

        (iv) to
          pay to
          itself as part of its 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 or recovery as to interest with respect to a particular Mortgage
          Loan;

        

        (v) to
          pay to
          itself with respect to each Mortgage Loan that has been repurchased pursuant
          to
          Section 3.03 all amounts received thereon and not distributed as of the
          date on
          which the related repurchase price is determined,

        

        (vi) to
          transfer funds to another Eligible Account in accordance with Section 4.09
          hereof;

        

        (vii) to
          remove
          funds inadvertently placed in the Custodial Account by the Servicer;

        

        (vi) to
          clear
          and terminate the Custodial Account upon the termination of this Agreement;
          and

        

        (vii)  to
          reimburse itself for Nonrecoverable Advances to the extent not reimbursed
          pursuant to clause (ii) or clause (iii).

        

        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. The Escrow Account shall be an Eligible Account. Funds
          deposited in each Escrow Account shall at all times be insured in a manner
          to
          provide maximum insurance under the insurance limitations of the FDIC,
          or must
          be invested in Permitted Investments. Funds
          deposited in the 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 Purchaser on the Closing Date, and
          upon
          request to any subsequent purchaser.

        

        The
          Servicer shall deposit in the Escrow Account or Accounts on a daily basis,
          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;

        

        (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 the Escrow Account only to effect
          such
          payments as are required under this Agreement, and for such other purposes
          as
          shall be as set forth or in accordance with Section 4.07. The Servicer
          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 and, to the extent required by law, the Servicer
          shall pay interest on escrowed funds to the Mortgagor notwithstanding that
          the
          Escrow Account is non-interest bearing or that interest paid thereon is
          insufficient for such purposes. The
          Purchaser shall not be responsible for any losses suffered with respect
          to
          investment of funds in the Escrow Account.

        

        Section
          4.07 Permitted
          Withdrawals From Escrow Account.

        

        Withdrawals
          from the Escrow Account may be made by Servicer only:

        

        (i) to
          effect
          timely payments of ground rents, taxes, assessments, water rates, Primary
          Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
          premiums, condominium assessments 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 accordance with the terms of this
          Agreement;

        

        (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
          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 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;
          and

        

        (viii)
           to
          pay to
          the Mortgagors or other parties Insurance Proceeds deposited in accordance
          with
          Section 4.06.

        

        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 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 at the time they first become 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. Notwithstanding
          anything else contained herein, it is agreed that Servicer will not be
          required
          to pay any such bills for ground rents, taxes, assessments, water rates
          and
          other charges if the Mortgage does not provide for Escrow Payments until
          such time at which such unpaid amounts would be considered delinquent or
          result in a superior lien being imposed on the Mortgaged Property or
          otherwise impair Purchaser's interest in the Mortgaged Property.

        

        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 terminated
          only
          with the approval of Purchaser, or as required by applicable law or regulation.
          The Servicer will not cancel or refuse to renew any Primary Mortgage Insurance
          Policy in effect on the Closing Date 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
          non-coverage 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.

        

        The
          Servicer agrees to prepare and present, on behalf of itself and the Purchaser,
          claims to the insurer under any Private 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
          Eligible Account from time to time. Such transfer shall be made only upon
          obtaining the prior written consent of the Purchaser, which consent will
          not be
          unreasonably withheld.

        

        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 acceptable to Fannie Mae or FHLMC
          and
          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) an amount such that the proceeds
          thereof
          shall be sufficient to prevent the Mortgagor and/or the mortgagee from
          becoming
          a co-insurer. If required by the Flood Disaster Protection Act of 1973,
          as
          amended, each Mortgage Loan shall be covered by a flood insurance policy
          meeting
          the requirements of the current guidelines of the Federal Insurance
          Administration in effect with an insurance carrier acceptable to Fannie
          Mae or
          FHLMC, 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. If at any time during the term of the Mortgage Loan,
          the
          Servicer 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
          Servicer 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 Servicer shall immediately force place the required flood insurance
          on the
          Mortgagor’s behalf. The Servicer shall also maintain on each 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, 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 Accepted Servicing Practices, 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 of the Mortgagor or maintained on property acquired in respect
          of the
          Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
          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 (30)
          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 are Qualified
          Insurers.

        

        Section
          4.11 Maintenance
          of Mortgage Impairment Insurance Policy.

        

        In
          the
          event that the Servicer shall obtain and maintain a blanket policy issued
          by a
          Qualified Insurer insuring against hazard losses 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, 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 a loss 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 Purchaser, claims under any such blanket policy
          in a
          timely fashion in accordance with the terms of such policy. Upon request
          of the
          Purchaser, the Servicer shall cause to be delivered to the Purchaser a
          certified
          true copy of such policy and shall use its best efforts to obtain 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
          Purchaser.

        

        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 on all officers, employees or other persons acting in any capacity
          with regard to the Mortgage Loan to handle funds, money, documents and
          papers
          relating to the Mortgage Loan. The Fidelity Bond 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 and fraud of such persons.
          The
          errors and omissions insurance shall protect and insure the Servicer against
          losses arising out of errors and omissions and negligent acts of such persons.
          Such 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
          or 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 bond and insurance policy shall be at least equal to the
          corresponding amounts required by Fannie Mae in the Fannie Mae Guides.
          Upon
          request by the Purchaser, the Servicer shall deliver to the Purchaser 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 (30) days'
          prior
          written notice to the Purchaser. The Servicer shall notify the Purchaser
          within
          five (5) business days of receipt of notice that such Fidelity Bond or
          insurance
          policy will be, or has been, materially modified or terminated. The Purchaser
          (or any party having the status of Purchaser hereunder) and any subsidiary
          thereof and their 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. Upon request by Purchaser, Servicer shall
          provide
          Purchaser with an insurance certificate certifying coverage under this
          Section
          4.12, and will provide an update to such certificate upon request, or upon
          renewal or material modification of coverage.

        

        Section
          4.13 Title,
          Management and Disposition of REO Property.

        

        In
          the
          event that title to the 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 its designee, or in the event the Purchaser or
          its
          designee 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 Servicer
          from an
          attorney duly licensed to practice law in the state where the REO Property
          is
          located. Any Person or Persons holding such title other than the Purchaser
          shall
          acknowledge in writing that such title is being held as nominee for the
          benefit
          of the Purchaser.

        

        The
          Servicer shall notify the Purchaser in accordance with the Fannie Mae Guides
          of
          each acquisition of REO Property upon such acquisition (and, in any event,
          shall
          provide notice of the consummation of any foreclosure sale within three
          (3)
          Business Days of the date Servicer receives notice of such consummation),
          together with a copy of the drive by appraisal or brokers price opinion
          of the
          Mortgaged Property obtained in connection with such acquisition, and thereafter
          assume the responsibility for marketing such REO property in accordance
          with
          Accepted Servicing Practices. Thereafter, the Servicer shall continue to
          provide
          certain administrative services to the Purchaser relating to such REO Property
          as set forth in this Section 4.13. 

        The
          Servicer shall, either itself or through an agent selected by the Servicer,
          and
          in accordance with the Fannie Mae Guides 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.
          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 required by the circumstances.
          The Servicer shall make or cause to be made a written report of each such
          inspection. Such reports shall be retained in the Mortgage File and copies
          thereof shall be forwarded by the Servicer to the Purchaser.

        

        The
          Servicer 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 (1) year
          after
          title has been taken to such REO Property, unless the Servicer 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
          longer period than one (1) year is permitted under the foregoing sentence
          and is
          necessary to sell any REO Property, the Servicer shall report monthly to
          the
          Purchaser as to the progress being made in selling such REO Property. No
          REO
          Property shall be marketed for less than the Appraised Value, without the
          prior
          consent of Purchaser. No REO Property shall be sold for less than ninety
          five
          percent (95%) of its Appraised Value, without the prior consent of Purchaser.
          All requests for reimbursement of Servicing Advances shall be in accordance
          with
          the Fannie Mae Guides. The disposition of REO Property 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 interests of the Purchaser (subject to the above
          conditions) only with the prior written consent of the Purchaser. Servicer
          shall
          provide monthly reports to Purchaser in reference to the status of the
          marketing
          of the REO Properties.

        

        Notwithstanding
          anything to the contrary contained herein, the Purchaser may, at the Purchaser's
          sole option, terminate the Servicer as servicer of any such REO Property
          without
          payment of any termination fee with respect thereto, provided that the
          Servicer
          shall on the date said termination takes effect be reimbursed for any
          unreimbursed advances of the Servicer's funds made pursuant to Section
          5.03 and
          any unreimbursed Servicing Advances and Servicing Fees in each case relating
          to
          the Mortgage Loan underlying such REO Property notwithstanding anything
          to the
          contrary set forth in Section 4.05. In the event of any such termination,
          the
          provisions of Section 11.01 hereof shall apply to said termination and
          the
          transfer of servicing responsibilities with respect to such REO Property
          to the
          Purchaser or its designee. Within five (5) Business Days of any such
          termination, the Servicer shall, if necessary convey such property to the
          Purchaser and shall further provide the Purchaser with the following information
          regarding the subject REO Property: the related drive by appraisal or brokers
          price opinion, and copies of any related Mortgage Impairment Insurance
          Policy
          claims. In addition, within five (5) Business Days, the Servicer shall
          provide
          the Purchaser with the following information and documents regarding the
          subject
          REO Property: the related trustee’s deed upon sale and copies of any related
          hazard insurance claims, or repair bids.

        

        Section
          4.14 Notification
          of Maturity Date.

        

        With
          respect to each Mortgage Loan, the Servicer shall execute and deliver to
          the
          Mortgagor any and all necessary notices required under applicable law and
          the
          terms of the related Mortgage Note and Mortgage regarding the maturity
          date if
          required under applicable law.

         

        
 

        ARTICLE
          V

        

        PAYMENTS
          TO THE PURCHASER

        

        Section
          5.01 Distributions.

        

        On
          each
          Remittance Date, the Servicer shall distribute by wire transfer of immediately
          available funds to the Purchaser (i) all amounts credited to the Custodial
          Account as of the close of business on the preceding Determination Date,
          net of
          charges against or withdrawals from the Custodial Account pursuant to Section
          4.05, plus (ii) all Monthly Advances, if any, which the Servicer is obligated
          to
          distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
          Loan
          Remittance Rate on any Principal Prepayment from the date of such Principal
          Prepayment through the end of the month for which disbursement is made
          provided
          that the Servicer’s obligation as to payment of such interest shall be limited
          to the Servicing Fee earned during the month of the distribution, minus
          (iv) any
          amounts attributable to Monthly Payments collected but due on a Due Date
          or
          Dates subsequent to the preceding Determination Date, which amounts shall
          be
          remitted on the Remittance Date next succeeding the Due Period for such
          amounts.
          It is understood that, by operation of Section 4.04, the remittance on
          the first
          Remittance Date with respect to Mortgage Loans purchased pursuant to the
          related
          Term Sheet is to include principal collected after the Cut-off Date through
          the
          preceding Determination Date plus interest, adjusted to the Mortgage Loan
          Remittance Rate collected through such Determination Date exclusive of
          any
          portion thereof allocable to the period prior to the Cut-off Date, with
          the
          adjustments specified in clauses (ii), (iii) and (iv) above.

        

        With
          respect to any remittance received by the Purchaser after the Remittance
          Date,
          the Servicer 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 (3) percentage points, but in no event greater than the maximum
          amount permitted by applicable law. Such interest shall cover the period
          commencing with the day following the Business Day such payment was due
          and
          ending with the Business Day on which such payment is made to the Purchaser,
          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. On each Remittance Date, the Servicer shall provide a remittance
          report detailing all amounts being remitted pursuant to this Section
          5.01.

        

        Section
          5.02 Statements
          to the Purchaser.

        

        The
          Servicer shall furnish to Purchaser an individual loan accounting report,
          as of
          the last Business Day of each month, 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, the corresponding individual loan accounting
          report shall be received by the Purchaser no later than the fifth Business
          Day
          of the following month on a disk or tape or other computer-readable format
          in
          such format as may be mutually agreed upon by both Purchaser and Servicer,
          and
          no later than the fifth Business Day of the following month in hard copy,
          and
          shall contain the following:

        

        (i) with
          respect to each Mortgage Loan and each Monthly Payment, the amount of such
          remittance allocable to principal (including a separate breakdown of any
          Principal Prepayment, including the date of such prepayment, and any prepayment
          penalties or premiums, along with a detailed report of interest on principal
          prepayment amounts remitted in accordance with Section 4.04);

        

        (ii) with
          respect to each Mortgage Loan and each Monthly Payment, the amount of such
          remittance allocable to interest;

        

        (iii) with
          respect to each Mortgage Loan, the amount of servicing compensation received
          by
          the Servicer during the prior distribution period;

        

        (iv) the
          Stated Principal Balance of each Mortgage Loan and the aggregate Stated
          Principal Balance of all Mortgage Loans as of the beginning of the distribution
          period and the ending of the distribution period;

        

        (v) with
          respect to each Mortgage Loan, the current Mortgage Interest Rate;

        

        (vi) with
          respect to each Mortgage Loan for which liquidation and final distribution
          has
          occurred, the aggregate amount of any Insurance Proceeds, Condemnation
          Proceeds,
          Liquidation Proceeds and REO Disposition Proceeds received during the prior
          distribution period;

        

        (vii) with
          respect to each Mortgage Loan, the amount of any Prepayment Interest Shortfalls
          paid by the Servicer in accordance with Section 4.04(viii) during the prior
          distribution period; 

        

        (viii) [RESERVED];

        

        (ix) the
          number of Mortgage Loans as of the beginning of the distribution period
          and the
          ending of the distribution period; 

        

        (x) with
          respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
          Loan that is (A)
          delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy)
          (1) 30
          days delinquent, (2) 60 days delinquent and (3) 90 days or more delinquent;
          (B)
          in foreclosure and delinquent (1) 30 days delinquent, (2) 60 days delinquent
          and
          (3) 90 days or more delinquent; and (C) in bankruptcy and delinquent (1)
          30 days
          delinquent, (2) 60 days delinquent and (3) 90 days or more delinquent,
          in each
          case as of the close of business on the last day of the calendar month
          preceding
          such Distribution Date and separately identifying such information for
          the (1)
          first lien Mortgage Loans, (2) second lien Mortgage Loans, and (3) adjustable
          rate Mortgage Loans;

        

        (xi) with
          respect to each Mortgage Loan, the amount and severity of any realized
          loss
          following liquidation of such Mortgage Loan; 

        

        (xii) with
          respect to each Mortgage Loan, and in the aggregate for all Mortgage Loans,
          the
          amount of the month end Monthly Advance balances made by the Servicer during
          the
          prior distribution period; 

        

        (xiii) with
          respect to each Mortgage Loan, a description of any Servicing Advances
          made by
          the Servicer with respect to such Mortgage Loan including the amount, terms
          and
          general purpose of such Servicing Advances, and the aggregate amount of
          Servicing Advances for all Mortgage Loans during the prior distribution
          period;

        

        (xiv) with
          respect to each Mortgage Loan, a description of any Nonrecoverable Advances
          made
          by the Servicer with respect to such Mortgage Loan including the amount,
          terms
          and general purpose of such Nonrecoverable Advances, and the aggregate
          amount of
          Nonrecoverable Advances for all Mortgage Loans during the prior distribution
          period;

        

        (xv) with
          respect to each Mortgage Loan, a description of any Monthly Advances, Servicing
          Advances and Nonrecoverable Advances reimbursed to the Servicer with respect
          to
          such Mortgage Loan during the prior distribution period pursuant to Section
          4.05, and the source of funds for such reimbursement, and the aggregate
          amount
          of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
          reimbursed to the Servicer for all Mortgage Loans during the prior distribution
          period pursuant to Section 4.05; 

        

        (xvi) with
          respect to any Mortgage Loan, a description of any material modifications,
          extensions or waivers to the terms, fees, penalties or payments of such
          Mortgage
          Loan during the prior distribution period or that have cumulatively become
          material over time;

        

        (xvii) a
          description of any material breach of a representation or warranty set
          forth in
          Section 3.01 or Section 3.02 herein or of any other breach of a covenant
          or
          condition contained herein and the status of any resolution of such
          breach;

        

        (xviii) [reserved];

        

        (xix) with
          respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
          Loan
          that has been repurchased by the Servicer in accordance with Section 3.03
          herein.

        

        In
          addition, the Servicer shall provide to the Purchaser 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 Purchaser in its sole
          discretion. The Servicer shall also provide a monthly report, in the form
          of
Exhibit
          E
          hereto,
          or such other form as is mutually acceptable to the Servicer, the Purchaser
          and
          any Master Servicer, Exhibit
          F
          with
          respect to defaulted mortgage loans and Exhibit
          P,
          with
          respect to realized losses and gains, 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
          Purchaser pursuant to any applicable law with respect to the Mortgage Loans
          and
          the transactions contemplated hereby. In addition, the Servicer shall provide
          Purchaser with such information concerning the Mortgage Loans as is necessary
          for Purchaser to prepare its federal income tax return as Purchaser may
          reasonably request from time to time.

        

        In
          addition, not more than sixty (60) days after the end of each calendar
          year, the
          Servicer 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.

        

        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 principal (due after the Cut-off Date) and
          interest
          not allocable to the period prior to the Cut-off Date, adjusted to the
          Mortgage
          Loan Remittance Rate, which were due on a Mortgage Loan and delinquent
          at the
          close of business on the related Determination Date.

        

        The
          Servicer'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 Remittance Date prior to the date on
          which the
          Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
          the
          sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
          Loan
          unless the Servicer deems such advance to be a Nonrecoverable Advance.
          In such
          event, the Servicer shall deliver to the Purchaser an Officer's Certificate
          of
          the Servicer to the effect that an officer of the Servicer has reviewed
          the
          related Mortgage File and has made the reasonable determination that any
          additional advances are nonrecoverable. 

        

        Section
          5.04 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 Servicer shall
          submit
          to the Purchaser a liquidation report with respect to such Mortgaged Property
          in
          a form mutually acceptable to the Servicer and Purchaser. The Servicer
          shall
          also provide reports on the status of REO Property containing such information
          as Purchaser may reasonably require.

        

        Section
          5.05 Prepayment
          Interest Shortfalls.

        

        Not
          later
          than the close of business on the Business Day preceding each Remittance
          Date in
          the month following the related Prepayment Period, the Servicer shall deposit
          in
          the Custodial Account an amount equal to any Prepayment Interest Shortfalls
          with
          respect to such Prepayment Period, which in the aggregate shall not exceed
          the
          Servicer’s aggregate Servicing Fee received with respect to the related Due
          Period.

         

         

         

        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 the Mortgaged Property (whether by absolute
          conveyance or by contract of sale, and whether or not the Mortgagor remains
          or
          is to remain liable under the Mortgage Note 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, with
          the
          approval of the Purchaser, 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 Purchaser and 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 Servicer.
          With
          respect to an assumption or substitution of liability, the Mortgage Interest
          Rate borne by the related Mortgage Note, the amount of the Monthly Payment
          and
          the maturity date may not be changed (except pursuant to the terms of the
          Mortgage Note). If the credit of the proposed transferee does not meet
          such
          underwriting criteria, the Servicer diligently shall, to the extent permitted
          by
          the Mortgage or the Mortgage Note and by applicable law, accelerate the
          maturity
          of the Mortgage Loan. The Servicer shall notify the Purchaser that any
          such
          substitution of liability or assumption agreement has been completed by
          forwarding to the Purchaser the original of any such substitution of liability
          or assumption agreement, which document shall be added to the related Mortgage
          File and shall, for all purposes, be considered a part of such Mortgage
          File to
          the same extent as all other documents and instruments constituting a part
          thereof. 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 Files.

        

        Upon
          the
          payment in full of any Mortgage Loan, or the receipt by the Servicer of
          a
          notification that payment in full will be escrowed in a manner customary
          for
          such purposes, the Servicer will immediately notify the Purchaser by a
          certification, which certification shall include a statement to the effect
          that
          all amounts received or to be received in connection with such payment
          which are
          required to be deposited in the Custodial Account pursuant to Section 4.04
          have
          been or will be so deposited, of a Servicing Officer and shall request
          delivery
          to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
          shall no later than five (5) Business Days after receipt of such certification
          and request, release or cause to be released to the Servicer, the related
          Mortgage Loan Documents and, upon its receipt of such documents, the Servicer
          shall promptly prepare and deliver to the Purchaser the requisite satisfaction
          or release. No later than five (5) Business Days following its receipt
          of such
          satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
          to the Servicer the release or satisfaction properly executed by the owner
          of
          record of the applicable mortgage or its duly appointed attorney in fact.
          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 Purchaser may have under the mortgage
          instruments, the Servicer, upon written demand, shall remit within two
          (2)
          Business Days to the Purchaser the then outstanding principal balance of
          the
          related Mortgage Loan by deposit thereof in the Custodial Account. The
          Servicer
          shall maintain the Fidelity Bond and errors and omissions insurance 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
          Loan, including for the purpose of collection under any Primary Mortgage
          Insurance Policy, the Purchaser shall, upon request of the Servicer and
          delivery
          to the Purchaser of a servicing receipt signed by a Servicing Officer,
          release
          the portion of the Mortgage File held by the Purchaser to the Servicer.
          Such
          servicing receipt shall obligate the Servicer to return the related Mortgage
          documents to the Purchaser 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 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
          Servicer
          has delivered to the Purchaser a certificate of a Servicing Officer certifying
          as to the name and address of the Person to which such Mortgage File or
          such
          document was delivered and the purpose or purposes of such delivery. Upon
          receipt of a certificate of a Servicing Officer stating that such Mortgage
          Loan
          was liquidated, the servicing receipt shall be released by the Purchaser
          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 (to the extent of interest payments
          collected on the Mortgage Loans) or to retain from interest payments collected
          on the Mortgage Loans, the amounts provided for as the Servicer's Servicing
          Fee,
          subject to payment of compensating interest on Principal Prepayments as
          capped
          by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
          compensation in the form of assumption fees, as provided in Section 6.01,
          late
          payment charges and ancillary fees or otherwise shall be retained by the
          Servicer to the extent not required to be deposited in the Custodial Account.
          No
          Servicing Fee shall be payable in connection with partial Monthly Payments.
          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 Purchaser and any Master Servicer, using
best
          efforts by March 1st,
          but in
          no event later than March 15th of
          each
          calendar year beginning in 2007, an Officer’s Certificate acceptable to the
          Purchaser (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 Purchaser upon request and by
          the
          Purchaser 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 any Mortgage Loans that are the subject of a Securitization
          Transaction, using best efforts by March 1st,
          but in
          no event later than March 15th
          of each
          calendar year beginning in 2007, an officer of the Servicer shall execute
          and
          deliver an officer’s certificate (an “Annual Certification”) to the Purchaser,
          any Master Servicer 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
          L.
          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 Certification of the Subservicer as described above as to each
          Subservicer as and when required with respect to the Servicer.

        

        Failure
          of the Servicer to timely comply with this Section 6.04 (including with
          respect
          to the cure timeframes required in this section) shall be deemed an Event
          of
          Default, automatically, without notice and without any cure period, and
          Purchaser may, in addition to whatever rights the Purchaser may have under
          Sections 3.03 and 8.01 and at law or equity or to damages, including injunctive
          relief and specific performance, terminate all the rights and obligations
          of the
          Servicer under this Agreement and in and to the Mortgage Loans and the
          proceeds
          thereof without compensating the Servicer for the same, as provided in
          Section
          9.01. Such termination shall be considered with cause pursuant to Section
          10.01
          of this Agreement. This paragraph shall supercede any other provision in
          this
          Agreement or any other agreement to the contrary.

        

        Section
          6.05 [Reserved]

        

        Section
          6.06 Purchaser's
          Right to Examine Compnay and the Servicer Records.

        

        The
          Purchaser shall have the right to examine and audit upon reasonable notice
          to
          the Company or the Servicer, as applicable, 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 Company
          or the
          Servicer, as applicable, or held by another for the Company or the Servicer
          or
          on their behalf or otherwise, which relates to the performance or observance
          by
          the Company or the Servicer, as applicable, of the terms, covenants or
          conditions of this Agreement.

        

        The
          Company and the Servicer shall provide to the Purchaser and any supervisory
          agents or examiners representing a state or federal governmental agency
          having
          jurisdiction over the Purchaser, including but not limited to OTS, FDIC
          and
          other similar entities, access to any documentation regarding the Mortgage
          Loans
          in the possession of the Company or 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
          Company or the Servicer, as applicable, and in accordance with the FDIC,
          OTS, or
          any other similar federal or state regulations, as applicable.

        

        Section
          6.07 Assessment
          of Compliance with Servicing Criteria.

        

        On
          and
          after January 1, 2006, the Servicer shall service and administer, and shall
          cause each subservicer to servicer or administer, the Mortgage Loans in
          accordance with all applicable requirements of the Servicing
          Criteria.

        

        With
          respect to any Mortgage Loans that are the subject of a Securitization
          Transaction, the Servicer shall deliver to the Purchaser or its designee,
          any
          Master Servicer and any Depositor, using best efforts by March 1st,
          but in
          no event later than March 15th
          of each
          calendar year beginning in 2007, a report (an “Assessment of Compliance”)
          reasonably satisfactory to the Purchaser, any Master Servicer and any Depositor
          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 a
          certification substantially in the form of Exhibit
          O
          hereto
          delivered to the Servicer concurrently with the execution of this
          Agreement.

        

        With
          respect to any Mortgage Loans that are the subject of a Securitization
          Transaction, using best efforts by March 1st,
          but in
          no event later than March 15th
          of each
          calendar year beginning in 2007, the Servicer shall furnish to the Purchaser
          or
          its designee, any Master Servicer 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 Servicer Accounting Oversight Board. 

        

        The
          Servicer shall cause each Subservicer, and each Subcontractor determined
          by the
          Servicer pursuant to Section 11.20 to be “participating in the servicing
          function” within the meaning of Item 1122 of Regulation AB, to deliver to the
          Purchaser, any Master Servicer and any Depositor an assessment of compliance
          and
          accountants’ attestation as and when provided in Sections 6.07.

        

        Failure
          of the Servicer to timely comply with this Section 6.07 shall be deemed
          an Event
          of Default, automatically, without notice and without any cure period,
          unless
          otherwise agreed to by the Purchaser as described herein, and Purchaser
          may, in
          addition to whatever rights the Purchaser may have under Sections 3.03
          and 8.01
          and at law or equity or to damages, including injunctive relief and specific
          performance, terminate all the rights and obligations of the Servicer under
          this
          Agreement and in and to the Mortgage Loans and the proceeds thereof without
          compensating the Servicer for the same, as provided in Section 9.01. Such
          termination shall be considered with cause pursuant to Section 10.01 of
          this
          Agreement. This paragraph shall supercede any other provision in this Agreement
          or any other agreement to the contrary.

        

        Section
          6.08 Intent
          of the Parties; Reasonableness.

        

        The
          Purchaser, the Company and the Servicer acknowledge and agree that a purpose
          of
          Sections 3.01(p), 5.02, 6.04, 6.07 and 11.18 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. None of the Purchaser,
          any 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
          Company and the Servicer acknowledge 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 Purchaser 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 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 in the good faith determination of the Purchaser
          or any
          Depositor to permit the Purchaser or such Depositor to comply with the
          provisions of Regulation AB, together with such disclosures relating to
          the
          Company, the Servicer, any Subservicer, any Third-Party Originator and
          the
          Mortgage Loans, or the servicing of the Mortgage Loans, reasonably believed
          by
          the Purchaser or any Depositor to be necessary in order to effect such
          compliance.

         

         

        
 

        ARTICLE
          VII

        

        REPORTS
          TO BE PREPARED BY COMPANY AND SERVICER

        

        Section
          7.01 Company
          and Servicer Shall Provide Information as Reasonably Required.

        

        The
          Company and the Servicer shall furnish to the Purchaser during the term
          of this
          Agreement, such periodic, special or other reports, information or
          documentation, whether or not provided for herein, as shall be necessary,
          reasonable or appropriate in respect to the Purchaser, or otherwise in
          respect
          to the Mortgage Loans and the performance of the Company and the Servicer,
          as
          applicable, under this Agreement, including any reports, information or
          documentation reasonably required to comply with any regulations regarding
          any
          supervisory agents or examiners of the Purchaser all such reports or information
          to be as provided by and in accordance with such applicable instructions
          and
          directions as the Purchaser may reasonably request in relation to this
          Agreement
          or the performance of the Company and the Servicer, as applicable, under
          this
          Agreement. The Company and the Servicer agree to execute and deliver all
          such
          instruments and take all such action as the Purchaser, from time to time,
          may
          reasonably request in order to effectuate the purpose and to carry out
          the terms
          of this Agreement.

        

        In
          connection with marketing the Mortgage Loans, the Purchaser may make available
          to a prospective purchaser audited financial statements of the Company
          and the
          Servicer for the most recently completed two (2) fiscal years for which
          such
          statements are available, as well as a Consolidated Statement of Condition
          at
          the end of the last two (2) fiscal years covered by any Consolidated Statement
          of Operations. If it has not already done so, the Company and the Servicer
          shall
          furnish promptly to the Purchaser or a prospective purchaser copies of
          the
          statements specified above.

        

        The
          Servicer shall make reasonably available to the Purchaser or any prospective
          Purchaser a knowledgeable financial or accounting officer for the purpose
          of
          answering questions and to permit any prospective purchaser to inspect
          the
          Servicer’s servicing facilities for the purpose of satisfying such prospective
          purchaser that the Servicer has the ability to service the Mortgage Loans
          as
          provided in this Agreement.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        ARTICLE
          VIII

        

        THE
          COMPANY AND THE SERVICER

        

        Section
          8.01 Indemnification;
          Third Party Claims.

        

        (a)
           The
          Company agrees to indemnify the Purchaser and hold it harmless 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 to the failure of the Company
          to
          observe and perform its duties, obligations, covenants, and agreements
          in strict
          compliance with the terms of this Agreement. The Company agrees to indemnify
          the
          Purchaser and hold it harmless 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
          from
          any claim, demand, defense or assertion based on or grounded upon, or resulting
          from any assertion based on, grounded upon or resulting from a breach or
          alleged
          breach of any of its representation or warranty set forth in Sections 3.01
          or
          3.02 of this Agreement. The Company shall immediately notify the Purchaser
          if a
          claim is made by a third party against Company with respect to this Agreement
          or
          the Mortgage Loans, assume (with the consent of the Purchaser) the defense
          of
          any such claim and pay all expenses in connection therewith, including
          counsel
          fees, whether or not such claim is settled prior to judgment, and promptly
          pay,
          discharge and satisfy any judgment or decree 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 shall promptly reimburse the Company for all amounts advanced
          by it
          pursuant to the two preceding sentences except when the claim relates to
          its
          breach of representation or warranty set forth in Sections 3.01 or 3.02,
          or the
          negligence, bad faith or willful misconduct of Company. The provisions
          of this
          Section 8.01(a) shall survive termination of this Agreement.

        

        (b) The
          Servicer agrees to indemnify the Purchaser and hold it harmless 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 to the failure of the Servicer
          to
          observe and perform its duties, obligations, covenants, and agreements
          to
          service the Mortgage Loans in strict compliance with the terms of this
          Agreement. The Servicer agrees to indemnify the Purchaser and hold it harmless
          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 from any claim, demand, defense
          or
          assertion based on or grounded upon, or resulting from any assertion based
          on,
          grounded upon or resulting from a breach or alleged breach of any of its
          representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
          The Servicer shall immediately notify the Purchaser if a claim is made
          by a
          third party against Servicer with respect to this Agreement or the Mortgage
          Loans, assume (with the consent of the Purchaser) the defense of any such
          claim
          and pay all expenses in connection therewith, including counsel fees, whether
          or
          not such claim is settled prior to judgment, and promptly pay, discharge
          and
          satisfy any judgment or decree which may be entered against it or the Purchaser
          in respect of such claim. The Servicer shall follow any written instructions
          received from the Purchaser in connection with such claim. The Purchaser
          shall
          promptly reimburse the Servicer for all amounts advanced by it pursuant
          to the
          two preceding sentences except when the claim relates to the failure of
          the
          Servicer to service and administer the Mortgages in strict compliance with
          the
          terms of this Agreement, its breach of representation or warranty set forth
          in
          Sections 3.01 or 3.02, or the negligence, bad faith or willful misconduct
          of
          Servicer. The provisions of this Section 8.01(b) shall survive termination
          of
          this Agreement.

        

        Section
          8.02 Merger
          or Consolidation of the Company and the Servicer

        

        The
          Company and the Servicer will each keep in full effect its respective 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 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
          whether or not related to loan servicing, 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.

        

        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, SAIF and/or BIF, and which
          is a
          HUD-approved mortgagee whose primary business is in servicing of first
          lien
          mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved servicer
          in good
          standing.

         

        Section
          8.03 Limitation
          on Liability of the Company and Others.

        

        Neither
          the Company nor any of the 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 made in good faith; 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 negligence, bad
          faith or
          willful misconduct, or any breach of the terms and conditions of this Agreement.
          The Company and any 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
          the Purchaser 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 reasonable opinion may involve it in any
          expenses 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 reasonable legal expenses and costs of such
          action
          and any liability resulting therefrom shall be expenses, costs and liabilities
          for which the Purchaser will be liable, and the Company shall be entitled
          to be
          reimbursed therefor from the Purchaser upon written demand.

        

        Section
          8.04 Company
          and Servicer Not to Assign or Resign.

        

        The
          Company shall not assign this Agreement or 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 reasonably acceptable
          to
          the Purchaser.

        

        The
          Servicer shall not assign this Agreement or resign from the obligations
          and
          duties hereby imposed on it except by mutual consent of the Servicer 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
          Servicer. Any such determination permitting the resignation of the Servicer
          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 reasonably
          acceptable to the Purchaser. 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 Purchaser 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 Purchaser,
          which consent shall be granted or withheld in the Purchaser's sole reasonable
          discretion.

        

        Without
          in any way limiting the generality of this Section 8.05, in the event that
          the
          Servicer either shall assign this Agreement or the servicing responsibilities
          hereunder or delegate its duties hereunder or any portion thereof without
          (i)
          satisfying the requirements set forth herein or (ii) the prior written
          consent
          of the Purchaser, then the Purchaser shall have the right to terminate
          this
          Agreement, without any payment of any penalty or damages and without any
          liability whatsoever to the Servicer (other than with respect to accrued
          but
          unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
          party. 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        ARTICLE
          IX

        

        DEFAULT

        

        Section
          9.01 Events
          of Default.

        

        In
          case
          one or more of the following Events of Default by the Company or the Servicer
          shall occur and be continuing, that is to say:

        

        (i)
          any
          failure by the Servicer to remit to the Purchaser any payment required
          to be
          made under the terms of this Agreement which continues unremedied for a
          period
          of one (1) Business Day after notice; or

        

        (ii)
          failure on the part of the Company or the Servicer, as applicable, duly
          to
          observe or perform in any material respect any other of the covenants or
          agreements on the part of the Company or the Servicer, as applicable, set
          forth
          in this Agreement which continues unremedied for a period of thirty (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)
          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, marshalling of assets
          and
          liabilities or similar proceedings, or for the winding-up or liquidation
          of its
          affairs, shall have been entered against the Company or the Servicer and
          such
          decree or order shall have remained in force undischarged or unstayed for
          a
          period of sixty days; or

        

        (iv)
          the
          Company or the Servicer shall consent to the appointment of a conservator
          or
          receiver or liquidator in any insolvency, bankruptcy, readjustment of debt,
          marshalling of assets and liabilities or similar proceedings of or relating
          to
          the Company or the Servicer, as applicable, or of or relating to all or
          substantially all of its property; or

        

        (v)
          the
          Company or the Servicer shall admit in writing its inability to pay its
          respective 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)
          Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
          loan
          seller for more than thirty days, or the Servicer ceases to be approved
          by
          either Fannie Mae or FHLMC as a mortgage loan servicer for more than thirty
          days; or

        

        (vii)
          the
          Servicer attempts to assign its right to servicing compensation hereunder
          or the
          Servicer 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; or

        

        (viii)
          (a) the Servicer ceases to be licensed to service first lien residential
          mortgage loans in any jurisdiction in which a Mortgaged Property is located
          and
          such licensing is required, or (b) either the Servicer or the Company cease
          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 Company’s or the Servicer's ability to perform its
          obligations hereunder; or

        

        (ix)
          the
          Servicer fails to meet the eligibility criteria set forth in the last sentence
          of Section 8.02.

        

        Then,
          and
          in each and every such case, so long as an Event of Default shall not have
          been
          remedied, the Purchaser, by notice in writing to the Company or the Servicer,
          as
          applicable (except in the case of an Event of Default under clauses (iii),
          (iv)
          or (v) above, or as otherwise stated herein, in which case, automatically
          and
          without notice) may, in addition to whatever rights the Purchaser may have
          under
          Sections 3.03 and 8.01 and at law or equity or to damages, including injunctive
          relief and specific performance, terminate all the rights and obligations
          of the
          Company or the Servicer, as applicable (and if the Servicer 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) under this Agreement and in and to the Mortgage Loans and
          the
          proceeds thereof without compensating the Company and the Servicer for
          the
          same.
          On or
          after the receipt by the Company or Servicer of such written notice (or,
          in the
          case of an Event of Default under clauses (iii), (iv) or (v) above, in
          which
          case, automatically and without notice), all authority and power of the
          Company
          or the Servicer, as applicable, 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 Purchaser,
          the Servicer shall prepare, execute and deliver, any and all documents
          and other
          instruments, place in such successor's possession all Mortgage 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 Purchaser 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 Purchaser (or any 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
          Servicer 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 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.

         

        Section
          9.02 Waiver
          of Defaults.

        

        The
          Purchaser may waive only by written notice any default by the Company or
          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 Company and 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 and the
          disposition of all remaining REO Property and the remittance of all funds
          due
          hereunder; or (ii) by mutual consent of the Company, the Servicer and the
          Purchaser in writing; or (iii) termination with cause under the terms of
          this
          Agreement. Termination of the Agreement pursuant to Section 10.01 (iii)
          shall
          void Purchaser’s obligation to purchase Mortgage Loans for which Purchaser has
          issued a Confirmation, commitment confirmation or a substantially similar
          commitment to purchase Mortgage Loans.

        

        

        Section
          10.02 [Reserved]

        

        Section
          10.03 Survival.

         

        Termination
          of this Agreement under Section 10.01 shall not affect any of the Company’s or
          the Servicer’s obligations regarding repurchase, indemnification or otherwise,
          all of which shall survive such termination and remain in full force and
          effect.

         

        
 

         

        ARTICLE
          XI

        

        MISCELLANEOUS
          PROVISIONS

        

        Section
          11.01 Successor
          to the Servicer.

        

        Prior
          to
          termination of Servicer's responsibilities and duties under this Agreement
          pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
          shall
          (i) succeed to and assume all of the Servicer's responsibilities, rights,
          duties
          and obligations relating to servicing 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
          Servicer'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 the Purchaser 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 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 Company or the Servicer of the representations
          and
          warranties made pursuant to Sections 3.01, 3.02 and 3.03 and the remedies
          available to the Purchaser thereunder and under Section 8.01, it being
          understood and agreed that the provisions of such Sections 3.01, 3.02,
          3.03 and
          8.01 shall be applicable to the Company and 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 Purchaser 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 4.13,
          8.04,
          9.01 or 10.01 shall not affect any claims that the Purchaser 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 Mortgage 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 arrangements
          as it may
          deem appropriate to reimburse the Servicer for unrecovered 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
          by mail
          the Purchaser of such appointment.

        

        Section
          11.02 Amendment.

        

        This
          Agreement may be amended from time to time by the Company, the Servicer
          and the
          Purchaser by written agreement signed by the Company, the Servicer and
          the
          Purchaser.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        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 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 Servicer's
          expense on direction of the Purchaser accompanied by an opinion of counsel
          to
          the effect that such recordation materially and beneficially affects the
          interest of the Purchaser or is necessary for the administration or servicing
          of
          the Mortgage Loans.

        

        Section
          11.04 Governing
          Law.

        

        This
          Agreement and the related Term Sheet shall be governed by and construed
          in
          accordance with the laws of the State of New York (without giving effect
          to its
          choice of law rules and principles) except to the extent preempted by Federal
          law. 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 certified mail, return receipt requested, or transmitted by
          telex,
          telegraph or telecopier and confirmed by a similar mailed writing, as
          follows:

        

        (i)
           if
          to the
          Purchaser:

         

        EMC
          Mortgage Corporation 

        Mac
          Arthur Ridge II, 

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          Texas 75038

        Attention:
          Ms. Ralene Ruyle

        Telecopier
          No.: (972) 444-2810

        

        With
          a
          copy to:

        

        Bear
          Stearns Mortgage Capital Corporation

        383
          Madison Avenue

        New
          York,
          New York 10179

        Attention:
          Mary Haggerty

        

        
          	(ii)  	
                  if
                    to the Servicer:

                

        

        

        David
          Friedman

        American
          Home Mortgage Servicing, Inc.

        4600
          Regent Boulevard, Suite 200

        Irving,
          Texas 75063

        

        With
          a
          copy to:

        

        Alan
          Horn, General Counsel

        American
          Home Mortgage Corp.

        538
          Broadhollow Road

        Melville,
          New York 11747

        Telecopier
          No. (800) 209-7276

        

        
          	(iii)  	
                  if
                    to the Company:

                

        

        

        Robert
          F.
          Johnson, Jr.

        American
          Home Mortgage Corp.

        538
          Broadhollow Road

        Melville,
          New York 11747

        Telecopier
          No. (866) 822-3288

        

        With
          a
          copy to:

        

        Alan
          Horn, General Counsel

        American
          Home Mortgage Corp.

        538
          Broadhollow Road

        Melville,
          New York 11747

        Telecopier
          No. (800) 209-7276

        

        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 addressee
          (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 and the related
          Term
          Sheet 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 that 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; 

        

        (vi)
           the
          term
          "include" or "including" shall mean without limitation by reason of enumeration;
          and

        

        (viii)
           headings
          of the Articles and Sections in this Agreement are for reference purposes
          only
          and shall not be deemed to have any substantive effect.

        

        Section
          11.09 Reproduction
          of Documents.

        

        This
          Agreement and all documents relating thereto, 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 hereto
          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. 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 the Agreement,
          provided
          that each party may provide confidential information to (i) its employees,
          agents and affiliates who have a need to know such information in order
          to
          effectuate the transaction, (ii) a regulatory authority with supervisory
          power
          over Purchaser, the Servicer or the Company, or (iii) to any Person that
          the
          disclosing party reasonably believes to be necessary relating to the enforcement
          of such party’s rights hereunder, provided in all cases that such information is
          identified as confidential non-public information.

        

        Notwithstanding
          other provisions of this Section 11.10 or any other express or implied
          agreement, arrangement, or understanding to the contrary, the Company,
          the
          Servicer and Purchaser (the “Parties”) agree that the Parties (and their
          employees, representatives and other agents) may disclose to any and all
          persons, without limitation of any kind from the commencement of discussions,
          the purported or claimed U.S. federal income tax treatment of the purchase
          of
          the Mortgage Loans and related transactions covered by this letter agreement
          (“tax treatment”) and any fact that may be relevant to understanding the tax
          treatment (“tax structure”) and all materials of any kind (including opinions or
          other tax analyses) that are provided to the Parties relating to such tax
          treatment and tax structure, except where confidentiality is reasonably
          necessary to comply with securities laws.

        

        The
          Company and the Servicer each agree that the Company and Servicer, as
          applicable, (i) shall comply with any applicable laws and regulations regarding
          the privacy and security of Consumer Information including, but not limited
          to
          the Gramm-Leach-Bliley
          Act, Title V, Subtitle A, 15 U.S.C. § 6801 et seq.,
          (ii)
          shall not use Consumer Information in any manner inconsistent with any
          applicable laws and regulations regarding the privacy and security of Consumer
          Information, (iii) shall not disclose Consumer Information to third parties
          except at the specific written direction of the Purchaser, (iv) shall maintain
          adequate physical, technical and administrative safeguards to protect Consumer
          Information from unauthorized access as provided by the applicable laws
          and
          regulations, and (v) shall immediately notify the Purchaser of any actual
          or
          suspected breach of the confidentiality of Consumer Information that would
          have
          a material and adverse effect on the Purchaser.

        The
          Company and the Servicer each agree that the Company and the Servicer,
          as
          applicable, shall indemnify, defend and hold the Purchaser harmless from
          and
          against any loss, claim or liability the Purchaser may suffer by reason
          of the
          Company's or the Servicer’s, as applicable, failure to perform the obligations
          set forth in this Section 11.10.

        

        Section
          11.11 Recordation
          of Assignments of Mortgage.

        

        To
          the
          extent permitted by applicable law, each of the Assignments 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 by and at the Company’s
          expense in the event recordation is either necessary under applicable law
          or
          requested by the Purchaser at its sole option.

        

        Section
          11.12 Assignment.

        

        The
          Purchaser shall have the right, without the consent of the Company or the
          Servicer, 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 D hereto and
          the
          assignee or designee shall accede to the rights and obligations hereunder
          of the
          Purchaser with respect to such Mortgage Loans. In no event shall Purchaser
          sell
          a partial interest in any Mortgage Loan without the prior written consent
          of
          Company, which consent shall not be unreasonably denied. All references
          to the
          Purchaser in this Agreement shall be deemed to include its assignee or
          designee.
          The Company shall have the right, only with the consent of the Purchaser
          or
          otherwise in accordance with this Agreement, to assign, in whole or in
          part, its
          interest under this Agreement with respect to some or all of the Mortgage
          Loans.

        

        Section
          11.13 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 Company
          or the
          Servicer shall be rendered as an independent contractor and not as agent
          for
          Purchaser.

        

        Section
          11.14 Signature
          Pages/Counterparts; Successors and Assigns.
          

        

        This
          Agreement and/or any Term Sheet shall be executed by each party (i) in
          one or
          more fully executed copies, each of which shall constitute a fully executed
          original Agreement, and/or (ii) in counterparts having one or more original
          signatures, and all such counterparts containing the original signatures
          of all
          of the parties hereto taken together shall constitute a fully executed
          original
          Agreement or Term Sheet, as applicable, and/or (iii) by delivery of one
          or more
          original signed signature pages to the other parties hereto (x) by mail
          or
          courier, and/or (y) by electronic transmission, including without limitation
          by
          telecopier, facsimile or email of a scanned image (“Electronic Transmission”),
          each of which as received shall constitute for all purposes an executed
          original
          signature page of such party. The Purchaser may deliver a copy of this
          Agreement
          and/or any Term Sheet, fully executed as provided herein, to each other
          party
          hereto by mail and/or courier and/or Electronic Transmission, and such
          copy as
          so delivered shall constitute a fully executed original Agreement or Term
          Sheet,
          as applicable, superseding any prior form of the Agreement or Term Sheet,
          as
          applicable, that differs therefrom in any respect. This Agreement shall
          inure to
          the benefit of and be binding upon the Company and the Purchaser and their
          respective successor and assigns.

         

        

        Section
          11.15 Entire
          Agreement.

        

        The
          Company acknowledges that no representations, agreements or promises were
          made
          to the Company by the Purchaser or any of its employees other than those
          representations, agreements or promises specifically contained herein and
          in the
          Confirmation. The Confirmation and this Agreement and the related Term
          Sheet
          sets forth the entire understanding between the parties hereto; provided,
          however, only this Agreement and the related Term Sheet shall be binding
          upon
          all successors of both parties. In the event of any inconsistency between
          the
          Confirmation and this Agreement, this Agreement and the related Term Sheet
          shall
          control.

        

        Section
          11.16. No
          Solicitation.

        

        From
          and
          after the related Closing Date, the Company and the Servicer agree that
          each
          will not take any action or permit or cause any action to be taken by any
          of its
          agents or affiliates, to personally, by telephone or mail, solicit the
          borrower
          or obligor under any Mortgage Loan to refinance the Mortgage Loan, in whole
          or
          in part, without the prior written consent of the Purchaser. Notwithstanding
          the
          foregoing, it is understood and agreed that (i) promotions undertaken by
          the
          Company or the Servicer or any affiliate of the Company or the Servicer
          which
          are directed to the general public at large, or segments thereof, provided
          that
          no segment shall consist primarily of the Mortgage Loans, including, without
          limitation, mass mailing based on commercially acquired mailing lists,
          newspaper, radio and television advertisements and (ii) responses to unsolicited
          requests or inquiries made by a Mortgagor or an agent of a Mortgagor, shall
          not
          constitute solicitation under this Section 11.16. This Section 11.16 shall
          not
          be deemed to preclude the Company or the Servicer or any of their respective
          affiliates from soliciting any Mortgagor for any other financial products
          or
          services. The Company and the Servicer shall each use its best efforts
          to
          prevent the sale of the name of any Mortgagor to any Person who is not
          affiliate
          of the Company or the Servicer, as applicable.

        

        Section
          11.17. Closing.

        

        The
          closing for the purchase and sale of the Mortgage Loans shall take place
          on the
          related Closing Date. The closing shall be either: by telephone, confirmed
          by
          letter or wire as the parties shall agree, or conducted in person, at such
          place
          as the parties shall agree.

        

        The
          closing for the Mortgage Loans to be purchased on the related Closing Date
          shall
          be subject to each of the following conditions:

        

        (a) at
          least
          one (1) Business Day prior to the related Closing Date, the Company shall
          deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
          on
          a loan-level basis of the information contained in the related Mortgage
          Loan
          Schedule attached to the related Term Sheet;

        

        (b) all
          of
          the representations and warranties of the Company and the Servicer under
          this
          Agreement shall be materially true and correct as of the related Closing
          Date
          and no event shall have occurred which, with notice or the passage of time,
          would constitute a material default under this Agreement;

        

        (c) the
          Purchaser shall have received, or the Purchaser's attorneys shall have
          received
          in escrow, all documents required pursuant to this Agreement, the related
          Term
          Sheet, an opinion of counsel and an officer's certificate, all in such
          forms as
          are agreed upon and acceptable to the Purchaser, duly executed by all
          signatories other than the Purchaser as required pursuant to the terms
          hereof;

        

        (d) the
          Company and the Servicer shall have each delivered and released to the
          Purchaser
          (or its designee) on or prior to the related Closing Date all documents
          required
          pursuant to the terms of this Agreement and the related Term Sheet;
          and

        

        (e) all
          other
          terms and conditions of this Agreement, the related Term Sheet and the
          Confirmation shall have been materially complied with.

        

        Subject
          to the foregoing conditions, the Purchaser shall pay to the Company on
          the
          related Closing Date the Purchase Price, plus accrued interest pursuant
          to
          Section 2.02 of this Agreement, by wire transfer of immediately available
          funds
          to the account designated by the Company.

        

        Section
          11.18. Cooperation
          of Company with a Reconstitution.

        

        The
          Company, the Servicer and the Purchaser 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 Purchaser's sole option, the
          Purchaser 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 Securitization
          Transactions.

        

        The
          Company and the Servicer agree to execute in connection with any agreements
          among the Purchaser, the Company, the Servicer and any servicer in connection
          with a Whole Loan Transfer, an Assignment, Assumption and Recognition Agreement
          substantially in the form of Exhibit
          D
          hereto,
          or, at Purchaser’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 Securitization
          Transaction, a pooling and servicing agreement in form and substance reasonably
          acceptable to the parties, (collectively the agreements referred to herein
          are
          designated, the “Reconstitution Agreements”). It is understood that any such
          Reconstitution Agreements will not contain any greater obligations on the
          part
          of Company or the Servicer than are contained in this Agreement. Notwithstanding
          anything to the contrary in this Section 11.18, the Servicer agrees that
          it is
          required to perform the obligations described in Exhibit
          K
          hereto.

        

        With
          respect to each Whole Loan Transfer and each Securitization Transaction
          entered
          into by the Purchaser, the Company and the Servicer agree (1) to cooperate
          fully
          with the Purchaser 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 Purchaser; (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 Company and 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 Company or the Servicer, whether through letters
          of
          its auditors and counsel or otherwise, as the Purchaser 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
          Company
          or the Servicer as are reasonably agreed upon by the Company or the Servicer,
          as
          applicable, and the Purchaser or any such other participant;

        

        (iii) within
          five (5) Business Days after request by the Purchaser, the information
          with
          respect to the Company (as originator) and each Third-Party Originator
          of the
          Mortgage Loans as required under Item 1110(a) and (b) of Regulation AB,
          a
          summary of the requirements of which has of the date hereof is attached
          hereto
          as Exhibit
          N
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion. If requested by the Purchaser, this will include information
          about
          the applicable credit-granting or underwriting criteria;

        

        (iv) within
          five (5) Business Days after request by the Purchaser, 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 (i) the Company, if the Company is an originator of Mortgage
          Loans
          (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
          and/or (ii) each Third-Party Originator. Such Static Pool Information shall
          be
          prepared by the Company (or Third-Party Originator) on the basis of its
          reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
          and (c) of Regulation AB. To the extent that there is reasonably available
          to
          the Company (or Third-Party Originator) 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 reasonably required by the Purchaser
          or
          the Depositor, as applicable;

        

        (v) within
          five (5) Business Days after request by the Purchaser, 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
          N
          for
          convenience of reference only, as determined by Purchaser 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;

        

        (vi) within
          five (5) Business Days after request by the Purchaser, 

        (a)
          information regarding any legal proceedings pending (or known to be
          contemplated) against the Company (as originator) and Servicer (as servicer)
          and
          each other originator of the Mortgage Loans 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 N for convenience of reference
          only,
          as determined by Purchaser in its sole discretion,

        (b)
          information regarding affiliations with respect to the Company (as originator)
          and Servicer (as servicer) and each other originator of the Mortgage Loans
          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
          N
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion, and

        (c)
          information regarding relationships and transactions with respect to the
          Company
          (as originator) and Servicer (as servicer) and each other originator of
          the
          Mortgage Loans 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
          N
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion; 

        

        (vii) if
          so
          requested by the Purchaser, 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), such statements and agreed-upon procedures
          letters
          of certified public accountants reasonably acceptable to the Purchaser
          or
          Depositor, as applicable, 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
          Third-Party Originator’s originations or purchases, to calendar months
          commencing January 1, 2006, or to any financial information included in
          any
          other disclosure provided under this Section 11.18, 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 may include, by way of example, any Sponsor,
          any Depositor and any broker dealer acting as underwriter, placement agent
          or
          initial purchaser with respect to 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; 

        

        (viii)
          For the purpose of satisfying the reporting obligation under the Exchange
          Act
          with respect to any class of asset-backed securities, the Company and the
          Servicer shall each (or shall cause each Subservicer and Third-Party Originator
          to), in accordance with Section 3.01(r), (i) provide immediate notice to
          the
          Purchaser, any Master Servicer and any Depositor in writing of (A) any
          material
          litigation or governmental proceedings involving the Company, the Servicer
          any
          Subservicer or any Third-Party Originator, (B) any affiliations or relationships
          that develop following the closing date of a Securitization Transaction
          between
          the Company, the Servicer, any Subservicer or any Third-Party Originator
          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 Securitization Transaction, (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 Company or 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 Company’s obligations under this Agreement or
          any Reconstitution Agreement and (ii) provide to the Purchaser and any
          Depositor
          a description of such proceedings, affiliations or relationships; 

        

        (ix)
          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 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 and in form and substance
          reasonably satisfactory to the Purchaser and such Depositor, 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; 

        

        (x)
          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 (10)
          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 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

        

        (xi)
          The
          Servicer shall provide to the Purchaser, any 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 N 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
          Company shall indemnify the Purchaser, each affiliate of the Purchaser,
          and each
          of the following parties participating in a Securitization Transaction:
          each
          sponsor and issuing entity; each Person (including, but not limited to,
          any
          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 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 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 11.18 by or on behalf of the Company,
          or
          provided under this Section 11.18 by or on behalf of the Servicer, or any
          Subservicer, Subcontractor or Third-Party Originator (collectively, the
“Company
          Information”), or (B) 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 (B) 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;

        

        (ii)
          any
          breach by the Company of its obligations under this Section 11.18, including
          particularly any failure by the Company, the Servicer, any Subservicer,
          any
          Subcontractor or any Third-Party Originator to deliver any information,
          report,
          certification, accountants’ letter or other material when and as required under
          this Section 11.18, including any failure by the Company to identify pursuant
          to
          Section 11.20 any Subcontractor “participating in the servicing function” within
          the meaning of Item 1122 of Regulation AB; 

        

        (iii)
          any
          breach by the Company of a representation or warranty set forth in Section 3.01
          or in a writing furnished pursuant to Section 3.01(q) 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 3.01(q) to the extent made as of a date subsequent to such closing
          date;
          or

         

        (iv) the
          negligence bad faith or willful misconduct of the Company in connection
          with its
          performance under this Section
          11.18.

          

          If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Company 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 Company on the other. 

          

          In
          the
          case of any failure of performance described above, the Company shall promptly
          reimburse the Purchaser, 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 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, the Servicer, any Subservicer, any Subcontractor
          or any
          Third-Party Originator.

        

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

        

        The
          Servicer shall indemnify the Purchaser, each affiliate of the Purchaser,
          and
          each of the following parties participating in a Securitization Transaction:
          each sponsor and issuing entity; each Person (including, but not limited
          to, any
          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 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 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 11.18 by or on behalf of the Servicer,
          or
          provided under this Section 11.18 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 11.18, 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 11.18, including any failure
          by
          the Servicer to identify pursuant to Section 11.20 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
          3.01
          or in a writing furnished pursuant to Section 3.01(q) 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
          Servicer of a representation or warranty in a writing furnished pursuant
          to
          Section 3.01(q) 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 11.18.

          

          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 Purchaser, 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 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 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 Reconstitution shall
          remain
          subject to, and serviced in accordance with the terms of, this Agreement
          and the
          related Term Sheet, and with respect thereto this Agreement and the related
          Term
          Sheet shall remain in full force and effect.

        

        Section
          11.19. Monthly
          Reporting with Respect to a Reconstitution.

        

        As
          long
          as the Servicer
          continues
          to service Mortgage Loans, the Servicer
          agrees
          that with respect to any Mortgage Loan sold or transferred pursuant to
          a
          Reconstitution as described in Section 11.18 of this Agreement (a “Reconstituted
          Mortgage Loan”), the Servicer,
          at its
          expense, shall provide the Purchaser with the information set forth in
          Exhibit J
          attached hereto for each Reconstituted Mortgage Loan in Excel or such electronic
          delimited file format as may be mutually agreed upon by both Purchaser
          and
Servicer.
          Such
          information shall be provided monthly for all Reconstituted Mortgage Loans
          on
          the fifth (5th)
          Business Day of each month for the immediately preceding monthly period,
          and
          shall be transmitted to fast.data@bear.com.

        

        Section
          11.20. Unpaid
          Fees and Expenses and other Amounts Owing to Purchaser; Offset. 

        

        It
          is
          understood that this Agreement creates an ongoing relationship between
          the
          parties.  As a result, there may be various fees, charges, and expenses
          assessed by Purchaser on each sale.  In addition, there may be amounts owed
          to Purchaser as a result of certain obligations relating to repurchase
          of
          Mortgage Loans, premium recapture or indemnification of Purchaser, all
          as set
          forth in the Agreement or in each related Term Sheet.   If any such
          amount due Purchaser from Company remains outstanding more than thirty
          (30) days
          after it is due, Company then hereby authorizes Purchaser to deduct from
          any
          subsequent purchase proceeds hereunder such amounts (which
          amounts may be an initial payment of amounts owed Purchaser, subject to
          further
          adjustment) due
          Purchaser, plus interest at an annual rate equal to the Prime Rate from
          the due
          date through the date of payment. Furthermore, Company authorizes Purchaser
          to set off any funds or other assets of Company in possession of Bear,
          Stearns
& Co. Inc. or any of its affiliates against any loss, damage or expense
          Purchaser may incur as a result of Company’s breach of its obligations hereunder
          or in the related Term Sheet.

        

        Section
          11.21. 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 services 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. 

        

        (b) The
          Servicer shall cause any Subservicer used by the Servicer (or by any
          Subservicer) for the benefit of the Purchaser and any Depositor to comply
          with
          the provisions of this Section and with Sections 3.01(p), 3.01(s), 6.04,
          6.07
          and 11.18 of this Agreement to the same extent as if such Subservicer were
          the
          Servicer, and to provide the information required with respect to such
          Subservicer under Section 3.01(r) of this Agreement. The Servicer shall
          be
          responsible for obtaining from each Subservicer and delivering to the Purchaser,
          any 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 6.07 and any Annual Certification required under
          Section 6.04(b) as and when required to be delivered.

        

        (c) The
          Servicer shall promptly upon request provide to the Purchaser, any Master
          Servicer and any Depositor (or any designee of the Depositor, such as an
          administrator) a written description (in form and substance reasonably
          satisfactory to the Purchaser, any 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 Purchaser and any
          Depositor to comply with the provisions of Sections 6.07 and 11.18 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 Purchaser and any Depositor any Assessment of Compliance
          and
          Attestation Report and the other certificates required to be delivered
          by such
          Subservicer and such Subcontractor under Section 6.07, in each case as
          and when
          required to be delivered.

        

        Section
          11.22. 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 Company, the Servicer 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

        Purchaser

        

        By:________________________

        Name:
          

        Title:
          

        

        AMERICAN
          HOME MORTGAGE CORP.  

        Company

        

        By:
          _______________________

        Name:

        Title:

        

        AMERICAN
          HOME MORTGAGE SERVICING, INC.  

        Servicer

        

        By:
          _______________________

        Name:

        Title:

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          A

        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,
          and
          which shall be retained by the Company in the Servicing File or delivered
          to the
          Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
          Warranties and Servicing Agreement.

        

        1.
          The
          original Mortgage Note endorsed "Pay to the order of
          ____________________________________________________, without recourse,"
          and
          signed via original signature in the name of the Company by an authorized
          officer, with all intervening endorsements showing a complete chain of
          title
          from the originator to the Company, together with any applicable riders.
          In no
          event may an endorsement be a facsimile endorsement. If the Mortgage Loan
          was
          acquired by the Company in a merger, the endorsement must be by "[Company],
          successor by merger to the [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 "[Company] formerly known as [previous name]".
          Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
          acceptability. 

        

        2.
          The
          original Mortgage (together with a standard adjustable rate mortgage rider)
          with
          evidence of recording thereon, or a copy thereof certified by the public
          recording office in which such mortgage has been recorded or, if the original
          Mortgage has not been returned from the applicable public recording office,
          a
          true certified copy, certified by the Company.

        

        3.
          The
          original or certified copy, certified by the Company, of the Primary Mortgage
          Insurance Policy, if required.

        

        4. The
          original Assignment, from the Company to _____________________________________,
          or in accordance with Purchaser's instructions, which assignment shall,
          but for
          any blanks requested by Purchaser, be in form and substance acceptable
          for
          recording. If the Mortgage Loan was acquired or originated by the Company
          while
          doing business under another name, the Assignment must be by "[Company]
          formerly
          known as [previous name]". If the Mortgage Loan was acquired by the Company
          in a
          merger, the endorsement must be by "[Company], successor by merger to the
          [name
          of predecessor]". None of the Assignments are blanket assignments of
          mortgage.

        

        5. The
          original policy of title insurance, including riders and endorsements thereto,
          or if the policy has not yet been issued, a written commitment or interim
          binder
          or preliminary report of title issued by the title insurance or escrow
          company.

        

        6. Originals
          of all recorded intervening Assignments, or copies thereof, certified by
          the
          public recording office in which such Assignments have been recorded showing
          a
          complete chain of title from the originator to the Company, with evidence
          of
          recording thereon, or a copy thereof certified by the public recording
          office in
          which such Assignment has been recorded or, if the original Assignment
          has not
          been returned from the applicable public recording office, a true certified
          copy, certified by the Company.

        

        7. Originals,
          or copies thereof certified by the public recording office in which such
          documents have been recorded, of each assumption, extension, modification,
          written assurance or substitution agreements, if applicable, or if the
          original
          of such document has not been returned from the applicable public recording
          office, a true certified copy, certified by the Company. 

        

        8. If
          the
          Mortgage Note or Mortgage or any other material document or instrument
          relating
          to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
          the
          original or copy of power of attorney or other instrument that authorized
          and
          empowered such person to sign bearing evidence that such instrument has
          been
          recorded, if so required in the appropriate jurisdiction where the Mortgaged
          Property is located, or a copy thereof certified by the public recording
          office
          in which such instrument has been recorded or, if the original instrument
          has
          not been returned from the applicable public recording office, a true certified
          copy, certified by the Company.

        

        9. reserved.

        

        10. Mortgage
          Loan closing statement (Form HUD-1) and any other truth-in-lending or real
          estate settlement procedure forms required by law.

        

        11.
          Residential loan application.

        

        12. Uniform
          underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
          equivalent.

        

        13. Credit
          report on the mortgagor.

        

        14. Business
          credit report, if applicable.

        

        15. Residential
          appraisal report and attachments thereto.

        

        16. The
          original of any guarantee executed in connection with the Mortgage
          Note.

        

        17. Verification
          of employment and income except for Mortgage Loans originated under a limited
          documentation program, all in accordance with Company's underwriting
          guidelines.

        

        18. Verification
          of acceptable evidence of source and amount of down payment, in accordance
          with
          Company's underwriting guidelines.

        

        19. Photograph
          of the Mortgaged Property (may be part of appraisal).

        

        20. Survey
          of
          the Mortgaged Property, if any.

        

        21. Sales
          contract, if applicable.

        

        22. If
          available, termite report, structural engineer’s report, water portability and
          septic certification.

        

        23. Any
          original security agreement, chattel mortgage or equivalent executed in
          connection with the Mortgage.

        

        24. Name
          affidavit, if applicable.

        

        Notwithstanding
          anything to the contrary herein, Company may provide one certificate for
          all of
          the Mortgage Loans indicating that the documents were delivered for
          recording.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B

        

        CUSTODIAL
          ACCOUNT LETTER AGREEMENT

        

        ______________,
          2005

        

        To: [_______________________]
          

        (the
          "Depository")

        

        As
          "Company" under the Purchase, Warranties and Servicing Agreement, dated
          as of
          [_____________________] 1, 200[_] (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
          "[______________________________________], in trust for the [Purchaser],
          Owner
          of Adjustable Rate Mortgage Loans". All deposits in the account shall be
          subject
          to withdrawal therefrom by order signed by the Company. 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
          insured up to applicable limits by the Federal Deposit Insurance Corporation
          through the Bank Insurance Fund or the Savings Association Insurance Fund
          or
          will be invested in Permitted Investments as defined in the
          Agreement.

        
          

          [__________________________]

          By:____________________________

          Name:__________________________

          Title:___________________________

           

           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          C

        

        ESCROW
          ACCOUNT LETTER AGREEMENT

        _____________,
          2005

        

        To: [_______________________]

        (the
          "Depository")

        

        As
          “Company” under the Purchase Warranties and Servicing Agreement, dated as of
          [____________________]1, 200[_] (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 "[__________________________],
          in
          trust for the [Purchaser], Owner of Adjustable Rate Mortgage Loans, and
          various
          Mortgagors." All deposits in the account shall be subject to withdrawal
          therefrom by order signed by the Company. 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
          insured up to applicable limits by the Federal Deposit Insurance Corporation
          through the Bank Insurance Fund or the Savings Association Insurance Fund
          or
          will be invested in Permitted Investments as defined in the
          Agreement.

        
          

          [__________________________]

          By:____________________________

          Name:__________________________

          Title:___________________________

           

           

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          D

        

        FORM
          OF
          ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

        

        This
          is a
          Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
          Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
          (the “Company”).

        

        In
          consideration of the mutual promises contained herein the parties hereto
          agree
          that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
          1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company
          for
          Assignor and its successors and assigns pursuant to the Purchase, Warranties
          and
          Servicing Agreement, dated as of _________, 200__, between Assignor and
          Company
          (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
          Capitalized terms used herein but not defined shall have the meanings ascribed
          to them in the Purchase Agreement.

        

        Purchase,
          Assignment and Assumption

        

        1. Assignor
          hereby grants, transfers and assigns to Assignee all of the right, title
          and
          interest of Assignor in the Assigned Loans and, as they relate to the Assigned
          Loans, all of its right, title and interest in, to and under the Purchase
          Agreement.

        

        2. Simultaneously
          with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
          Amount” as set forth in that certain letter agreement, dated as of _________
          ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
          its expense, shall have caused to be delivered to Assignee or its designee
          the
          Mortgage File for each Assigned Loan in Assignor's or its custodian's
          possession, as set forth in the Purchase Agreement, along with, for each
          Assigned Loan, an endorsement of the Mortgage Note from the Company, in
          blank,
          and an assignment of mortgage in recordable form from the Company, in blank.
          Assignee shall pay the Funding Amount by wire transfer of immediately available
          funds to the account specified by Assignor. Assignee shall be entitled
          to all
          scheduled payments due on the Assigned Loans after ___________, 200__ and
          all
          unscheduled payments or other proceeds or other recoveries on the Assigned
          Loans
          received on and after _____________, 200__.

        

        Representations,
          Warranties and Covenants

        

        3. Assignor
          warrants and represents to Assignee and Company as of the date
          hereof:

        

        (a) Attached
          hereto as Attachment 2 is a true and accurate copy of the Purchase 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) Assignor
          is 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 Purchase Agreement as 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 Assignee as contemplated herein, Assignee shall have good title to each
          and
          every Assigned Loan, as well as any and all of Assignee’s interests, rights and
          obligations under the Purchase 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 Company with respect
          to
          the Assigned Loans or the Purchase Agreement;

         

        (d) Assignor
          has no knowledge of, and has not received notice of, any waivers under,
          or any
          modification of, any Assigned Loan;

        

        (e) 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) Assignor
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this PAAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          PAAR
          Agreement is in the ordinary course of Assignor’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignor’s charter or by-laws or any legal restriction, or any material
          agreement or instrument to which 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 Assignor or its property is subject. The execution,
          delivery
          and performance by Assignor of this PAAR Agreement and the consummation
          by it of
          the transactions contemplated hereby, have been duly authorized by all
          necessary
          corporate action on part of Assignor. This PAAR Agreement has been duly
          executed
          and delivered by Assignor and, upon the due authorization, execution and
          delivery by Assignee and Company, will constitute the valid and legally
          binding
          obligation of Assignor enforceable against 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
          Assignor in connection with the execution, delivery or performance by Assignor
          of this PAAR Agreement, or the consummation by it of the transactions
          contemplated hereby; and

        

        (h)  Neither
          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.

         

        4. Assignee
          warrants and represents to, and covenants with, Assignor and Company as
          of the
          date hereof:

        

        (a) 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
          acquire, own and purchase the Assigned Loans;

        

        (b) Assignee
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this PAAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          PAAR
          Agreement is in the ordinary course of Assignee’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignee’s charter or by-laws or any legal restriction, or any material
          agreement or instrument to which 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 Assignee or its property is subject. The execution,
          delivery
          and performance by Assignee of this PAAR Agreement and the consummation
          by it of
          the transactions contemplated hereby, have been duly authorized by all
          necessary
          corporate action on part of Assignee. This PAAR Agreement has been duly
          executed
          and delivered by Assignee and, upon the due authorization, execution and
          delivery by Assignor and Company, will constitute the valid and legally
          binding
          obligation of Assignee enforceable against 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
          Assignee in connection with the execution, delivery or performance by Assignee
          of this PAAR Agreement, or the consummation by it of the transactions
          contemplated hereby; and 

        

        (d) Assignee
          agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
          of the Purchase Agreement with respect to the Assigned Loans, and from
          and after
          the date hereof, Assignee assumes for the benefit of each of Assignor and
          Company all of Assignor's obligations as “Purchaser” thereunder but solely with
          respect to such Assigned Loans.

         

        5. Company
          warrants and represents to, and covenant with, Assignor and Assignee as
          of the
          date hereof:

        

        (a) Attached
          hereto as Attachment 2 is a true and accurate copy of the Purchase 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)
           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
          Purchase Agreement;

        

        
          	(c)  	
                  Company
                    has full corporate power and authority to execute, deliver and
                    perform its
                    obligations under this PAAR Agreement, and to consummate the
                    transactions
                    set forth herein. The consummation of the transactions contemplated
                    by
                    this PAAR Agreement is in the ordinary course of Company’s business and
                    will not conflict with, or result in a breach of, any of the
                    terms,
                    conditions or provisions of Company’s charter or by-laws or any legal
                    restriction, or any material agreement or instrument to which
                    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 Company
                    or its
                    property is subject. The execution, delivery and performance
                    by Company of
                    this PAAR Agreement and the consummation by it of the transactions
                    contemplated hereby, have been duly authorized by all necessary
                    corporate
                    action on part of Company. This PAAR Agreement has been duly
                    executed and
                    delivered by Company, and, upon the due authorization, execution
                    and
                    delivery by Assignor and Assignee, will constitute the valid
                    and legally
                    binding obligation of Company, enforceable against 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 Assignee in connection with the execution, delivery or
                    performance
                    by Company of this PAAR Agreement, or the consummation by it
                    of the
                    transactions contemplated hereby;
                    and

                

        

        

        
          	(e)  	
                  No
                    event has occurred
                    from the Closing Date to the date hereof which would render the
                    representations and warranties as to the related Assigned Loans
                    made by
                    the Company in Sections 3.01 and 3.02 of the Purchase Agreement
                    to be
                    untrue in any material respect.

                

        

        

        
          	(f)  	
                  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.

                

        

        

        Recognition
          of Assignee

        

        6. From
          and
          after the date hereof, Company shall recognize Assignee as owner of the
          Assigned
          Loans and will service the Assigned Loans in accordance with the Purchase
          Agreement. It is the intention of Assignor, Company and Assignee that this
          PAAR
          Agreement shall be binding upon and for the benefit of the respective successors
          and assigns of the parties hereto. Neither Company nor Assignor shall amend
          or
          agree to amend, modify, waiver, or otherwise alter any of the terms or
          provisions of the Purchase Agreement which amendment, modification, waiver
          or
          other alteration would in any way affect the Assigned Loans without the
          prior
          written consent of Assignee.

        

         

        Miscellaneous

        

        7. All
          demands, notices and communications related to the Assigned Loans, the
          Purchase
          Agreement and this PAAR 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 Company,

        

        ____________________

        ____________________

        ____________________

        ____________________

        ____________________

         

        With
          a
          copy to ______________________________________.

        

        (b)  In
          the
          case of Assignor,

        

        ____________________

        ____________________

        ____________________

        ____________________

        ____________________ 

        

        (c) In
          the
          case of Assignee,

        

        EMC
          Mortgage Corporation 

        Mac
          Arthur Ridge II 

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          Texas 75038

        Attention:
          Raylene Ruyle

        Telecopier
          No.: (972) 444-2810

        

        with
          a
          copy to:

        

        ___________________

        383
          Madison Avenue

        New
          York,
          New York 10179

        Attention:
          ___________

        Telecopier
          No.: (212) 272-____

        

        8. Each
          party will pay any commissions it has incurred and the fees of its attorneys
          in
          connection with the negotiations for, documenting of and closing of the
          transactions contemplated by this PAAR Agreement. 

        

        9. This
          PAAR
          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.

        

        10. No
          term
          or provision of this PAAR 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.

        

        11. This
          PAAR
          Agreement shall inure to the benefit of the successors and assigns of the
          parties hereto. Any entity into which Assignor, Assignee or Company may
          be
          merged or consolidated shall, without the requirement for any further writing,
          be deemed Assignor, Assignee or Company, respectively, hereunder.

        

        12. This
          PAAR
          Agreement shall survive the conveyance of the Assigned Loans, the assignment
          of
          the Purchase Agreement to the extent of the Assigned Loans by Assignor
          to
          Assignee and the termination of the Purchase Agreement.

        

        13. This
          PAAR
          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.

        

        14. In
          the
          event that any provision of this PAAR Agreement conflicts with any provision
          of
          the Purchase Agreement with respect to the Assigned Loans, the terms of
          this
          PAAR Agreement shall control. In the event that any provision of this PAAR
          Agreement conflicts with any provision of the Confirmation with respect
          to the
          Assigned Loans, the terms of this PAAR Agreement shall control.

        

        

        [Modification
          of Purchase Agreement

        

        15.  The
          Company and Assignor hereby amend the Purchase Agreement as
          follows:

        

        (a) The
          following definitions are added to Section 1.01 of the Purchase
          Agreement:

        

        Securities
          Administrator: ________________________

        

        Supplemental
          PMI Insurer: ________________________

        

        Supplemental
          PMI Policy: The
          primary guarantee insurance policy of the Supplemental PMI Insurer attached
          hereto as Exhibit J, or any successor Supplemental PMI Policy given to
          the
          Servicer by the Assignee.

        

        Trustee:
           ________________________

        

        (b) The
          following definition is amended and restated:

        

        Insurance
          Proceeds: Proceeds
          of any Primary Mortgage Insurance Policy, the Supplemental PMI Policy,
          any title
          policy, any hazard insurance policy or any other insurance policy covering
          a
          Mortgage Loan or other related Mortgaged Property, including any amounts
          required to be deposited in the Custodial Account pursuant to Section 4.04,
          to
          the extent such proceeds are not to be applied to the restoration of the
          related
          Mortgaged Property or released to the Mortgagor in accordance with Accepted
          Servicing Practices.

        

        (c) The
          following are added as the fourth, fifth and sixth paragraphs of Section
          4.08:

        

        “In
          connection with its activities as servicer, the Company agrees to prepare
          and
          present, on behalf of itself and the Purchaser, claims to the Supplemental
          PMI
          Insurer with respect to the Supplemental PMI Policy and, in this regard,
          to take
          such action as shall be necessary to permit recovery under any Supplemental
          PMI
          Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04,
          any
          amounts collected by the Company under any Supplemental PMI Policy shall
          be
          deposited in the Custodial Account, subject to withdrawal pursuant to Section
          4.05.

        

        In
          accordance with the Supplemental PMI Policy, the Company shall provide
          to the
          Supplemental PMI Insurer any required information regarding the Mortgage
          Loans.

        

        The
          Company shall provide to the [Securities Administrator] on a monthly basis
          via
          computer tape, or other mutually acceptable format, the unpaid principal
          balance, insurer certificate number, lender loan number, and premium due
          the
          Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
          PMI
          Policy. In addition, the Company agrees to forward to the Purchaser and
          the
          [Securities Administrator] any statements or other reports given by the
          Supplemental PMI Insurer to the Servicer in connection with a claim under
          the
          Supplemental PMI Policy.”

        

        (d) Clause
          (vi) of Section 6.1 is amended to read as follows:

        

        “Company
          ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan
          seller or
          servicer for more than thirty days, or the Company fails to meet the servicer
          eligibility requirements of the Supplemental PMI Insurer; or”]

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
          of the
          day and year first above written.

        

        EMC
          MORTGAGE CORPORATION

        Assignor

        

        By:_____________________________

        Name:___________________________

        Title:____________________________

        

        

        _________________________________

        Assignee

        

        By:_____________________________

        Name:___________________________

        Title:____________________________

        

        

        _________________________________

        Company

        

        By:_____________________________

        Name:___________________________

        Title:____________________________

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
 

         EXHIBIT
          ___

        

        FORM
          OF
          COMPANY CERTIFICATION

        

        I,
          [identify certifying individual], certify to the [Trustee] [Seller] [Securities
          Administrator] [Mortgage Loan Seller] [Purchaser] and [Master Servicer]
          that:

        

        1. I
          have
          reviewed the servicing reports prepared by [COMPANY] (the “Company”) pursuant to
          the [Servicing Agreement] (the “Servicing Agreement”), dated as of __________
          between __________ and the Company (as modified by the AAR Agreement (as
          defined
          below) and delivered to [MASTER SERVICER] (the “Master Servicer”) pursuant to
          the Assignment, Assumption and Recognition Agreement (the “AAR Agreement”),
          dated as of __________ among [ASSIGNOR] as Assignor, Company and [ASSIGNEE],
          as
          Assignee.

        

        2. Based
          on
          my knowledge, the information in these reports, 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 servicing reports.

        

        3. Based
          on
          my knowledge, the servicing information required to be provided to the
          Master
          Servicer under the Servicing Agreement and the AAR Agreement is included
          in
          these reports.

        

        4. I
          am
          responsible for reviewing the activities performed the Company under the
          Servicing Agreement and the AAR Agreement and based upon the review required
          under the Servicing Agreement and the AAR Agreement, and except as disclosed
          in
          the Annual Statement of Compliance, the Company has fulfilled its obligations
          under the Servicing Agreement and the AAR Agreement.

        

        5. I
          have
          disclosed to the Master Servicer's certified public accountants all significant
          deficiencies relating to the Company's compliance with the minimum servicing
          standards in accordance with a review conduced in compliance with the Uniform
          Single Attestation Program for Mortgage Bankers or similar standard as
          set forth
          in the Servicing Agreement and the AAR Agreement.

        

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

        

        Date:______________

        

        _____________________

        [Signature]

        [Title]

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        ATTACHMENT
          1

        

        ASSIGNED
          LOAN SCHEDULE

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        ATTACHMENT
          2

        

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          E

        

        REPORTING
          DATA FOR MONTHLY REPORT

        

        
          	
                  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

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          F

        

        REPORTING
          DATA FOR DEFAULTED LOANS

        

        Standard
          File Layout - Delinquency Reporting

        

        
          	
                  Column/Header
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR

                	 	
                   

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the originator.

                	 	
                   

                
	
                  CLIENT_NBR

                	
                  Servicer
                    Client Number

                	 	 
	
                  SERV_INVESTOR_NBR

                	
                  Contains
                    a unique number as assigned by an external servicer to identify
                    a group of
                    loans in their system.

                	 	
                   

                
	
                  BORROWER_FIRST_NAME

                	
                  First
                    Name of the Borrower.

                	 	 
	
                  BORROWER_LAST_NAME

                	
                  Last
                    name of the borrower.

                	 	 
	
                  PROP_ADDRESS

                	
                  Street
                    Name and Number of Property

                	 	
                   

                
	
                  PROP_STATE

                	
                  The
                    state where the property located.

                	 	
                   

                
	
                  PROP_ZIP

                	
                  Zip
                    code where the property is located.

                	 	
                   

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date that the borrower's next payment is due to the servicer
                    at the end of
                    processing cycle, as reported by Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  LOAN_TYPE

                	
                  Loan
                    Type (i.e. FHA, VA, Conv)

                	 	
                   

                
	
                  BANKRUPTCY_FILED_DATE

                	
                  The
                    date a particular bankruptcy claim was filed.

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_CHAPTER_CODE

                	
                  The
                    chapter under which the bankruptcy was filed.

                	 	
                   

                
	
                  BANKRUPTCY_CASE_NBR

                	
                  The
                    case number assigned by the court to the bankruptcy
                    filing.

                	 	
                   

                
	
                  POST_PETITION_DUE_DATE

                	
                  The
                    payment due date once the bankruptcy has been approved by the
                    courts

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_DCHRG_DISM_DATE

                	
                  The
                    Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                    Discharged
                    and/or a Motion For Relief Was Granted. 

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_APPR_DATE

                	
                  The
                    Date The Loss Mitigation Was Approved By The Servicer

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_TYPE

                	
                  The
                    Type Of Loss Mitigation Approved For A Loan Such As;

                	 	 
	
                  LOSS_MIT_EST_COMP_DATE

                	
                  The
                    Date The Loss Mitigation /Plan Is Scheduled To End/Close

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_ACT_COMP_DATE

                	
                  The
                    Date The Loss Mitigation Is Actually Completed

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_APPROVED_DATE

                	
                  The
                    date DA Admin sends a letter to the servicer with instructions
                    to begin
                    foreclosure proceedings.

                	 	
                  MM/DD/YYYY

                
	
                  ATTORNEY_REFERRAL_DATE

                	
                  Date
                    File Was Referred To Attorney to Pursue Foreclosure

                	 	
                  MM/DD/YYYY

                
	
                  FIRST_LEGAL_DATE

                	
                  Notice
                    of 1st legal filed by an Attorney in a Foreclosure Action

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_EXPECTED_DATE

                	
                  The
                    date by which a foreclosure sale is expected to occur.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_DATE

                	
                  The
                    actual date of the foreclosure sale.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_AMT

                	
                  The
                    amount a property sold for at the foreclosure sale.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  EVICTION_START_DATE

                	
                  The
                    date the servicer initiates eviction of the borrower.

                	 	
                  MM/DD/YYYY

                
	
                  EVICTION_COMPLETED_DATE

                	
                  The
                    date the court revokes legal possession of the property from
                    the
                    borrower.

                	 	
                  MM/DD/YYYY

                
	
                  LIST_PRICE

                	
                  The
                    price at which an REO property is marketed.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  LIST_DATE

                	
                  The
                    date an REO property is listed at a particular price.

                	 	
                  MM/DD/YYYY

                
	
                  OFFER_AMT

                	
                  The
                    dollar value of an offer for an REO property.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  OFFER_DATE_TIME

                	
                  The
                    date an offer is received by DA Admin or by the Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  REO_CLOSING_DATE

                	
                  The
                    date the REO sale of the property is scheduled to close.

                	 	
                  MM/DD/YYYY

                
	
                  REO_ACTUAL_CLOSING_DATE

                	
                  Actual
                    Date Of REO Sale

                	 	
                  MM/DD/YYYY

                
	
                  OCCUPANT_CODE

                	
                  Classification
                    of how the property is occupied.

                	 	
                   

                
	
                  PROP_CONDITION_CODE

                	
                  A
                    code that indicates the condition of the property.

                	 	
                   

                
	
                  PROP_INSPECTION_DATE

                	
                  The
                    date a property inspection is performed.

                	 	
                  MM/DD/YYYY

                
	
                  APPRAISAL_DATE

                	
                  The
                    date the appraisal was done.

                	 	
                  MM/DD/YYYY

                
	
                  CURR_PROP_VAL

                	
                   The
                    current "as is" value of the property based on brokers price
                    opinion or
                    appraisal.

                	
                  2

                	
                   

                
	
                  REPAIRED_PROP_VAL

                	
                  The
                    amount the property would be worth if repairs are completed pursuant
                    to a
                    broker's price opinion or appraisal.

                	
                  2

                	
                   

                
	
                  If
                    applicable:

                	
                   

                	 	
                   

                
	
                  DELINQ_STATUS_CODE

                	
                  FNMA
                    Code Describing Status of Loan

                	 	 
	
                  DELINQ_REASON_CODE

                	
                  The
                    circumstances which caused a borrower to stop paying on a loan.
                    Code
                    indicates the reason why the loan is in default for this
                    cycle.

                	 	 
	
                  MI_CLAIM_FILED_DATE

                	
                  Date
                    Mortgage Insurance Claim Was Filed With Mortgage Insurance
                    Company.

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT

                	
                  Amount
                    of Mortgage Insurance Claim Filed

                	 	
                  No
                    commas(,) or dollar signs ($)

                
	
                  MI_CLAIM_PAID_DATE

                	
                  Date
                    Mortgage Insurance Company Disbursed Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT_PAID

                	
                  Amount
                    Mortgage Insurance Company Paid On Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_FILED_DATE

                	
                  Date
                    Claim Was Filed With Pool Insurance Company

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT

                	
                  Amount
                    of Claim Filed With Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_PAID_DATE

                	
                  Date
                    Claim Was Settled and The Check Was Issued By The Pool
                    Insurer

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT_PAID

                	
                  Amount
                    Paid On Claim By Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_FILED_DATE

                	
                   Date
                    FHA Part A Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_AMT

                	
                   Amount
                    of FHA Part A Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_PAID_DATE

                	
                   Date
                    HUD Disbursed Part A Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part A Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_FILED_DATE

                	
                    Date
                    FHA Part B Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_AMT

                	
                    Amount
                    of FHA Part B Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_PAID_DATE

                	
                     Date
                    HUD Disbursed Part B Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part B Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  VA_CLAIM_FILED_DATE

                	
                   Date
                    VA Claim Was Filed With the Veterans Admin

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_DATE

                	
                   Date
                    Veterans Admin. Disbursed VA Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_AMT

                	
                   Amount
                    Veterans Admin. Paid on VA Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                

        

         

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting

         

        The
          Loss
          Mit Type
          field
          should show the approved Loss Mitigation Code as follows: 

         

        
          	·  	
                  ASUM-Approved
                    Assumption

                

        

         

        
          	·  	
                  BAP-Borrower
                    Assistance Program

                

        

         

        
          	·  	
                  CO-
                    Charge Off

                

        

         

        
          	·  	
                  DIL-
                    Deed-in-Lieu

                

        

         

        
          	·  	
                  FFA-
                    Formal Forbearance Agreement

                

        

         

        
          	·  	
                  MOD-
                    Loan Modification

                

        

         

        
          	·  	
                  PRE-
                    Pre-Sale

                

        

         

        
          	·  	
                  SS-
                    Short Sale

                

        

         

        
          	·  	
                  MISC-Anything
                    else approved by the PMI or Pool
                    Insurer

                

        

         

        

         

        NOTE:
          Wells
          Fargo Bank will accept alternative Loss Mitigation Types to those above,
          provided that they are consistent with industry standards. If Loss Mitigation
          Types other than those above are used, the Servicer must supply Wells Fargo
          Bank
          with a description of each of the Loss Mitigation Types prior to sending
          the
          file.

         

        

         

        The
          Occupant
          Code
          field
          should show the current status of the property code as follows:

         

        
          	·  	
                  Mortgagor

                

        

         

        
          	·  	
                  Tenant

                

        

         

        
          	·  	
                  Unknown
                    

                

        

         

        
          	·  	
                  Vacant

                

        

         

        

         

        The
          Property
          Condition
          field
          should show the last reported condition of the property as follows:

         

        
          	·  	
                  Damaged

                

        

         

        
          	·  	
                  Excellent

                

        

         

        
          	·  	
                  Fair

                

        

         

        
          	·  	
                  Gone

                

        

         

        
          	·  	
                  Good

                

        

         

        
          	·  	
                  Poor

                

        

         

        
          	·  	
                  Special
                    Hazard

                

        

         

        
          	·  	
                  Unknown

                

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        The
          FNMA
          Delinquent Reason Code
          field
          should show the Reason for Delinquency as follows: 

        

        
          	
                  Delinquency
                    Code

                	
                  Delinquency
                    Description

                
	
                  001

                	
                  FNMA-Death
                    of principal mortgagor

                
	
                  002

                	
                  FNMA-Illness
                    of principal mortgagor

                
	
                  003

                	
                  FNMA-Illness
                    of mortgagor’s family member

                
	
                  004

                	
                  FNMA-Death
                    of mortgagor’s family member

                
	
                  005

                	
                  FNMA-Marital
                    difficulties

                
	
                  006

                	
                  FNMA-Curtailment
                    of income

                
	
                  007

                	
                  FNMA-Excessive
                    Obligation

                
	
                  008

                	
                  FNMA-Abandonment
                    of property

                
	
                  009

                	
                  FNMA-Distant
                    employee transfer

                
	
                  011

                	
                  FNMA-Property
                    problem

                
	
                  012

                	
                  FNMA-Inability
                    to sell property

                
	
                  013

                	
                  FNMA-Inability
                    to rent property

                
	
                  014

                	
                  FNMA-Military
                    Service

                
	
                  015

                	
                  FNMA-Other

                
	
                  016

                	
                  FNMA-Unemployment

                
	
                  017

                	
                  FNMA-Business
                    failure

                
	
                  019

                	
                  FNMA-Casualty
                    loss

                
	
                  022

                	
                  FNMA-Energy
                    environment costs

                
	
                  023

                	
                  FNMA-Servicing
                    problems

                
	
                  026

                	
                  FNMA-Payment
                    adjustment

                
	
                  027

                	
                  FNMA-Payment
                    dispute

                
	
                  029

                	
                  FNMA-Transfer
                    of ownership pending

                
	
                  030

                	
                  FNMA-Fraud

                
	
                  031

                	
                  FNMA-Unable
                    to contact borrower

                
	
                  INC

                	
                  FNMA-Incarceration

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        The
          FNMA
          Delinquent Status Code
          field
          should show the Status of Default as follows: 

         

        

        
          	
                  Status
                    Code

                	
                  Status
                    Description

                
	
                  09

                	
                  Forbearance

                
	
                  17

                	
                  Pre-foreclosure
                    Sale Closing Plan Accepted

                
	
                  24

                	
                  Government
                    Seizure

                
	
                  26

                	
                  Refinance

                
	
                  27

                	
                  Assumption

                
	
                  28

                	
                  Modification

                
	
                  29

                	
                  Charge-Off

                
	
                  30

                	
                  Third
                    Party Sale

                
	
                  31

                	
                  Probate

                
	
                  32

                	
                  Military
                    Indulgence

                
	
                  43

                	
                  Foreclosure
                    Started

                
	
                  44

                	
                  Deed-in-Lieu
                    Started

                
	
                  49

                	
                  Assignment
                    Completed

                
	
                  61

                	
                  Second
                    Lien Considerations

                
	
                  62

                	
                  Veteran’s
                    Affairs-No Bid

                
	
                  63

                	
                  Veteran’s
                    Affairs-Refund

                
	
                  64

                	
                  Veteran’s
                    Affairs-Buydown

                
	
                  65

                	
                  Chapter
                    7 Bankruptcy

                
	
                  66

                	
                  Chapter
                    11 Bankruptcy

                
	
                  67

                	
                  Chapter
                    13 Bankruptcy

                

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          G

        

        REQUEST
          FOR RELEASE OF DOCUMENTS AND RECEIPT

        

        RE: Mortgage
          Loan #___________________________________

        BORROWER:__________________________________________________

        PROPERTY:
          __________________________________________________

        

        

        Pursuant
          to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
          the
          Company and the Purchaser, the undersigned hereby certifies that he or
          she is an
          officer of the Company requesting release of the documents for the reason
          specified below. The undersigned further certifies that:

        

        (Check
          one of the items below)

        

        _____ On
          _________________, the above captioned mortgage loan was paid in full or
          that
          the Company has been notified that payment in full has been or will be
          escrowed.
          The Company hereby certifies that all amounts with respect to this loan
          which
          are required under the Agreement have been or will be deposited in the
          Custodial
          Account as required.

        

        _____ The
          above
          captioned loan is being repurchased pursuant to the terms of the Agreement.
          The
          Company hereby certifies that the repurchase price has been credited to
          the
          Custodial Account as required under the Agreement.

        

        _____ The
          above
          captioned loan is being placed in foreclosure and the original documents
          are
          required to proceed with the foreclosure action. The Company hereby certifies
          that the documents will be returned to the Purchaser in the event of
          reinstatement.

        

        _____ Other
          (explain)

        

        _______________________________________________________

        _______________________________________________________

        

        All
          capitalized terms used herein and not defined shall have the meanings assigned
          to them in the Agreement.

        

        Based
          on
          this certification and the indemnities provided for in the Agreement, please
          release to the Company all original mortgage documents in your possession
          relating to this loan.

        

        Dated:_________________

        

        By:________________________________

        Signature

        ___________________________________

        Title

        

        Send
          documents to: _____________________________________________

        _____________________________________________

        _____________________________________________

        

        Acknowledgement:

        

        Purchaser
          hereby acknowledges that all original documents previously released on
          the above
          captioned mortgage loan have been returned and received by the
          Purchaser.

        

        

        Dated:________________

        

        By:________________________________

        Signature

        _________________________________

        Title

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        EXHIBIT
          H

        

        COMPANY’S
          UNDERWRITING GUIDELINES

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
 

        EXHIBIT
          I

        

        TERM
          SHEET

        

        This
          TERM
          SHEET (the "Term Sheet") dated _____________, by and among American Home
          Mortgage Corporation, with offices located at 520 Broadhollow Road, Melville,
          New York 11747 (the “Company”), American Home Mortgage Servicing, Inc., with
          offices located at 4600 Regent Boulevard, Suite 200, Irving, Texas 75063
          (the
          "Servicer"), and EMC Mortgage Corporation, a Delaware corporation, located
          at
          909 Hidden Ridge Drive, Suite 200, Irving, Texas 75038 (the "Purchaser")
          is made
          pursuant to the terms and conditions of that certain Purchase, Warranties
          and
          Servicing Agreement (the "Agreement") dated as of March 1, 2006, by and
          among
          the Company, the Servicer and the Purchaser, the provisions of which are
          incorporated herein as if set forth in full herein, as such terms and conditions
          may be modified or supplemented hereby. All initially capitalized terms
          used
          herein unless otherwise defined shall have the meanings ascribed thereto
          in the
          Agreement. 

        

        The
          Purchaser hereby purchases from the Company and the Company hereby sells
          to the
          Purchaser, all of the Company’s right, title and interest in and to the Mortgage
          Loans on a servicing retained basis described on the Mortgage Loan Schedule
          annexed hereto as Schedule
          I,
          pursuant to and in accordance with the terms and conditions set forth in
          the
          Agreement, as same may be supplemented or modified hereby. Hereinafter,
          the
          Servicer shall service the Mortgage Loans for the benefit of the Purchaser
          and
          all subsequent transferees of the Mortgage Loans pursuant to and in accordance
          with the terms and conditions set forth in the Agreement. 

        

        1. Definitions

        

        For
          purposes of the Mortgage Loans to be sold pursuant to this Term Sheet,
          the
          following terms shall have the following meanings:

        

        Aggregate
          Principal Balance

        (as
          of
          the Cut-Off Date):    

        

        Closing
          Date:    

        

        Custodian:    

        

        Cut-off
          Date:    

        

        Initial
          Weighted Average

        Mortgage
          Loan Remittance Rate:  

        

        Mortgage
          Loan:    

        

        Purchase
          Price Percentage:   

        

        Servicing
          Fee Rate:   

        Additional
          Closing Conditions: 

        

        In
          addition to the conditions specified in the Agreement, the obligation of
          each of
          the Company and the Purchaser is subject to the fulfillment, on or prior
          to the
          applicable Closing Date, of the following additional conditions: [None].
          

        

        Additional
          Loan Documents: 

        

        In
          addition to the contents of the Mortgage File specified in the Agreement,
          the
          following documents shall be delivered with respect to the Mortgage Loans:
          [None]

        

        [Additional]
          [Modification] of Representations and Warranties:

         

        [In
          addition to the representations and warranties set forth in the Agreement,
          as of
          the date hereof, the Company makes the following additional representations
          and
          warranties with respect to the Mortgage Loans: [None]. [Notwithstanding
          anything
          to the contrary set forth in the Agreement, with respect to each Mortgage
          Loan
          to be sold on the Closing Date, the representation and warranty set forth
          in
          Section ______ of the Agreement shall be modified to read as
          follows:]

        

        Except
          as
          modified herein, Section ______ of the Agreement shall remain in full force
          and
          effect as of the date hereof.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        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.

        

        AMERICAN
          HOME MORTGAGE CORPORATION

        

        

        
          	 	 	 	 	
                  By:_____________________________

                

        

        
          	 	 	 	 	
                  Name:___________________________

                

        

        
          	 	 	 	 	
                  Title:____________________________

                

        

        

        

        

        
          	 	 	 	 	
                  EMC
                    MORTGAGE CORPORATION

                

        

        

        

        
          	 	 	 	 	
                  By:_____________________________

                

        

        
          	 	 	 	 	
                  Name:___________________________

                

        

        
          	 	 	 	 	
                  Title:____________________________

                

        

        

        

        

        AMERICAN
          HOME MORTGAGE SERVICING, INC.

        

        

        
          	 	 	 	 	
                  By:_____________________________

                

        

        
          	 	 	 	 	
                  Name:___________________________

                

        

        
          	 	 	 	 	
                  Title:____________________________

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        SCHEDULE
          I

        

        MORTGAGE
          LOAN SCHEDULE

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          J

        

        RECONSTITUTED
          MORTGAGE LOAN REPORTING

        

         

        (a) Servicer
          Mortgage Loan Number  

        (b) FNMA
          Mortgage Loan Number (if applicable)

        (c) Lender/Seller
          Mortgage Loan Number (plus any other loan number)

        (d) Month
          end
          date/ date file created 

        (e) Scheduled
          Beginning Balance 

        (f) Actual
          Beginning Balance 

        (g) Scheduled
          Ending Balance 

        (h) Actual
          Ending Balance 

        (i) Gross
          Rate (current gross rate)

        (j) Net
          Rate
          (current passthrough)

        (k) Last
          Payment Date (LPI_DATE in Fannie's Laser Reporting)

        (l) Next
          Due
          Date

        (m) Delinquency
          Month (if available)

        (n) Default
          Flag, i.e. FC, REO, etc. (if applicable)

        (o) Pay-In-Full
          Date (Mortgage Loan paid off by Mortgagor)

        (p) Foreclosure
          start date  

        (q) Foreclosure
          end date  

        (r) REO
          Property date  

        (s) With
          respect to Liquidated Mortgage Loans:  

        (i)
          claim
          date

        (ii)
          claim amount

        (iii)
          proceeds

        (iv)
          amount of loss or gain (as applicable)  

        (v)
          the
          date of the loss or gain.  

        (vi)
          the
          liquidation reason (paid in full or repurchased out of deal) 

        (t) Fannie's
          Laser Reporting (For FNMA loans)

        (i)
          Action Code (for default or paid off Mortgage Loans; i.e. 60, 65,
          etc.)

        (ii)
          Action Date  

        (iii)
          Remit Prin (submitted principal amount)

        (iv)
          Remit Int (submitted interest amount)

        (v)
          Pool/Invest indicator (indicating Schedule/Schedule or Actual/Actual
          pool)

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          K

        

        COMPANY’S
          OBLIGATIONS IN CONNECTION 

        WITH
          A
          RECONSTITUTION

        

        • The
          Servicer shall (i) possess the ability to service to a securitization documents;
          (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through the
          liquidation of an REO Property), (iii) make compensating interest payments
          on
          payoffs and curtailments, (iv) report to a Master Servicer in format acceptable
          to such Master Servicer by the 10th calendar day of each month, and (v)
          remit to
          a Master Servicer in format acceptable to such Master Servicer by the 18th
          calendar day of each month, and if such 18th
          calendar
          day is not a Business Day, the Business Day immediately preceding the
          18th
          calendar
          day)..

        .

        

        • The
          Servicer shall provide an acceptable annual certification (officer’s
          certificate) to the Master Servicer (as required by the Sarbanes-Oxley
          Act of
          2002) as well as any other annual certifications required under the
          securitization documents (i.e. the annual statement as to compliance/annual
          independent certified public accountants’ servicing report due by March 15 of
          each year).

        

        • The
          Servicer shall allow for the Purchaser, the Master Servicer or their designee
          to
          perform a review of audited financials and net worth of the
          Servicer.

        

        • The
          Servicer shall provide a Uniform Single Attestation Program certificate
          and
          Management Assertion as requested by the Master Servicer or the
          Purchaser.

        

        • The
          Servicer shall provide information on each Custodial Account as requested
          by the
          Master Servicer or the Purchaser, and each Custodial Accounts shall comply
          with
          the requirements for such accounts as set forth in the securitization
          documents.

        

        • The
          Servicer shall maintain its servicing system in accordance with the requirements
          of the Master Servicer.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          L

        

        FORM
          OF
          COMPANY 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] [Securities Administrator] [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] [Securities Administrator]
          [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] [Securities Administrator] [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
          M

        

        SUMMARY
          OF REGULATION AB

        SERVICING
          CRITERIA

        

        NOTE:
          This Exhibit M is provided for convenience of reference only. In the event
          of a
          conflict or inconsistency between the terms of this Exhibit M 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)

         

        
          	(a)  	
                  General
                    servicing considerations.

                

        

         

        (1)  Policies
          and procedures are instituted to monitor any performance or other triggers
          and
          events of default in accordance with the transaction agreements.

         

        (2)  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.

         

        (3)  Any
          requirements in the transaction agreements to maintain a back-up servicer
          for
          the mortgage loans are maintained.

         

        (4)  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.

         

        
          	(b)  	
                  Cash
                    collection and administration.

                

        

         

        (1)  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.

         

        (2)  Disbursements
          made via wire transfer on behalf of an obligor or
          to an
          investor are made only by authorized personnel.

         

        (3)  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.

         

        (4)  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.

         

        (5)  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.

         

        (6)  Unissued
          checks are safeguarded so as to prevent unauthorized access.

         

        (7)  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.

         

        
          	(c)  	
                  Investor
                    remittances and reporting.

                

        

         

        (1)  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.

         

        (2)  Amounts
          due to investors are allocated and remitted in accordance with timeframes,
          distribution priority and other terms set forth in the transaction
          agreements.

         

        (3)  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.

         

        (4)  Amounts
          remitted to investors per the investor reports agree with cancelled checks,
          or
          other form of payment, or custodial bank statements.

         

        
          	(d)  	
                  Mortgage
                    Loan administration.

                

        

         

        (1)  Collateral
          or security on mortgage loans is maintained as required by the transaction
          agreements or related mortgage loan documents.

         

        (2)  Mortgage
          loan and related documents are safeguarded as required by the transaction
          agreements.

         

        (3)  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.

         

        (4)  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.

         

        (5)  The
          Servicer’s records regarding the mortgage loans agree with the Servicer’s
          records with respect to an obligor’s unpaid principal balance.

         

        (6)  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.

         

        (7)  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.

         

        (8)  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).

         

        (9)  Adjustments
          to interest rates or rates of return for mortgage loans with variable rates
          are
          computed based on the related mortgage loan documents.

         

        (10)  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.

         

        (11)  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.

         

        (12)  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.

         

        (13)  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.

         

        (14)  Delinquencies,
          charge-offs and uncollectable accounts are recognized and recorded in accordance
          with the transaction agreements.

         

        (15)  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
          N

        

        SUMMARY
          OF APPLICABLE REGULATION AB REQUIREMENTS

        

        NOTE:
          This Exhibit N is provided for convenience of reference only. In the event
          of a
          conflict or inconsistency between the terms of this Exhibit N and the text
          of
          Regulation AB, the text of Regulation AB, its adopting release and other
          public
          statements of the SEC shall control. 

         

        Item
          1105(a)(1)-(3) and (c)

        

        -Provide
          static pool information with respect to mortgage loans that were originated
          or
          purchased by the Company and which are of the same type as the Mortgage
          Loans.

         

        -Provide
          static pool information regarding delinquencies, cumulative losses and
          prepayments for prior securitized pools of the Company.

         

        -If
          the
          Company has less than 3 years experience securitizing assets of the same
          type as
          the Mortgage Loans, provide the static pool information by vintage origination
          years regarding loans originated or purchased by the Company, instead of
          by
          prior securitized pool. A vintage origination year represents mortgage
          loans
          originated during the same year.

         

        -Such
          static pool information shall be for the prior five years, or for so long
          as the
          Company has been originating or purchasing (in the case of data by vintage
          origination year) or securitizing (in the case of data by prior securitized
          pools) such mortgage loans if for less than five years.

         

        -The
          static pool information for each vintage origination year or prior securitized
          pool, as applicable, shall be presented in monthly increments over the
          life of
          the mortgage loans included in the vintage origination year or prior securitized
          pool.

         

        -Provide
          summary information for the original characteristics of the prior securitized
          pools or vintage origination years, as applicable and material, including:
          number of pool assets, original pool balance, weighted average initial
          loan
          balance, weighted average mortgage rate, weighted average and minimum and
          maximum FICO, product type, loan purpose, weighted average and minimum
          and
          maximum LTV, distribution of loans by mortgage rate, and geographic
          concentrations of 5% or more.

         

        

        Item
          1108(b) and (c)

        

        Provide
          the following information with respect to each servicer that will service,
          including interim service, 20% or more of the mortgage loans in any loan
          group
          in the securitization issued in the Securitization Transaction: 

         

        -a
          description of the Company’s form of organization;

         

        -a
          description of how long the Company has been servicing residential mortgage
          loans; a general discussion of the Company’s experience in servicing assets of
          any type as well as a more detailed discussion of the Company’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 Company’s portfolio of mortgage loans of the type similar to
          the Mortgage Loans and information on factors related to the Company that
          may be
          material to any analysis of the servicing of the Mortgage Loans or the
          related
          asset-backed securities, as applicable, including whether any default or
          servicing related performance trigger has occurred as to any other
          securitization due to any act or failure to act of the Company, whether
          any
          material noncompliance with applicable servicing criteria as to any other
          securitization has been disclosed or reported by the Company, and the extent
          of
          outsourcing the Company uses;

         

        -a
          description of any material changes to the Company’s policies or procedures in
          the servicing function it will perform under this Agreement and any
          Reconstitution Agreements for mortgage loans of the type similar to the
          Mortgage
          Loans during the past three years;

         

        -information
          regarding the Company’s financial condition to the extent that there is a
          material risk that the effect on one or more aspects of servicing resulting
          from
          such financial condition could have a material impact on the performance
          of the
          securities issued in the Securitization Transaction, or on servicing of
          mortgage
          loans of the same asset type as the Mortgage Loans;

         

        -any
          special or unique factors involved in servicing loans of the same type
          as the
          Mortgage Loans, and the Company’s processes and procedures designed to address
          such factors;

         

        -statistical
          information regarding principal and interest advances made by the Company
          on the
          Mortgage Loans and the Company’s overall servicing portfolio for the past three
          years; and

         

        -the
          Company’s process for handling delinquencies, losses, bankruptcies and
          recoveries, such as through liquidation of REO Properties, foreclosure,
          sale of
          the Mortgage Loans or workouts.

         

        Item
          1110(a)

        

        -Identify
          any originator or group of affiliated originators that originated, or is
          expected to originate, 10% or more of the mortgage loans in any loan group
          in
          the securitization issued in the Securitization Transaction.

         

        

        Item
          1110(b)

        

        Provide
          the following information with respect to any originator or group of affiliated
          originators that originated, or is expected to originate, 20% or more of
          the
          mortgage loans in any loan group in the securitization issued in the
          Securitization Transaction:

         

        -the
          Company’s form of organization; and

         

        -a
          description of the Company’s origination program and how long the Company has
          been engaged in originating residential mortgage loans, which description
          must
          include a discussion of the Company’s experience in originating mortgage loans
          of the same type as the Mortgage Loans and information regarding the size
          and
          composition of the Company’s origination portfolio as well as information that
          may be material to an analysis of the performance of the Mortgage Loans,
          such as
          the Company’s credit-granting or underwriting criteria for mortgage loans of the
          same type as the Mortgage Loans.

         

        

        Item
          1117

        

        -describe
          any legal proceedings pending against the Company or against any of its
          property, including any proceedings known to be contemplated by governmental
          authorities, that may be material to the holders of the securities issued
          in the
          Securitization Transaction.

         

        

        Item
          1119(a)

        

        -describe
          any affiliations of the Company, each other originator of the Mortgage
          Loans and
          each Subservicer with the sponsor, depositor, issuing entity, trustee,
          any
          originator, any other servicer, any significant obligor, enhancement or
          support
          provider or any other material parties related to the Securitization
          Transaction.

         

        

        Item
          1119(b)

        

        -describe
          any business relationship, agreement, arrangement, transaction or understanding
          entered into outside of the ordinary course of business or on terms other
          than
          those obtained in an arm’s length transaction with an unrelated third party,
          apart from the Securitization Transaction, between the Company, each other
          originator of the Mortgage Loans and each Subservicer, or their respective
          affiliates, and the sponsor, depositor or issuing entity or their respective
          affiliates, that exists currently or has existed during the past two years,
          that
          may be material to the understanding of an investor in the securities issued
          in
          the Securitization Transaction.

         

        Item
          1119(c)

        

        -describe
          any business relationship, agreement, arrangement, transaction or understanding
          involving or relating to the Mortgage Loans or the Securitization Transaction,
          including the material terms and approximate dollar amount involved, between
          the
          Company, each other originator of the Mortgage Loans and each Subservicer,
          or
          their respective affiliates and the sponsor, depositor or issuing entity
          or
          their respective affiliates, that exists currently or has existed during
          the
          past two years.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          O

        

        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 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.

                	
                  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
          P

        

        REPORTING
          DATA FOR REALIZED LOSSES AND GAINS

         

        
          Exhibit
            : Calculation
            of Realized Loss/Gain Form 332- Instruction Sheet

           

          NOTE:
            Do not net or combine items. Show all expenses individually and all credits
            as
            separate line items. Claim packages are due on the remittance report
            date. Late
            submissions may result in claims not being passed until the following
            month. The
            Servicer is responsible to remit all funds pending loss approval and
            /or
            resolution of any disputed items. 

           

          The
            numbers on the 332 form correspond with the numbers listed
            below.

           

          Liquidation
            and Acquisition Expenses:

           

          1.          
             The
            Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
            an
            Amortization Schedule from date of default through liquidation breaking
            out the
            net interest and servicing fees advanced is required.

           

          2.          
             The
            Total
            Interest Due less the aggregate amount of servicing fee that would have
            been
            earned if all delinquent payments had been made as agreed. For documentation,
            an
            Amortization Schedule from date of default through liquidation breaking
            out the
            net interest and servicing fees advanced is required.

           

          3.         
              Accrued
            Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
            Loan
            as calculated on a monthly basis. For documentation, an Amortization
            Schedule
            from date of default through liquidation breaking out the net interest
            and
            servicing fees advanced is required.

           

          4-12.     
             Complete
            as applicable. Required documentation:

           

          *
            For
            taxes and insurance advances - see page 2 of 332 form - breakdown required
            showing period of
            coverage, base tax, interest, penalty. Advances prior to default require
            evidence of servicer efforts to recover advances.

          *
            For
            escrow advances - complete payment history (to
            calculate advances from last positive escrow balance forward)

          *
            Other
            expenses -  copies of corporate advance history showing all payments

          *
            REO
            repairs > $1500 require explanation

          *
            REO
            repairs >$3000 require evidence of at least 2 bids.

          *
            Short
            Sale or Charge Off require P&L supporting the decision and WFB’s approved
            Officer Certificate 

          *
            Unusual
            or extraordinary items may require further documentation. 

           

          13.          The
            total
            of lines 1 through 12.

           

          Credits:
            

           

          14-21.   
             Complete
            as applicable. Required documentation:

           

          *
            Copy of
            the HUD 1 from the REO sale. If a 3rd Party Sale, bid instructions
            and Escrow Agent / Attorney Letter of Proceeds Breakdown.

          *
            Copy of
            EOB for any MI or gov't guarantee 

          *
            All
            other credits need to be clearly defined on the 332
            form      
     

           

          
            	 	
                    22.

                  	
                    The
                      total of lines 14 through 21.

                  

          

           

          Please
            Note: For
            HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
            for Part
            B/Supplemental proceeds.

           

          Total
            Realized Loss (or Amount of Any Gain)

           

          23.        
             The
            total
            derived from subtracting line 22 from 13. If the amount represents a
            realized
            gain, show the amount in parenthesis ( ). 

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Exhibit
            3A: Calculation
            of Realized Loss/Gain Form 332

          
             

            Prepared
              by: __________________   Date:
              _____________________

            Phone:
              ______________________           
Email Address:_____________________

             

            
              	
                       
                        Servicer Loan No.

                    	 	
                       
                        Servicer Name

                    	 	
                       
                        Servicer Address 

                       

                    

            

             

            WELLS
              FARGO BANK, N.A. Loan No._________________________________________

             

            Borrower's
              Name: _________________________________________________________

            Property
              Address: _________________________________________________________

             

            Liquidation
              Type: REO Sale  
              3rd
              Party Sale  
Short
              Sale 
Charge
              Off 

             

            Was
              this loan granted a Bankruptcy deficiency or cramdown  Yes                            
              No

            If
“Yes”,
              provide deficiency or cramdown amount
              ________________________________________

             

            Liquidation
              and Acquisition Expenses:

            

              
                	
                        (1)

                      	
                        Actual
                          Unpaid Principal Balance of Mortgage Loan

                      	
                        $
                          _______________

                      	
                        (1)

                      
	
                        (2)

                      	
                        Interest
                          accrued at Net Rate

                      	
                        ________________

                      	
                        (2)

                      
	
                        (3)

                      	
                        Accrued
                          Servicing Fees

                      	
                        ________________

                      	
                        (3)

                      
	
                        (4)

                      	
                        Attorney's
                          Fees

                      	
                        ________________

                      	
                        (4)

                      
	
                        (5)

                      	
                        Taxes
                          (see page 2)

                      	
                        ________________

                      	
                        (5)

                      
	
                        (6)

                      	
                        Property
                          Maintenance

                      	
                        ________________

                      	
                        (6)

                      
	
                        (7)

                      	
                        MI/Hazard
                          Insurance Premiums (see page 2)

                      	
                        ________________

                      	
                        (7)

                      
	
                        (8)

                      	
                        Utility
                          Expenses

                      	
                        ________________

                      	
                        (8)

                      
	
                        (9)

                      	
                        Appraisal/BPO

                      	
                        ________________

                      	
                        (9)

                      
	
                        (10)

                      	
                        Property
                          Inspections

                      	
                        ________________

                      	
                        (10)

                      
	
                        (11)

                      	
                        FC
                          Costs/Other Legal Expenses

                      	
                        ________________

                      	
                        (11)

                      
	
                        (12)

                      	
                        Other
                          (itemize)

                      	
                        $________________

                      	
                        (12)

                      
	
                        Cash
                          for Keys__________________________

                      	 	
                        ________________

                      	 
	
                        HOA/Condo
                          Fees_______________________

                      	 	
                        ________________

                      	 
	
                        ______________________________________

                      	 	
                        ________________

                      	 
	
                        ______________________________________

                      	 	
                        ________________

                      	 
	
                        Total
                          Expenses

                      	 	
                        $
                          _______________

                      	
                        (13)

                      
	
                        Credits:

                      	 	 	 
	
                        (14)

                      	
                        Escrow
                          Balance

                      	
                        $
                          _______________

                      	
                        (14)

                      
	
                        (15)

                      	
                        HIP
                          Refund

                      	
                        ________________

                      	
                        (15)

                      
	
                        (16)

                      	
                        Rental
                          Receipts

                      	
                        ________________

                      	
                        (16)

                      
	
                        (17)

                      	
                        Hazard
                          Loss Proceeds

                      	
                        ________________

                      	
                        (17)

                      
	
                        (18)

                      	
                        Primary
                          Mortgage Insurance / Gov’t Insurance

                      	
                        ________________

                      	
                        (18a)

                      
	 	
                        HUD
                          Part A

                      	 	 
	 	
                        HUD
                          Part B

                      	
                        ________________

                      	
                        (18b)

                      
	
                        (19)

                      	
                        Pool
                          Insurance Proceeds

                      	
                        ________________

                      	
                        (19)

                      
	
                        (20)

                      	
                        Proceeds
                          from Sale of Acquired Property

                      	
                        ________________

                      	
                        (20)

                      
	
                        (21)

                      	
                        Other
                          (itemize)

                      	
                        ________________

                      	
                        (21)

                      
	
                        _________________________________________

                      	 	
                        _________________

                      	 
	
                        _________________________________________

                      	
                         

                      	
                        _________________

                      	 
	
                        Total
                          Credits

                      	
                         $________________                    
                          

                      	
                         

                      	
                        (22)

                      
	
                        Total
                          Realized Loss (or Amount of Gain)

                      	
                         $________________

                      	
                         

                      	
                        (23)

                      

            

          

        

        

        Escrow
          Disbursement Detail

        

        

        
          	
                  Type

                  (Tax
                    /Ins.)

                	
                  Date
                    Paid

                	
                  Period
                    of Coverage

                	
                  Total
                    Paid

                	
                  Base
                    Amount

                	
                  Penalties

                	
                  Interest

                
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

        

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        Q-2

       

      GREENPOINT
        SERVICING AGREEMENT

       

      
         

        

        EMC
          MORTGAGE CORPORATION 

        Purchaser,

        

        GREENPOINT
          MORTGAGE FUNDING, INC.

        Company,

        

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        Dated
          as
          of September 1, 2003

        

        

        

        

        

        (Fixed
          and Adjustable Rate Mortgage Loans)

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        TABLE
          OF CONTENTS

        

        

          
            	
                    ARTICLE
                      I

                  
	 	 
	
                    Section
                      1.01

                  	
                    Defined
                      Terms

                  
	 	 
	
                    ARTICLE
                      II

                  
	 	 
	
                    Section
                      2.01

                  	
                    Agreement
                      to Purchase

                  
	
                    Section
                      2.02

                  	
                    Purchase
                      Price

                  
	
                    Section
                      2.03

                  	
                    Servicing
                      of Mortgage Loans

                  
	
                    Section
                      2.04

                  	
                    Record
                      Title and Possession of Mortgage Files; Maintenance of Servicing
                      Files

                  
	
                    Section
                      2.05

                  	
                    Books
                      and Records

                  
	
                    Section
                      2.06

                  	
                    Transfer
                      of Mortgage Loans

                  
	
                    Section
                      2.07

                  	
                    Delivery
                      of Mortgage Loan Documents

                  
	
                    Section
                      2.08

                  	
                    Quality
                      Control Procedures

                  
	
                    Section
                      2.09

                  	
                    Near-term
                      Principal Prepayments; Near Term Payment Defaults

                  
	
                    Section
                      2.10

                  	
                    Modification
                      of Obligations

                  
	 	 
	
                    ARTICLE
                      III

                  
	 	 
	
                    Section
                      3.01

                  	
                    Representations
                      and Warranties of the Company

                  
	
                    Section
                      3.02

                  	
                    Representations
                      and Warranties as to Individual Mortgage Loans

                  
	
                    Section
                      3.03

                  	
                    Repurchase;
                      Substitution

                  
	
                    Section
                      3.04

                  	
                    Representations
                      and Warranties of the Purchaser

                  
	 	 
	
                    ARTICLE
                      IV

                  
	 	 
	
                    Section
                      4.01

                  	
                    Company
                      to Act as Servicer

                  
	
                    Section
                      4.02

                  	
                    Collection
                      of Mortgage Loan Payments

                  
	
                    Section
                      4.03

                  	
                    Realization
                      Upon Defaulted Mortgage Loans

                  
	
                    Section
                      4.04

                  	
                    Establishment
                      of Custodial Accounts; Deposits in Custodial Accounts

                  
	
                    Section
                      4.05

                  	
                    Permitted
                      Withdrawals from the Custodial Account

                  
	
                    Section
                      4.06

                  	
                    Establishment
                      of Escrow Accounts; Deposits in Escrow Accounts

                  
	
                    Section
                      4.07

                  	
                    Permitted
                      Withdrawals From Escrow Account

                  
	
                    Section
                      4.08

                  	
                    Payment
                      of Taxes, Insurance and Other Charges; Maintenance of Primary
                      Mortgage
                      Insurance Policies; Collections Thereunder

                  
	
                    Section
                      4.09

                  	
                    Transfer
                      of Accounts

                  
	
                    Section
                      4.10

                  	
                    Maintenance
                      of Hazard Insurance

                  
	
                    Section
                      4.11

                  	
                    Maintenance
                      of Mortgage Impairment Insurance Policy

                  
	
                    Section
                      4.12

                  	
                    Fidelity
                      Bond, Errors and Omissions Insurance

                  
	
                    Section
                      4.13

                  	
                    Title,
                      Management and Disposition of REO Property

                  
	
                    Section
                      4.14

                  	
                    Notification
                      of Maturity Date

                  
	 	 
	
                    ARTICLE
                      V

                  
	 	 
	
                    Section
                      5.01

                  	
                    Distributions

                  
	
                    Section
                      5.02

                  	
                    Statements
                      to the Purchaser

                  
	
                    Section
                      5.03

                  	
                    Monthly
                      Advances by the Company

                  
	
                    Section
                      5.04

                  	
                    Liquidation
                      Reports

                  
	 	 
	
                    ARTICLE
                      VI

                  
	 	 
	
                    Section
                      6.01

                  	
                    Assumption
                      Agreements

                  
	
                    Section
                      6.02

                  	
                    Satisfaction
                      of Mortgages and Release of Mortgage Files

                  
	
                    Section
                      6.03

                  	
                    Servicing
                      Compensation

                  
	
                    Section
                      6.04

                  	
                    Annual
                      Statement as to Compliance

                  
	
                    Section
                      6.05

                  	
                    Annual
                      Independent Certified Public Accountants’ Servicing
                      Report

                  
	
                    Section
                      6.06

                  	
                    Purchaser’s
                      Right to Examine Company Records

                  
	 	 
	
                    ARTICLE
                      VII

                  
	 	 
	
                    Section
                      7.01

                  	
                    Company
                      Shall Provide Information as Reasonably Required

                  
	 	 
	
                    ARTICLE
                      VIII

                  
	 	 
	
                    Section
                      8.01

                  	
                    Indemnification;
                      Third Party Claims

                  
	
                    Section
                      8.02

                  	
                    Merger
                      or Consolidation of the Company

                  
	
                    Section
                      8.03

                  	
                    Limitation
                      on Liability of the Company and Others

                  
	
                    Section
                      8.04

                  	
                    Company
                      Not to Assign or Resign

                  
	
                    Section
                      8.05

                  	
                    No
                      Transfer of Servicing

                  
	
                     

                  	 
	
                    ARTICLE
                      IX

                  
	 	 
	
                    Section
                      9.01

                  	
                    Events
                      of Default

                  
	
                    Section
                      9.02

                  	
                    Waiver
                      of Defaults

                  
	 	 
	
                    ARTICLE
                      X

                  
	 	 
	
                    Section
                      10.01

                  	
                    Termination

                  
	
                    Section
                      10.02

                  	
                    Termination
                      without cause

                  
	 	 
	
                    ARTICLE
                      XI

                  
	 	 
	
                    Section
                      11.01

                  	
                    Successor
                      to the Company

                  
	
                    Section
                      11.02

                  	
                    Amendment

                  
	
                    Section
                      11.03

                  	
                    Recordation
                      of Agreement

                  
	
                    Section
                      11.04

                  	
                    Governing
                      Law

                  
	
                    Section
                      11.05

                  	
                    Notices

                  
	
                    Section
                      11.06

                  	
                    Severability
                      of Provisions

                  
	
                    Section
                      11.07

                  	
                    Exhibits

                  
	
                    Section
                      11.08

                  	
                    General
                      Interpretive Principles

                  
	
                    Section
                      11.09

                  	
                    Reproduction
                      of Documents

                  
	
                    Section
                      11.10

                  	
                    Confidentiality
                      of Information

                  
	
                    Section
                      11.11

                  	
                    Recordation
                      of Assignment of Mortgage

                  
	
                    Section
                      11.12

                  	
                    Assignment
                      by Purchaser

                  
	
                    Section
                      11.13

                  	
                    No
                      Partnership

                  
	
                    Section
                      11.14

                  	
                    Execution:
                      Successors and Assigns

                  
	
                    Section
                      11.15

                  	
                    Entire
                      Agreement

                  
	
                    Section
                      11.16

                  	
                    No
                      Solicitation

                  
	
                    Section
                      11.17

                  	
                    Closing

                  
	
                    Section
                      11.18

                  	
                    Cooperation
                      of Company with
                      Reconstitution

                  

          

        

         

        

          
            	
                    A

                  	
                    Contents
                      of Mortgage File

                  
	
                    B

                  	
                    Custodial
                      Account Letter Agreement

                  
	
                    C

                  	
                    Escrow
                      Account Letter Agreement

                  
	
                    D

                  	
                    Form
                      of Assignment, Assumption and Recognition Agreement

                  
	
                    E

                  	
                    Form
                      of Trial Balance

                  
	
                    F

                  	
                    [reserved]

                  
	
                    G

                  	
                    Request
                      for Release of Documents and Receipt

                  
	
                    H

                  	
                    Company’s
                      Underwriting Guidelines

                  
	
                    I

                  	
                    Form
                      of Term Sheet

                  

          

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        This
          is a
          Purchase, Warranties and Servicing Agreement, dated as of September 1,
          2003 and
          is executed between EMC MORTGAGE CORPORATION, as Purchaser, with offices
          located
          at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas
          75038
          (the "Purchaser"), and GREENPOINT MORTGAGE FUNDING, INC., with offices
          located
          at 100 Wood Hollow Drive, Novato, California 94945 (the "Company").

        

        W I T N E&
amp;
          #160;S S E T H
          :

        

        WHEREAS,
          the Purchaser has heretofore agreed to purchase from the Company and the
          Company
          has heretofore agreed to sell to the Purchaser, from time to time, certain
          Mortgage Loans on a servicing retained basis; 

        

        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 Mortgage Loan Schedule, which is annexed
          to
          the related Term Sheet; and

        

        WHEREAS,
          the Purchaser and the Company wish to prescribe the representations and
          warranties of the Company with respect to itself and the Mortgage Loans
          and the
          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 Purchaser and the Company 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:
          With
          respect to any Mortgage Loan, those mortgage servicing practices (including
          collection procedures) of prudent mortgage banking institutions which service
          mortgage loans of the same type as such Mortgage Loan in the jurisdiction
          where
          the related Mortgaged Property is located, and which are in accordance
          with
          Fannie Mae servicing practices and procedures, for MBS pool mortgages,
          as
          defined in the Fannie Mae Guides including future updates. 

        

        Adjustment
          Date:
          As to
          each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
          Rate
          is adjusted in accordance with the terms of the related Mortgage
          Note.

        

        Agreement:
          This
          Purchase, Warranties and Servicing Agreement including all exhibits hereto,
          amendments hereof and supplements hereto.

        

        Appraised
          Value:
          With
          respect to any Mortgaged Property, the value thereof as determined by an
          appraisal made for the originator of the Mortgage Loan at the time of
          origination of the Mortgage Loan by an appraiser who met the requirements
          of the
          Company and Fannie Mae. 

        

        Assignment:
          An
          individual 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 of record
          the sale
          or transfer of the Mortgage Loan.

         

        BIF:
          The
          Bank Insurance Fund, or any successor thereto.

        

        Business
          Day:
          Any day
          other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
          of
          New York, or (iii) a day on which banks in the State of New York are authorized
          or obligated by law or executive order to be closed.

        

        Closing
          Date:
          With
          respect to any Mortgage Loan, the date stated on the related Term Sheet.
          

         

        Code:  The
          Internal Revenue Code of 1986, or any successor statute thereto.

        

        Company:
          GreenPoint Mortgage Funding, Inc., its successors in interest and assigns,
          as
          permitted by this Agreement.

        

        Company's
          Officer's Certificate:
          A
          certificate signed by the Chairman of the Board, President, any Vice President
          or Treasurer of Company stating the date by which Company expects to receive
          any
          missing documents sent for recording from the applicable recording
          office.

        

        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 Purchaser and the Company which relates
          to
          the Mortgage Loans.

        

        Co-op
          Lease:
          With
          respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
          by
          the Mortgagor and relating to the stock allocated to the related dwelling
          unit.

        

        Co-op
          Loan:
          A
          Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
          in a
          residential cooperative housing corporation and a collateral assignment
          of the
          related Co-op Lease.

        

        Current
          Appraised Value: With
          respect to any Mortgaged Property, the value thereof as determined by an
          appraisal made for the Company (by an appraiser who met the requirements
          of the
          Company and Fannie Mae) at the request of a Mortgagor for the purpose of
          canceling a Primary Mortgage Insurance Policy in accordance with federal,
          state
          and local laws and regulations or otherwise made at the request of the
          Company
          or Mortgagor.

        

        Current
          LTV: The
          ratio
          of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
          Value of the Mortgaged Property.

        

        Custodial
          Account:
          Each
          separate demand account or accounts created and maintained pursuant to
          Section
          4.04 which shall be entitled "GreenPoint Mortgage Funding, Inc., in trust
          for
          the [Purchaser], Owner of Adjustable Rate Mortgage Loans" and shall be
          established in an Eligible Account, in the name of the Person that is the
          "Purchaser" with respect to the related Mortgage Loans.

         

        Custodian:
          With
          respect to any Mortgage Loan, the entity stated on the related Term Sheet,
          and
          its successors and assigns, as custodian for the Purchaser.

        

        Cut-off
          Date:
          With
          respect to any Mortgage Loan, the date stated on the related Term Sheet.
          

        

        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.

        

        Due
          Date:
          The day
          of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
          of any days of grace, which is the first day of the month.

        

        Due
          Period:
          With
          respect to any 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.

        

        Eligible
          Account:
          An
          account established and maintained: (i) within FDIC insured accounts created,
          maintained and monitored by the Company so that all funds deposited therein
          are
          fully insured, or (ii) as a trust account with the corporate trust department
          of
          a depository institution or trust company organized under the laws of the
          United
          States of America or any one of the states thereof or the District of Columbia
          which is not affiliated with the Company (or any sub-servicer) or (iii)
          with an
          entity which is an institution whose deposits are insured by the FDIC,
          the
          unsecured and uncollateralized long-term debt obligations of which shall
          be
          rated “A2” or higher by Standard & Poor’s and “A” or higher by Fitch, Inc.
          or one of the two highest short-term ratings by any applicable Rating Agency,
          and which is either (a) a federal savings association duly organized, validly
          existing and in good standing under the federal banking laws, (b) an institution
          duly organized, validly existing and in good standing under the applicable
          banking laws of any state, (c) a national banking association under the
          federal
          banking laws, or (d) a principal subsidiary of a bank holding company,
          or (iv)
          if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
          the equivalent required ratings of each Rating Agency, and held such that
          the
          rights of the Purchaser and the owner of the Mortgage Loans shall be fully
          protected against the claims of any creditors of the Company (or any
          sub-servicer) and of any creditors or depositors of the institution in
          which
          such account is maintained or (v) in a separate non-trust account without
          FDIC
          or other insurance in an Eligible Institution. In the event that a Custodial
          Account is established pursuant to clause (iii), (iv) or (v) of the preceding
          sentence, the Company shall provide the Purchaser with written notice on
          the
          Business Day following the date on which the applicable institution fails
          to
          meet the applicable ratings requirements.

        

        Eligible
          Institution:
          GreenPoint Mortgage Funding, Inc., or an institution having (i) the highest
          short-term debt rating, and one of the two highest long-term debt ratings
          of
          each Rating Agency; or (ii) with respect to any Custodial Account, an unsecured
          long-term debt rating of at least one of the two highest unsecured long-term
          debt ratings of each Rating Agency.

        

        Equity
          Take-Out Refinanced Mortgage Loan:
          A
          Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
          principal balance of the existing mortgage loan as defined in the Fannie
          Mae
          Guide(s). 

        

        Escrow
          Account:
          Each
          separate trust account or accounts created and maintained pursuant to Section
          4.06 which shall be entitled "GreenPoint Mortgage Funding, Inc., in trust
          for
          the [Purchaser], Owner of Adjustable Rate Mortgage Loans, and various
          Mortgagors" and shall be established in an Eligible Account, in the name
          of the
          Person that is the "Purchaser" with respect to the related Mortgage
          Loans.

        

        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.

        

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

        

        Fannie
          Mae Guide(s):
          The
          Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
          or additions thereto.

        

        FDIC:
          The
          Federal Deposit Insurance Corporation, or any successor thereto.

        

        FHLMC:
          The
          Federal Home Loan Mortgage Corporation, or any successor thereto.

        

        FHLMC
          Guide:
          The
          FHLMC Single Family Seller/Servicer Guide and all amendments or additions
          thereto.

        

        Fidelity
          Bond:
          A
          fidelity bond to be maintained by the Company pursuant to Section
          4.12.

        

        FIRREA:
          The
          Financial Institutions Reform, Recovery, and Enforcement Act of
          1989.

        

        First
          Remittance Date:
          With
          respect to any Mortgage Loan, the Remittance Date occurring in the month
          following the month in which the related Closing Date occurs.

        

        GAAP:
          Generally accepted accounting principles, consistently applied.

        

        HUD:
          The
          United States Department of Housing and Urban Development or any successor
          thereto.

        

        Index:
          With
          respect to any adjustable rate Mortgage Loan, the index identified on the
          Mortgage Loan Schedule and set forth in the related Mortgage Note for the
          purpose of calculating the interest rate thereon.

        

        Initial
          Rate Cap: As
          to
          each adjustable rate Mortgage Loan, where applicable, the maximum increase
          or
          decrease in the Mortgage Interest Rate on the first Adjustment
          Date.

        

        Insurance
          Proceeds:
          With
          respect to each Mortgage Loan, proceeds of insurance policies insuring
          the
          Mortgage Loan or the related Mortgaged Property.

        

        Lifetime
          Rate Cap:
          As to
          each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate
          over the
          term of such Mortgage Loan. 

        

        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.

        

        Loan
          Program Code:
          With
          respect to each Mortgage Loan, a code designating the loan program pursuant
          to
          which a Mortgage Loan was underwritten in accordance with the Company’s
          underwriting guidelines.

        

        Loan-to-Value
          Ratio or LTV:
          With
          respect to any Mortgage Loan, the ratio of the original outstanding principal
          amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
          Property as of the Origination Date with respect to a Refinanced Mortgage
          Loan,
          and (ii) the lesser of the Appraised Value of the Mortgaged Property as
          of the
          Origination Date or the purchase price of the Mortgaged Property with respect
          to
          all other Mortgage Loans.

        

        Margin:
          With
          respect to each adjustable rate Mortgage 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, as set forth in the Mortgage
          Loan
          Schedule.

        

        Monthly
          Advance:
          The
          aggregate of the advances made by the Company on any Remittance Date pursuant
          to
          Section 5.03.

        

        Monthly
          Payment:
          The
          scheduled monthly payment of principal and interest on a Mortgage Loan
          which is
          payable by a 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
          File:
          The
          mortgage documents pertaining to a particular Mortgage Loan which are specified
          in Exhibit A 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, which may be
          adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
          with the provisions of the related Mortgage Note.

        

        Mortgage
          Loan:
          An
          individual 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 attached to the related Term Sheet, 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, excluding
          replaced or repurchased mortgage loans.

        

        Mortgage
          Loan Documents:
          The
          documents listed in
          Exhibit A.

        

        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 the
          Servicing Fee Rate.

        

        Mortgage
          Loan Schedule:
          The
          schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
          setting forth the following information with respect to each Mortgage Loan
          in
          the related Mortgage Loan Package:

        

        (1) the
          Company's Mortgage Loan identifying number;

        

        (2) the
          Mortgagor's first and last 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
          investor property;

        

        (5) the
          type
          of residential property constituting the Mortgaged Property;

        

        
          (6)
            the
            original months to maturity of the Mortgage Loan;

        

        

        (7)
          the
          remaining months to maturity from the related Cut-off Date, based on the
          original amortization schedule and, if different, the maturity expressed
          in the
          same manner but based on the actual amortization schedule;

        

        (8) the
          Sales
          Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
          origination;

        

        (9) the
          Mortgage Interest Rate as of origination and as of the related Cut-off
          Date;
          with respect to each adjustable rate Mortgage Loan, the initial Adjustment
          Date,
          the next Adjustment Date immediately following the related Cut-off Date,
          the
          Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if
          any,
          minimum Mortgage Interest Rate under the terms of the Mortgage Note and
          the
          Lifetime Rate Cap;

        

        (10) the
          Origination Date of the Mortgage Loan;

        

        (11) the
          stated maturity date;

        

        (12) the
          amount of the Monthly Payment at origination;

        

        (13) the
          amount of the Monthly Payment as of the related Cut-off Date;

        

        (14) the
          original principal amount of the Mortgage Loan; 

        

        (15) the
          scheduled Stated Principal Balance of the Mortgage Loan as of the close
          of
          business on the related Cut-off Date, after deduction of payments of principal
          due on or before the related Cut-off Date whether or not collected;

        

        (16)
          a
          code
          indicating the purpose of the Mortgage Loan (i.e., purchase, rate and term
          refinance, equity take-out refinance); 

        

        (17)
          a
          code
          indicating the documentation style (i.e. full, alternative, etc.); 

        

        (18) the
          number of times during the twelve (12) month period preceding the related
          Closing Date that any Monthly Payment has been received after the month
          of its
          scheduled due date (if requested in writing by the Purchaser);

        

        (19) the
          date
          on which the first payment is or was due; 

        

        
          (20)
            a
            code
            indicating whether or not the Mortgage Loan is the subject of a Primary
            Mortgage
            Insurance Policy and the name of the related insurance carrier;

        

        

        (21)
           a
          code
          indicating whether or not the Mortgage Loan is currently convertible and
          the
          conversion spread; 

        

        (22)
           the
          last
          Due Date on which a Monthly Payment was actually applied to the unpaid
          principal
          balance of the Mortgage Loan.

        

        (23)
           product
          type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

        

        
          (24)
            credit
            score and/or mortgage score, if applicable;

        

        

        (25) a
          code
          indicating whether or not the Mortgage Loan is the subject of a Lender Primary
          Mortgage Insurance Policy and the name of the related insurance carrier
          and the
          Lender Paid Mortgage Insurance Rate; 

        

        (26)
          a
          code
          indicating whether or not the Mortgage Loan has a prepayment penalty and
          if so,
          the amount and term thereof; 

        

        (27)
          the
          Loan
          Program Code; and

        

        (28) the
          Current Appraised Value of the Mortgage Loan and Current LTV, if
          applicable.

        

        With
          respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
          attached to the related Term Sheet shall set forth the following information,
          as
          of the related 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; 

        

        (4) the
          weighted average maturity of the Mortgage Loans; and

        

        (5)
           the
          weighted average months to next Adjustment Date;

         

        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, consisting
          of a
          single parcel of real estate considered to be real estate under the laws
          of the
          state in which such real property is located which may include condominium
          units
          and planned unit developments, improved by a residential dwelling; except
          that
          with respect to real property located in jurisdictions in which the use
          of
          leasehold estates for residential properties is a widely-accepted practice,
          a
          leasehold estate of the Mortgage, the term of which is equal to or longer
          than
          the term of the Mortgage. 

        

        Mortgagor:
          The
          obligor on a Mortgage Note. 

        

        Nonrecoverable
          Advance:
          Any
          portion of a Monthly Advance or Servicing Advance previously made or proposed
          to
          be made by the Company pursuant to this Agreement, that, in the good faith
          judgment of the Company, will not or, in the case of a proposed advance,
          would
          not, be ultimately recoverable by it from the related Mortgagor or the
          related
          Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or otherwise
          with respect to the related Mortgage Loan.

        

        OCC:
          Office
          of the Comptroller of the Currency, or any successor thereto.

        

        Officers'
          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 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 party on behalf
          of
          whom the opinion is being given, reasonably acceptable to the
          Purchaser.

        

        Origination
          Date:
          The
          date on which a Mortgage Loan funded, which date shall not, in connection
          with a
          Refinanced Mortgage Loan, be the date of the funding of the debt being
          refinanced, but rather the closing of the debt currently outstanding under
          the
          terms of the Mortgage Loan Documents. 

        

        OTS:
          Office
          of Thrift Supervision, or any successor thereto.

        

        Periodic
          Rate Cap:
          As to
          each adjustable rate Mortgage Loan, the maximum increase or decrease in
          the
          Mortgage Interest Rate on any Adjustment Date, as set forth in the related
          Mortgage Note and the related Mortgage Loan Schedule.

        

        Permitted
          Investments:
          Any one
          or more of the following obligations or securities:

        

        (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; 

        

        
          	 	
                  (ii)
                    (a) demand or time deposits, federal funds or bankers' acceptances
                    issued
                    by any depository institu-tion or trust company incorporated
                    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,
                    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 and (b)
                    any other
                    demand or time deposit or certificate of deposit that is fully
                    insured by
                    the FDIC;

                

        

        

        
          	 	
                  (iii)
                    repurchase obligations with a term not to exceed thirty (30)
                    days and with
                    respect to (a) any security described in clause (i) above and
                    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 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 in-vestment
                    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 secur-ities issued by such corporation
                    and
                    held as Permitted Investments to exceed 10% of the aggregate
                    outstand-ing
                    principal balances of all of the Mortgage Loans and Permitted
                    Investments;

                

        

        

        
          	 	
                  (v)
                    commercial paper (including both non-interest-bearing discount
                    obligations
                    and interest-bearing obliga-tions payable on demand or on a specified
                    date
                    not more than one year after the date of issuance there-of) 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 as evidenced
                    in
                    writing by 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
                    instru-ment-al-ity 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 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
          ob-li-ga-tions underlying such instrument or if such security provides
          for
          payment of both principal and interest with a yield to matur-ity in excess
          of
          120% of the yield to maturity at par or if such investment or security
          is
          purchased at a price greater than 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
          Interest Shortfall:
          With
          respect to any Remittance Date, for each Mortgage Loan that was the subject
          of a
          Principal Prepayment during the related Prepayment Period, an amount equal
          to
          the excess of one month’s interest at the applicable Mortgage Loan Remittance
          Rate on the amount of such Principal Prepayment over the amount of interest
          (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
          Mortgagor with respect to such Prepayment Period.

        

        Prepayment
          Period: With
          respect to any Remittance Date, the calendar month preceding the month
          in which
          such Remittance Date occurs.

        

        Primary
          Mortgage Insurance Policy:
          Each
          primary policy of mortgage insurance represented to be in effect pursuant
          to
          Section 3.02(hh), or any replacement policy therefor obtained by the Company
          pursuant to Section 4.08.

        

        Prime
          Rate:
          The
          prime rate announced to be in effect from time to time as published as
          the
          average rate in the Wall Street Journal (Northeast Edition).

        

        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
          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. 

         

        Purchase
          Price:
          As
          defined in Section 2.02.

        

        Purchaser:
          EMC
          Mortgage Corporation, its successors in interest and assigns.

        

        Qualified
          Appraiser:
          An
          appraiser, duly appointed by the Company, who had no interest, direct or
          indirect in the related 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 such appraiser and the appraisal made by such
          appraiser both satisfy the requirements of Title XI of FIRREA and the
          regulations promulgated thereunder and the requirements of Fannie Mae,
          all as in
          effect on the date the Mortgage Loan was originated.

        

        Qualified
          Insurer:
          An
          insurance company duly qualified as such under the laws of the states in
          which
          the related Mortgaged Property is 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 or FHLMC. 

        

        Rating
          Agency:
          Standard & Poor's, Fitch, Inc. or, in the event that some or all of the
          ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
          the
          nationally recognized rating agencies issuing ratings with respect to such
          securities, if any.

         

        Refinanced
          Mortgage Loan:
          A
          Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
          prior to the origination of such Mortgage Loan and the proceeds of which
          were
          used in whole or part to satisfy an existing mortgage.

        

        REMIC:
          A "real
          estate mortgage investment conduit," as such term is defined in Section
          860D of
          the Code.

        

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

        

        Remittance
          Date:
          The
          18th day of any month, beginning with the First Remittance Date, 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 Company of any REO Property.

        

        REO
          Disposition Proceeds:
          Amounts
          received by the Company in connection with a related REO
          Disposition.

        

        REO
          Property:
          A
          Mortgaged Property acquired by the Company on behalf of the Purchaser as
          described in Section 4.13.

        

        Repurchase
          Price:
          With
          respect to any Mortgage Loan, a price equal to (i) the product of the greater
          of
          100% or the percentage of par as stated in the Confirmation multiplied
          by the
          Stated Principal
          Balance
          of such Mortgage Loan on the repurchase date, plus
          (ii)
          interest on such outstanding principal balance at the Mortgage Loan Remittance
          Rate from the last date through which interest has been paid and distributed
          to
          the Purchaser to the end of the month of repurchase, plus, (iii) third
          party
          expenses incurred in connection with the transfer of the Mortgage Loan
          being
          repurchased; 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.

        

        Sales
          Price: With
          respect to any Mortgage Loan the proceeds of which were used by the Mortgagor
          to
          acquire the related Mortgaged Property, the amount paid by the related
          Mortgagor
          for such Mortgaged Property.

        

        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 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, 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 Company specifies
          the
          Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
          provides documentation supporting such expense (which documentation would
          be
          acceptable to Fannie Mae), and provided further that any such enforcement,
          administrative or judicial proceeding does not arise out of a breach of
          any
          representation, warranty or covenant of the Company hereunder), (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, (e) any expenses reasonably
          sustained by the Company with respect to the liquidation of the Mortgaged
          Property in accordance with the terms of this Agreement and (f) 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 of such Monthly Payment collected
          by
          the Company, or as otherwise provided under Section 4.05 and in accordance
          with
          the Fannie Mae Guide(s). Any fee payable to the Company for administrative
          services related to any REO Property as described in Section 4.13 shall
          be
          payable from Liquidation Proceeds of the related REO Property.

        

        Servicing
          Fee Rate:
          As set
          forth in the Term Sheet.

        

        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
          Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
          the
          originals of which are delivered to the Purchaser or its designee pursuant
          to
          Section 2.04.

        

        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.

        

        Stated
          Principal Balance:
          As to
          each Mortgage Loan as of any date of determination, (i) the principal balance
          of
          such Mortgage Loan at the 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 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, if any, for the servicing
          of
          the Mortgage Loans.

        

        Term
          Sheet:
          A
          supplemental agreement in the form attached hereto as Exhibit I which shall
          be
          executed and delivered by the Company and the Purchaser to provide for
          the sale
          and servicing pursuant to the terms of this Agreement of the Mortgage Loans
          listed on Schedule I attached thereto, which supplemental agreement shall
          contain certain specific information relating to such sale of such Mortgage
          Loans and may contain additional covenants relating to such sale of such
          Mortgage Loans.

        

        

        ARTICLE
          II

        

        PURCHASE
          OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

        RECORD
          TITLE AND POSSESSION OF MORTGAGE FILES;

        BOOKS
          AND RECORDS; CUSTODIAL AGREEMENT;

        DELIVERY
          OF MORTGAGE LOAN DOCUMENTS

        

        Section
          2.01 Agreement
          to Purchase.

        

        The
          Company agrees to sell and the Purchaser agrees to purchase the Mortgage
          Loans
          having an aggregate Stated Principal Balance on the related Cut-off Date
          set
          forth in the related Term Sheet in an amount as set forth in the Confirmation,
          or in such other amount as agreed by the Purchaser and the Company as evidenced
          by the actual aggregate Stated Principal Balance of the Mortgage Loans
          accepted
          by the Purchaser on the related Closing Date, with servicing retained by
          the
          Company. The Company shall deliver the related Mortgage Loan Schedule attached
          to the related Term Sheet for the Mortgage Loans to be purchased on the
          related
          Closing Date to the Purchaser at least two (2) Business Days prior to the
          related Closing Date. The Mortgage Loans shall be sold pursuant to this
          Agreement, and the related Term Sheet shall be executed and delivered on
          the
          related Closing Date.

        

        Section
          2.02 Purchase
          Price.

        

        The
          Purchase Price for each Mortgage Loan shall be the percentage of par as
          stated
          in the Confirmation (subject to adjustment as provided therein), multiplied
          by
          the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
          Loan listed on the related Mortgage Loan Schedule attached to the related
          Term
          Sheet, after application of scheduled payments of principal due on or before
          the
          related Cut-off Date whether or not collected. 

        

        In
          addition to the Purchase Price as described above, the Purchaser shall
          pay to
          the Company, at closing, accrued interest on the Stated Principal Balance
          of
          each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
          Remittance Rate of each Mortgage Loan from the related Cut-off Date through
          the
          day prior to the related Closing Date, inclusive.

        

        The
          Purchase Price plus accrued interest as set forth in the preceding paragraph
          shall be paid on the related Closing Date by wire transfer of immediately
          available funds.

        

        Purchaser
          shall be entitled to (1) all scheduled principal due after the related
          Cut-off
          Date, (2) all other recoveries of principal collected on or after the related
          Cut-off Date (provided, however, that all scheduled payments of principal
          due on
          or before the related Cut-off Date and collected by the Company or any
          successor
          servicer after the related Cut-off Date shall belong to the Company), and
          (3)
          all payments of interest on the Mortgage Loans net of applicable Servicing
          Fees
          (minus that portion of any such payment which is allocable to the period
          prior
          to the related Cut-off Date). The outstanding principal balance of each
          Mortgage
          Loan as of the related Cut-off Date is determined after application of
          payments
          of principal due on or before the related Cut-off Date whether or not collected,
          together with any unscheduled principal prepayments collected prior to
          the
          related Cut-off Date; provided, however, that payments of scheduled principal
          and interest prepaid for a Due Date beyond the related Cut-off Date shall
          not be
          applied to the principal balance as of the related Cut-off Date. Such prepaid
          amounts shall be the property of the Purchaser. The Company shall deposit
          any
          such prepaid amounts into the Custodial Account, which account is established
          for the benefit of the Purchaser for subsequent remittance by the Company
          to the
          Purchaser.

        

        Section
          2.03 Servicing
          of Mortgage Loans.

        

        Simultaneously
          with the execution and delivery of each Term Sheet, the Company does hereby
          agree to directly service the Mortgage Loans listed on the related Mortgage
          Loan
          Schedule attached to the related Term Sheet subject to the terms of this
          Agreement and the related Term Sheet. The rights of the Purchaser to receive
          payments with respect to the related Mortgage Loans shall be as set forth
          in
          this Agreement.

        

        Section
          2.04 Record
          Title and Possession of Mortgage Files; Maintenance of Servicing
          Files.

        

        As
          of the
          related Closing Date, the Company sold, transferred, assigned, set over
          and
          conveyed to the Purchaser, without recourse, on a servicing retained basis,
          and
          the Company hereby acknowledges that the Purchaser has, but subject to
          the terms
          of this Agreement and the related Term Sheet, all the right, title and
          interest
          of the Company in and to the Mortgage Loans. Company will deliver the Mortgage
          Files to the Custodian designated by Purchaser, on or before the related
          Closing
          Date, at the expense of the Company. 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 Purchaser. The
          Servicing File shall contain all documents necessary to service the Mortgage
          Loans. 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.
          From the related Closing Date, the ownership of each Mortgage Loan, including
          the Mortgage Note, the Mortgage, the contents of the related Mortgage File
          and
          all rights, benefits, proceeds and obligations arising therefrom or in
          connection therewith, has been vested in the Purchaser. 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
          Company
          shall be received and held by the Company in trust for the benefit of the
          Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage
          Files
          retained by the Company shall be appropriately identified in the Company's
          computer system to clearly reflect the ownership of the Mortgage Loans
          by the
          Purchaser. The Company shall release its custody of the contents of the
          Mortgage
          Files only in accordance with written instructions of the Purchaser, except
          when
          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
          or
          Loans with respect thereto pursuant to this Agreement and the related Term
          Sheet, such written instructions shall not be required.

        

        Section
          2.05  Books
          and Records.

        

        The
          sale
          of each Mortgage Loan 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 the Mortgage Loans that shall be appropriately identified in
          the
          Company's computer system to clearly reflect the ownership of the 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 FHLMC,
          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 of any condominium project as required by Fannie Mae
          or
          FHLMC, 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.

        

        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.

        

        In
          addition to the foregoing, Company shall provide to any supervisory agents
          or
          examiners that regulate Purchaser, including but not limited to, the OTS,
          the
          FDIC and other similar entities, access, during normal business hours,
          upon
          reasonable advance notice to Company and without cost to Company or such
          supervisory agents or examiners, to any documentation regarding the Mortgage
          Loans that may be required by any applicable regulator.

        

        Section
          2.06. Transfer
          of Mortgage Loans.

        

        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 any Mortgage Loan unless a notice of the transfer
          of such Mortgage Loan has been delivered to the Company in accordance with
          this
          Section 2.06 and the books and records of the Company 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 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 in an Assignment and Assumption of this Agreement
          substantially in the form of Exhibit D hereto executed by the transferee
          shall
          have been delivered to the Company. 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 the previous Purchaser shall be released from its obligations
          hereunder with respect to the Mortgage Loans sold or transferred.

        

        Section
          2.07 Delivery
          of Mortgage Loan Documents.

        

        The
          Company shall deliver and release to the Purchaser or its designee the
          Mortgage
          Loan Documents in accordance with the terms of this Agreement and the related
          Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5),
          (6), (7),
          (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company
          to the
          Purchaser or its designee no later than three (3) Business Days prior to
          the
          related Closing Date pursuant to a bailee letter agreement. All other documents
          in Exhibit A hereto, together with all other documents executed in connection
          with the Mortgage Loan that Company may have in its possession, shall be
          retained by the Company in trust for the Purchaser. If the Company cannot
          deliver the original recorded Mortgage Loan Documents or the original policy
          of
          title insurance, including riders and endorsements thereto, on the related
          Closing Date, the Company shall, promptly upon receipt thereof and in any
          case
          not later than 120 days from the related Closing Date, deliver such original
          documents, including original recorded documents, to the Purchaser or its
          designee (unless the Company is delayed in making such delivery by reason
          of the
          fact that such documents shall not have been returned by the appropriate
          recording office). If delivery is not completed within 120 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, Company shall
          deliver such document to Purchaser, or its designee, within such time period
          as
          specified in a Company's Officer's Certificate. In the event that documents
          have
          not been received by the date specified in the Company's Officer's Certificate,
          a subsequent Company's Officer's Certificate shall be delivered by such
          date
          specified in the prior Company's Officer's Certificate, stating a revised
          date
          for receipt of documentation. The procedure shall be repeated until the
          documents have been received and delivered. 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 Company shall continue to use its best efforts to effect delivery as
          soon as
          possible thereafter, provided that if such documents are not delivered
          by the
          270th day from the date of the related Closing Date, the Company shall
          repurchase the related Mortgage Loans at the Repurchase Price in accordance
          with
          Section 3.03 hereof.

        

        The
          Company shall pay all initial recording fees, if any, for the assignments
          of
          mortgage and any other fees in connection with the transfer of all original
          documents to the Purchaser or its designee. Company shall prepare, in recordable
          form, all assignments of mortgage necessary to assign the Mortgage Loans
          to
          Purchaser, or its designee. Company shall be responsible for recording
          the
          assignments of mortgage.

        

        Company
          shall provide an original or duplicate original of the title insurance
          policy to
          Purchaser or its designee within ninety (90) days of the receipt of the
          recorded
          documents (required for issuance of such policy) from the applicable recording
          office.

        

        Any
          review by the Purchaser, or its designee, of the Mortgage Files shall in
          no way
          alter or reduce the Company's obligations hereunder.

        

        If
          the
          Purchaser or its designee discovers any defect with respect to a Mortgage
          File,
          the Purchaser shall, or shall cause its designee to, give written specification
          of such defect to the Company which may be given in the exception report
          or the
          certification delivered pursuant to this Section 2.07, or otherwise in
          writing
          and the Company shall cure or repurchase such Mortgage Loan in accordance
          with
          Section 3.03.

        

        The
          Company shall forward to the Purchaser, or its designee, 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
          Purchaser, or its designee, 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 sixty (60) days of its submission
          for
          recordation.

        

        From
          time
          to time the Company may have a need for Mortgage Loan Documents to be released
          from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
          upon the written request of the Company, within ten (10) Business Days,
          deliver
          to the Company, any requested documentation previously delivered to Purchaser
          as
          part of the Mortgage File, provided that such documentation is promptly
          returned
          to Purchaser, or its designee, when the Company no longer requires possession
          of
          the document, and provided that during the time that any such documentation
          is
          held by the Company, such possession is in trust for the benefit of Purchaser.
          Company shall indemnify Purchaser, and its designee, from and against any
          and
          all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
          (including court costs and reasonable attorney's fees) resulting from or
          related
          to the loss, damage, or misplacement of any documentation delivered to
          Company
          pursuant to this paragraph.

        

        Section
          2.08 Quality
          Control Procedures.

        

        The
          Company must have an internal quality control program that verifies, on
          a
          regular basis, the existence and accuracy of the legal documents, credit
          documents, property appraisals, and underwriting decisions. The program
          must be
          capable of evaluating and monitoring the overall quality of its loan production
          and servicing activities. The program is to ensure that the Mortgage Loans
          are
          originated and serviced in accordance with prudent mortgage banking practices
          and accounting principles; guard against dishonest, fraudulent, or negligent
          acts; and guard against errors and omissions by officers, employees, or
          other
          authorized persons.

        

        Section
          2.09
          Near-term Principal Prepayments; Near Term Payment Defaults

        

        In
          the
          event any Principal Prepayment is made by a Mortgagor on or prior to three
          months after the related Closing Date], the Company shall remit to the
          Purchaser
          an amount equal to the excess, if any, of the Purchase Price Percentage
          over par
          multiplied by the amount of such Principal Prepayment. Such remittance
          shall be
          made by the Company to Purchaser no later than the third Business Day following
          receipt of such Principal Prepayment by the Company.

        

        In
          the
          event either of the first three (3) scheduled Monthly Payments which are
          due
          under any Mortgage Loan after the related Cut-off Date are not made during
          the
          month in which such Monthly Payments are due, then not later than five
          (5)
          Business Days after notice to the Company by Purchaser (and at Purchaser’s sole
          option), the Company, shall repurchase such Mortgage Loan from the Purchaser
          pursuant to the repurchase provisions contained in this Subsection
          3.03.

        

        

        Section
          2.10  Modification
          of Obligations. 

        

        Purchaser
          may, without any notice to Company, extend, compromise, renew, release,
          change,
          modify, adjust or alter, by operation of law or otherwise, any of the
          obligations of the Mortgagors or other persons obligated under a Mortgage
          Loan
          without releasing or otherwise affecting the obligations of Company under
          this
          Agreement, or with respect to such Mortgage Loan, except to the extent
          Purchaser’s extension, compromise, release, change, modification, adjustment, or
          alteration affects Company’s ability to collect the Mortgage Loan or realize on
          the security of the Mortgage, but then only to the extent such action has
          such
          effect.

        ARTICLE
          III

        

        REPRESENTATIONS
          AND WARRANTIES OF

        THE
          COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

        

        Section
          3.01 Representations
          and Warranties of the Company. 

        

        The
          Company represents, warrants and covenants to the Purchaser that, as of
          the
          related Closing Date or as of such date specifically provided
          herein:

        

        (a) 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
          out its business as now being conducted, and is licensed and qualified
          to
          transact business in and is in good standing under the laws of each state
          in
          which any Mortgaged Property is located or is otherwise exempt under applicable
          law from such licensing or qualification or is otherwise not required under
          applicable law to effect such licensing or qualification and no demand
          for such
          licensing or qualification has been made upon such Company by any such
          state,
          and in any event such Company is in compliance with the laws of any 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)
          The
          Company has the full power and authority and legal right to hold, transfer
          and
          convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
          and perform, and to enter into and consummate all transactions contemplated
          by
          this Agreement and the related Term Sheet and to conduct its business as
          presently conducted, has duly authorized the execution, delivery and performance
          of this Agreement and the related Term Sheet and any agreements contemplated
          hereby, has duly executed and delivered this Agreement and the related
          Term
          Sheet, and any agreements contemplated hereby, and this Agreement and the
          related Term Sheet and each Assignment to the Purchaser and any agreements
          contemplated hereby, constitutes a legal, valid and binding obligation
          of the
          Company, enforceable against it in accordance with its terms, and all requisite
          corporate action has been taken by the Company to make this Agreement and
          the
          related Term Sheet and all agreements contemplated hereby valid and binding
          upon
          the Company in accordance with their terms; 

        

        (c)
          Neither the execution and delivery of this Agreement and the related Term
          Sheet,
          nor the origination or purchase of the Mortgage Loans by the Company, the
          sale
          of the Mortgage Loans to the Purchaser, the consummation of the transactions
          contemplated hereby, or the fulfillment of or compliance with the terms
          and
          conditions of this Agreement and the related Term Sheet will conflict with
          any
          of the terms, conditions or provisions of the Company's charter or by-laws
          or
          materially conflict with or result in a material breach of any of the terms,
          conditions or provisions of 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 material violation of any law, rule, regulation, order, judgment or
          decree
          to which the Company or its properties are subject, or impair the ability
          of the
          Purchaser to realize on the Mortgage Loans.

        

        (d)
          There
          is no litigation, suit, proceeding or investigation pending or, to the
          best of
          Company’s knowledge, threatened, or any order or decree outstanding, with
          respect to the Company which, either in any one instance or in the aggregate,
          is
          reasonably likely to have a material adverse effect on the sale of the
          Mortgage
          Loans, the execution, delivery, performance or enforceability of this Agreement
          and the related Term Sheet, or which is reasonably likely to have a material
          adverse effect on the financial condition of the Company.

        

        (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 Company
          of
          or compliance by the Company with this Agreement or the related Term Sheet,
          or
          the sale of the Mortgage Loans and delivery of the Mortgage Files to the
          Purchaser or the consummation of the transactions contemplated by this
          Agreement
          or the related Term Sheet, except for consents, approvals, authorizations
          and
          orders which have been obtained;

        

        (f)
          The
          consummation of the transactions contemplated by this Agreement or the
          related
          Term Sheet is in the ordinary course of business of the Company and Company,
          and
          the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
          by the Company pursuant to this Agreement or the related Term Sheet are
          not
          subject to bulk transfer or any similar statutory provisions in effect
          in any
          applicable jurisdiction;

        

        (g)
          The
          origination and servicing practices used by the Company and any prior originator
          or servicer with respect to each Mortgage Note and Mortgage have been legal
          and
          in accordance with applicable laws and regulations and the Mortgage Loan
          Documents, and in all material respects proper and prudent in the mortgage
          origination and servicing business. Each Mortgage Loan has been serviced
          in all
          material respects with Accepted Servicing Practices. With respect to escrow
          deposits and payments that the Company, on behalf of an investor, is entitled
          to
          collect, all such payments are in the possession of, or under the control
          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 and
          the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
          Loan that is the subject of an escrow, escrow of funds is not prohibited
          by
          applicable law and has been established in an amount sufficient to pay
          for every
          escrowed item that remains unpaid and has been assessed but is not yet
          due and
          payable. No escrow deposits or other charges or payments due under the
          Mortgage
          Note have been capitalized under any Mortgage or the related Mortgage
          Note;

        

        (h)
          The
          Company used no selection procedures that identified the Mortgage Loans
          as being
          less desirable or valuable than other comparable mortgage loans in the
          Company's
          portfolio at the related Cut-off Date; 

        

        (i) The
          Company will treat the sale of the Mortgage Loans to the Purchaser as a
          sale for
          reporting and accounting purposes and, to the extent appropriate, for federal
          income tax purposes; 

        

        (j) Company
          is an approved seller/servicer of residential mortgage loans for Fannie
          Mae,
          FHLMC and HUD, with such facilities, procedures and personnel necessary
          for the
          sound servicing of such mortgage loans. The Company is duly qualified,
          licensed,
          registered and otherwise authorized under all applicable federal, state
          and
          local laws, and regulations, if applicable, meets the minimum capital
          requirements set forth by the OCC, and is in good standing to sell mortgage
          loans to and service mortgage loans for Fannie Mae and FHLMC and no event
          has
          occurred which would make Company unable to comply with eligibility requirements
          or which would require notification to either Fannie Mae or FHLMC; 

        

        (k) The
          Company does not believe, nor does it have any cause or reason to believe,
          that
          it cannot perform each and every covenant contained in this Agreement or
          the
          related Term Sheet. The Company is solvent and the sale of the Mortgage
          Loans
          will not cause the Company to become insolvent. The sale of the Mortgage
          Loans
          is not undertaken with the intent to hinder, delay or defraud any of the
          Company's creditors;

        

        (l) No
          statement, tape, diskette, form, report or other document prepared by,
          or on
          behalf of, Company pursuant to this Agreement or the related Term Sheet
          or in
          connection with the transactions contemplated hereby, contains or will
          contain
          any statement that is or will be inaccurate or misleading in any material
          respect;

        

        (m)
           The
          Company acknowledges and agrees that the Servicing Fee 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. In the opinion of Company, the consideration received
          by
          Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
          and the related Term Sheet constitutes fair consideration for the Mortgage
          Loans
          under current market conditions. 

        

        (n)
           Company
          has delivered to the Purchaser 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 business, operations, financial condition, properties
          or assets
          of the Company since the date of the Company’s financial information that would
          have a material adverse effect on its ability to perform its obligations
          under
          this Agreement;

        

        (o)
           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; 

        

        Section
          3.02 Representations
          and Warranties as to Individual Mortgage Loans.

        

        References
          in this Section to percentages of Mortgage Loans refer in each case to
          the
          percentage of the aggregate Stated Principal Balance of the Mortgage Loans
          as of
          the related Cut-off Date, based on the outstanding Stated Principal Balances
          of
          the Mortgage Loans as of the related Cut-off Date, and giving effect to
          scheduled Monthly Payments due on or prior to the related Cut-off Date,
          whether
          or not received. References to percentages of Mortgaged Properties refer,
          in
          each case, to the percentages of expected aggregate Stated Principal Balances
          of
          the related Mortgage Loans (determined as described in the preceding sentence).
          The Company hereby represents and warrants to the Purchaser, as to each
          Mortgage
          Loan, as of the related Closing Date as follows:

        

          
          (a)
The
          information set forth in the Mortgage Loan Schedule attached to the related
          Term
          Sheet is true, complete and correct in all material respects as of the
          related
          Cut-Off Date;

        

        (b) The
          Mortgage creates a valid, subsisting and enforceable first lien or a first
          priority ownership interest in an estate in fee simple in real property
          securing
          the related Mortgage Note subject to principles of equity, bankruptcy,
          insolvency and other laws of general application affecting the rights of
          creditors;

        

        (c)
          All
          payments due prior to the related Cut-off Date for such Mortgage Loan have
          been
          made as of the related Closing Date; the Mortgage Loan has not been dishonored;
          there are no material defaults under the terms of the Mortgage Loan; the
          Company
          has not advanced its own funds, or induced, solicited or knowingly received
          any
          advance of funds from a party other than the owner of the Mortgaged Property
          subject to the Mortgage, directly or indirectly, for the payment of any
          amount
          required by the Mortgage Loan. As of the related Closing Date, all of the
          Mortgage Loans will have an actual interest paid to date of their related
          Cut-off Date(or later) and will be due for the scheduled monthly payment
          next
          succeeding the Cut-off Date (or later), as evidenced by a posting to Company's
          servicing collection system. No payment under any Mortgage Loan is delinquent
          as
          of the related Closing Date nor has any scheduled payment been delinquent
          at any
          time during the twelve (12) months prior to the month of the related Closing
          Date. For purposes of this paragraph, a Mortgage Loan will be deemed delinquent
          if any payment due thereunder was not paid by the Mortgagor in the month
          such
          payment was due;

        

        (d)
          There
          are no defaults by Company in complying with the terms of the Mortgage,
          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 escrow funds have been established in an amount
          sufficient to pay for every such escrowed item which remains unpaid and
          which
          has been assessed but is not yet due and payable;

        

        (e)
          The
          terms of the Mortgage Note and the Mortgage have not been impaired, waived,
          altered or modified in any respect, except by written instruments which
          have
          been recorded to the extent any such recordation is required by law, or,
          necessary to protect the interest of the Purchaser. No instrument of waiver,
          alteration or modification has been executed except in connection with
          a
          modification agreement and which modification agreement is part of the
          Mortgage
          File and the terms of which are reflected in the related Mortgage Loan
          Schedule,
          and no Mortgagor has been released, in whole or in part, from the terms
          thereof
          except in connection with an assumption agreement and which assumption
          agreement
          is part of the Mortgage File and the terms of which are reflected in the
          related
          Mortgage Loan Schedule; the substance of any such waiver, alteration or
          modification has been approved by the issuer of any related Primary Mortgage
          Insurance Policy and title insurance policy, to the extent required by
          the
          related policies;

        

        (f)
          The
          Mortgage Note and the Mortgage are 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 the Mortgage
          Note or
          Mortgage unenforceable, in whole or in part, or subject to any right of
          rescission, set-off, counterclaim or defense, including the defense of
          usury,
          and no such right of rescission, set-off, counterclaim or defense has been
          asserted with respect thereto; and as of the related Closing Date the Mortgagor
          was not a debtor in any state or federal bankruptcy or insolvency
          proceeding;

        

        (g)
          All
          buildings or other customarily insured improvements upon the Mortgaged
          Property
          are insured by a Qualified Insurer, against loss by fire, hazards of extended
          coverage and such other hazards as are provided for in the Fannie Mae or
          FHLMC
          Guide, as well as all additional requirements set forth in Section 4.10
          of this
          Agreement. All such standard hazard policies are in full force and effect
          and
          contain a standard mortgagee clause naming the Company and its successors
          in
          interest and assigns as loss payee and such clause is still in effect and
          all
          premiums due thereon have been paid. If required by the Flood Disaster
          Protection Act of 1973, as amended, the Mortgage Loan is covered by a flood
          insurance policy meeting the requirements of the current guidelines of
          the
          Federal Insurance Administration which policy conforms to Fannie Mae or
          FHLMC
          requirements, as well as all additional requirements set forth in Section
          4.10
          of this Agreement. Such policy was issued by a Qualified Insurer. The Mortgage
          obligates the Mortgagor thereunder to maintain all such insurance at the
          Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
          authorizes the holder of the Mortgage to maintain such insurance at the
          Mortgagor's cost and expense and to seek reimbursement therefor from the
          Mortgagor. Neither the Company (nor any prior originator or servicer of
          any of
          the Mortgage Loans) nor any Mortgagor has engaged in any act or omission
          which
          has impaired or would impair the coverage of any such policy, the benefits
          of
          the endorsement provided for herein, or the validity and binding effect
          of
          either;

        

        (h)
          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 in all material respects. 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) classified and/or defined as a “high cost”, "covered", or
“predatory” loan under any other state, federal or local law or regulation or
          ordinance, including, but not limited to, the States of Georgia and North
          Carolina and the City of New York. The
          Company maintains, and shall maintain, evidence of such compliance as required
          by applicable law or regulation and shall make such evidence available
          for
          inspection at the Company's office during normal business hours upon reasonable
          advance notice; 

        

        (i)
          The
          Mortgage has not been satisfied, canceled or subordinated, in whole or
          in part,
          or rescinded, 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;

        

        (j) The
          Mortgage is a valid, subsisting, enforceable and perfected first lien on
          the
          Mortgaged Property, including all buildings on the Mortgaged Property and
          all
          installations and mechanical, electrical, plumbing, heating and air conditioning
          systems affixed to such buildings, and all additions, alterations and
          replacements made at any time with respect to the foregoing securing the
          Mortgage Note's original principal balance subject to principles of equity,
          bankruptcy, insolvency and other laws of general application affecting
          the
          rights of creditors. The Mortgage and the Mortgage Note do not contain
          any
          evidence of any security interest or other interest or right thereto. Such
          lien
          is free and clear of all adverse claims, liens and encumbrances having
          priority
          over the first lien of the Mortgage subject only to (1) the lien of
          non-delinquent 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 which
          are
          acceptable to mortgage lending institutions generally and either (A) which
          are
          referred to in the lender’s title insurance policy delivered to the originator
          or otherwise considered in the appraisal made for the originator of the
          Mortgage
          Loan, or (B) which do not adversely affect the residential use or Appraised
          Value of the Mortgaged Property as set forth in such appraisal, and (3)
          other
          matters to which like properties are commonly subject which do not individually
          or in the aggregate 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, enforceable
          and
          perfected first lien and first priority security interest on the property
          described therein, and the Company has the full right to sell and assign
          the
          same to the Purchaser;

        

        (k)
          The
          Mortgage Note and the related Mortgage are original and genuine and each
          is the
          legal, valid and binding obligation of the maker thereof, enforceable in
          all
          respects in accordance with its terms subject to principles of equity,
          bankruptcy, insolvency and other laws of general application affecting
          the
          rights of creditors, and the Company has taken all action necessary to
          transfer
          such rights of enforceability to the Purchaser. All parties to the Mortgage
          Note
          and the Mortgage had the legal capacity to enter into the Mortgage Loan
          and to
          execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
          Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage
          Note and
          the Mortgage have been duly and properly executed by such parties. No fraud,
          error, omission, misrepresentation, negligence or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of Company or the
          Mortgagor, or on the part of any other party involved in the origination
          or
          servicing of the Mortgage Loan. 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
          improvements 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;

        

        (l)
          The
          Company is the sole owner and holder of the Mortgage Loan and the indebtedness
          evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
          Purchaser, the Company will retain the Mortgage File or any part thereof
          with
          respect thereto not delivered to the Purchaser or the Purchaser’s designee in
          trust only for the purpose of servicing and supervising the servicing of
          the
          Mortgage Loan. Immediately prior to the transfer and assignment to the
          Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
          were
          not subject to an assignment, sale or pledge to any person other than Purchaser,
          and the Company had good and marketable title to and was the sole owner
          thereof
          and had full right to transfer and sell the Mortgage Loan to the Purchaser
          free
          and clear of any encumbrance, equity, lien, pledge, charge, claim or security
          interest and has the full right and authority subject to no interest or
          participation of, or agreement with, any other party, to sell and assign
          the
          Mortgage Loan pursuant to this Agreement and following the sale of the
          Mortgage
          Loan, the Purchaser will own such Mortgage Loan free and clear of any
          encumbrance, equity, participation interest, lien, pledge, charge, claim
          or
          security interest. The Company intends to relinquish all rights to possess,
          control and monitor the Mortgage Loan, except for the purposes of servicing
          the
          Mortgage Loan as set forth in this Agreement. After the related Closing
          Date,
          the Company will not have any right to modify or alter the terms of the
          sale of
          the Mortgage Loan and the Company will not have any obligation or right
          to
          repurchase the Mortgage Loan or substitute another Mortgage Loan, except
          as
          provided in this Agreement, or as otherwise agreed to by the Company and
          the
          Purchaser;

        

        (m)
          Each
          Mortgage Loan is covered by an ALTA lender's title insurance policy or
          other
          generally acceptable form of policy or insurance acceptable to Fannie Mae
          or
          FHLMC (including adjustable rate endorsements), issued by a title insurer
          acceptable to Fannie Mae or FHLMC and qualified to do business in the
          jurisdiction where the Mortgaged Property is located, insuring (subject
          to the
          exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
          and assigns, as to the first priority lien of the Mortgage in the original
          principal amount of the Mortgage Loan 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. Where required by state law or regulation, the Mortgagor has been
          given
          the opportunity to choose the carrier of the required mortgage title insurance.
          The Company, its successors and assigns, is the sole insured of such lender's
          title insurance policy, such title insurance policy has been duly and validly
          endorsed to the Purchaser or the assignment to the Purchaser of the Company's
          interest therein does not require the consent of or notification to the
          insurer
          and such lender's title insurance policy is in full force and effect and
          will be
          in full 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 or servicer of the related Mortgage, including
          the
          Company, nor any Mortgagor, has done, by act or omission, anything which
          would
          impair the coverage of such lender's title insurance policy;

        

        (n)
          There
          is no default, breach, violation or event of acceleration existing under
          the
          Mortgage or the related 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 permitting acceleration;
          and
          neither the Company, nor any prior mortgagee has waived any default, breach,
          violation or event permitting acceleration;

        

        (o)
          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 law could give
          rise
          to such liens) affecting the related Mortgaged Property which are or may
          be
          liens prior to or equal to the lien of the related Mortgage;

        

        (p)
          All
          improvements subject to the Mortgage which were considered in determining
          the
          appraised value of the Mortgaged Property lie wholly within the boundaries
          and
          building restriction lines of the Mortgaged Property (and wholly within
          the
          project with respect to a condominium unit) and no improvements on adjoining
          properties encroach upon the Mortgaged Property except those which are
          insured
          against by the title insurance policy referred to in clause (m) above and
          all
          improvements on the property comply with all applicable zoning and subdivision
          laws and ordinances;

        

        (q)
          Each
          Mortgage Loan was originated by or for the Company pursuant to, and conforms
          with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
          Mortgage Loan bears interest at an adjustable rate (if applicable) as set
          forth
          in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
          Note are due and payable on the first day of each month. The Mortgage contains
          the usual and enforceable provisions of the Company at the time of origination
          for the acceleration of the payment of the unpaid principal amount of the
          Mortgage Loan if the related Mortgaged Property is sold without the prior
          consent of the mortgagee thereunder;

        

        (r)
          The
          Mortgaged Property is not subject to any material damage. At origination
          of the
          Mortgage Loan there was not, since origination of the Mortgage Loan there
          has
          not been, and there currently is no proceeding pending for the total or
          partial
          condemnation of the Mortgaged Property. The Company has not received
          notification that any such proceedings are scheduled to commence at a future
          date;

        

        (s)
          The
          related 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, (1) in the case of a Mortgage designated as a deed of trust,
          by
          trustee's sale, and (2) otherwise by judicial foreclosure. There is no
          homestead
          or other exemption available to the Mortgagor which would interfere with
          the
          right to sell the Mortgaged Property at a trustee's sale or the right to
          foreclose the Mortgage;

        

        (t)
          If
          the Mortgage constitutes a deed of trust, a trustee, authorized and duly
          qualified if required under applicable law to act as such, has been properly
          designated and currently so serves and is named in the Mortgage, and no
          fees or
          expenses, except as may be required by local law, are or will become payable
          by
          the Purchaser to the trustee under the deed of trust, except in connection
          with
          a trustee's sale or attempted sale after default by the Mortgagor;

        

        (u)
          The
          Mortgage File contains an appraisal of the related Mortgaged Property signed
          prior to the final approval of the mortgage loan application by a Qualified
          Appraiser, approved 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 or FHLMC and 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. The appraisal is in
          a form
          acceptable to Fannie Mae or FHLMC;

        

        (v)
          All
          parties which have had any interest in the Mortgage, whether as mortgagee,
          assignee, pledgee or otherwise, are (or, during the period in which they
          held
          and disposed of such interest, were) (A) in compliance with any and all
          applicable licensing requirements of the laws of the state wherein the
          Mortgaged
          Property is located, and (B) (1) organized under the laws of such state,
          or (2)
          qualified to do business in such state, or (3) federal savings and loan
          associations or national banks or a Federal Home Loan Bank or savings bank
          having principal offices in such state, or (4) not doing business in such
          state;

        

        (w)
          The
          related 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 above and
          such
          collateral does not serve as security for any other obligation;

        

        (x)
          The
          Mortgagor has received and has executed, where applicable, all disclosure
          materials required by applicable law with respect to the making of such
          mortgage
          loans;

        

        (y)
          The
          Mortgage Loan does not contain balloon or "graduated payment" features;
          No
          Mortgage Loan is subject to a buydown agreement or contains any buydown
          provision;

        

        (z)
          The
          Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and
          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 could reasonably be expected to cause investors to regard
          the
          Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to
          become
          delinquent, or materially adversely affect the value or marketability of
          the
          Mortgage Loan;

        

        (aa)
          Each
          Mortgage Loan bears interest based upon a thirty (30) day month and a three
          hundred and sixty (360) day year. The Mortgage Loans have an original term
          to
          maturity of not more than thirty (30) years, with interest payable in arrears
          on
          the first day of each month. As to each adjustable rate Mortgage Loan,
          on each
          applicable Adjustment Date, the Mortgage Interest Rate will be adjusted
          to equal
          the sum of the Index, plus the applicable Margin; provided, that the Mortgage
          Interest Rate, on each applicable Adjustment Date, will not increase by
          more
          than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the
          term of
          each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not
          exceed
          such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
          “interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
          respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
          a
          monthly payment which is suffi-cient (a) during the period prior to the
          first
          adjust-ment to the Mortgage Interest Rate, to fully amortize the original
          principal balance over the original term thereof and to pay interest at
          the
          related Mortgage Interest Rate, and (b) during the period following each
          Adjust-ment Date, to fully amortize the outstanding principal balance as
          of the
          first day of such period over the then remaining term of such Mortgage
          Note and
          to pay interest at the related Mortgage Interest Rate. With respect to
          each
          adjustable rate Mortgage Loan, the Mortgage Note provides that when the
          Mortgage
          Interest Rate changes on an Adjustment Date, the then outstanding principal
          balance will be reamortized over the remaining life of the Mortgage Loan.
          No
          Mortgage Loan contains terms or provi-sions which would result in negative
          amortization. None of the Mortgage Loans contain a conversion feature which
          would cause the Mortgage Loan interest rate to convert to a fixed interest
          rate.
          None of the Mortgage Loans are considered agricultural loans; 

        

        (bb)
          (INTENTIONALLY LEFT BLANK)

        

        (cc)
          (INTENTIONALLY LEFT BLANK)

        

        (dd)
          (INTENTIONALLY LEFT BLANK)

         

        (ee)
          (INTENTIONALLY LEFT BLANK) 

        

        (ff)
          (INTENTIONALLY LEFT BLANK)

        

        (gg)
          (INTENTIONALLY LEFT BLANK)

        

        (hh) In
          the
          event the Mortgage Loan had an LTV at origination greater than 80.00%,
          the
          excess of the principal balance of the Mortgage Loan over 75.0% of the
          Appraised
          Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
          or
          the lesser of the Appraised Value or the purchase price of the Mortgaged
          Property with respect to a purchase money Mortgage Loan was insured as
          to
          payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
          Insurer. No Mortgage Loan has an LTV over 95%. All provisions of such Primary
          Mortgage Insurance 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
          Mortgage Loan requires payment of such premiums, in whole or in part, by
          the
          Purchaser. 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 Primary Mortgage Insurance Policy
          obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance
          Policy, subject to state and federal law, and to pay all premiums and charges
          in
          connection therewith. No action has been taken or failed to be taken, on
          or
          prior to the Closing Date which has resulted or will result in an exclusion
          from, denial of, or defense to coverage under any Primary Mortgage Insurance
          Policy (including, without limitation, any exclusions, denials or defenses
          which
          would limit or reduce the availability of the timely payment of the full
          amount
          of the loss otherwise due thereunder to the insured) whether arising out
          of
          actions, representations, errors, omissions, negligence, or fraud of the
          Company
          or the Mortgagor, or for any other reason under such coverage; The mortgage
          interest rate for the Mortgage Loan as set forth on the related Mortgage
          Loan
          Schedule is net of any such insurance premium. None of the Mortgage Loans
          are
          subject to “lender-paid” mortgage insurance;

        

        (ii) The
          Assignment is in recordable form and is acceptable for recording under
          the laws
          of the jurisdiction in which the Mortgaged Property is located;

        

        (jj) None
          of
          the Mortgage Loans are secured by an interest in a leasehold estate. The
          Mortgaged Property is located in the state identified in the related Mortgage
          Loan Schedule and consists of a single parcel of real property with a detached
          single family residence erected thereon, or a townhouse, or a two-to four-family
          dwelling, or an individual condominium unit in a condominium project, or
          an
          individual unit in a planned unit development or a de minimis planned unit
          development, provided, however, that no residence or dwelling is a single
          parcel
          of real property with a manufactured home not affixed to a permanent foundation,
          or a mobile home. Any
          condominium unit or planned unit development conforms with the Company’s
          underwriting guidelines. As
          of the
          date of origination, no portion of any Mortgaged Property was used for
          commercial purposes, and since the Origination Date, no portion of any
          Mortgaged
          Property has been, or currently is, used for commercial purposes;

        

        (kk) Payments
          on the Mortgage Loan commenced no more than sixty (60) days after the funds
          were
          disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
          on
          the first day of each month in monthly installments of principal and interest,
          which installments are subject to change due to the adjustments to the
          Mortgage
          Interest Rate on each Adjustment Date, with interest calculated and payable
          in
          arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
          date, over an original term of not more than thirty years from commencement
          of
          amortization;

        

        (ll) As
          of the
          Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
          under applicable law, and 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;

        

        (mm) There
          is
          no pending action or proceeding directly involving the Mortgaged Property
          in
          which compliance with any environmental law, rule or regulation is an issue;
          there is no violation of any environmental law, rule or regulation with
          respect
          to the Mortgaged Property; and the Company has not received any notice
          of any
          environmental hazard on the Mortgaged Property and nothing further remains
          to be
          done to satisfy in full all requirements of each such law, rule or regulation
          constituting a prerequisite to use and enjoyment of said property;

        

        (nn) 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;

        

        (oo)
           No
          Mortgage Loan is a construction or rehabilitation Mortgage Loan or was
          made to
          facilitate the trade-in or exchange of a Mortgaged Property;

        

        (pp) The
          Mortgagor for each Mortgage Loan is a natural person;

        

        (qq) None
          of
          the Mortgage Loans are Co-op Loans; 

        

        (rr)
           With
          respect to each Mortgage Loan that has a prepayment penalty feature, each
          such
          prepayment penalty is enforceable and will be enforced by the Company and
          each
          prepayment penalty is 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 on the Mortgage Loan Schedule, with respect to each Mortgage Loan
          that
          contains a prepayment penalty, 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;

        

        (ss)
           With
          respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
          Property securing such Mortgage Loan was at least equal to 80 percent of
          the
          original principal balance of such Mortgage Loan at the time such Mortgage
          Loan
          was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
          Property and (b) substantially all of the proceeds of such Mortgage Loan
          were
          used to acquire or to improve or protect the Mortgage Property. For the
          purposes
          of the preceding sentence, if the Mortgage Loan has been significantly
          modified
          other than as a result of a default or a reasonable foreseeable default,
          the
          modified Mortgage Loan will be viewed as having been originated on the
          date of
          the modification;

        

        (tt)
          The
          Mortgage Loan was originated by a mortgagee approved by the Secretary of
          Housing
          and Urban Development pursuant to sections 203 and 211 of the National
          Housing
          Act, a savings and loan association, a savings bank, a commercial bank,
          credit
          union, insurance company or similar institution which is supervised and
          examined
          by a federal or state authority; 

        

        (uu)
          None
          of the Mortgage Loans are simple interest Mortgage Loans and none of the
          Mortgaged Properties are timeshares; 

        

        (vv)
          All
          of the terms of the Mortgage pertaining to interest rate adjustments, payment
          adjustments and adjustments of the outstanding principal balance are
          enforceable, all such adjustments have been properly made, including the
          mailing
          of required notices, and such adjustments do not and will not affect the
          priority of the Mortgage lien. With respect to each Mortgage Loan which
          has
          passed its initial Adjustment Date, Company has performed an audit of the
          Mortgage Loan to determine whether all interest rate adjustments have been
          made
          in accordance with the terms of the Mortgage Note and Mortgage; and

        

        (ww)
          Each
          Mortgage Note, each Mortgage, each Assignment and any other documents required
          pursuant to this Agreement to be delivered to the Purchaser or its designee,
          or
          its assignee for each Mortgage Loan, have been, on or before the related
          Closing
          Date, delivered to the Purchaser or its designee, or its assignee.

        

        Section
          3.03 Repurchase;
          Substitution.

        

        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 and
          delivery
          of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
          inure to the benefit of the Purchaser, notwithstanding any restrictive
          or
          qualified endorsement on any Mortgage Note or Assignment or the examination,
          or
          lack of examination, of 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 in any Mortgage Loan, the party
          discovering such breach shall give prompt written notice to the other.
          The
          Company shall have a period of sixty (60) days from the earlier of its
          discovery
          or its receipt of notice of any such breach within which to correct or
          cure such
          breach. The Company hereby covenants and agrees that if any such breach
          is not
          corrected or cured within such sixty day period, the Company shall, at
          the
          Purchaser's option and not later than ninety (90) days of its discovery
          or its
          receipt of notice of such breach, repurchase such Mortgage Loan at the
          Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
          option, substitute a Mortgage Loan as provided below. In the event that
          any such
          breach shall involve any representation or warranty set forth in Section
          3.01,
          and such breach is not cured within sixty (60) days of the earlier of either
          discovery by or notice to the Company of such breach, all Mortgage Loans
          shall,
          at the option of the Purchaser, be repurchased by the Company at the Repurchase
          Price. Any such repurchase shall be accomplished by wire transfer of immediately
          available funds to Purchaser in the amount of the Repurchase Price.

        

        If
          the
          Company is required to repurchase any Mortgage Loan pursuant to this Section
          3.03, the Company may, with the Purchaser's prior consent and at Purchaser’s
          sole option, within ninety (90) days from the related Closing Date, remove
          such
          defective Mortgage Loan from the terms of this Agreement and substitute
          another
          mortgage loan for such defective Mortgage Loan, in lieu of repurchasing
          such
          defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
          acceptability. Any substituted Loans will comply with the representations
          and
          warranties set forth in this Agreement as of the substitution date

        

        The
          Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
          of the removed Mortgage Loan from this Agreement and the substitution of
          such
          substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
          review the Mortgage File delivered to it relating to the substitute Mortgage
          Loan. 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
          Purchaser 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 Company. The principal payment on a
          substitute Mortgage Loan due on the Due Date in the month of substitution
          shall
          be the property of the Company and the principal payment on the Mortgage
          Loan
          for which the substitution is made due on such date shall be the property
          of the
          Purchaser.

        

        For
          any
          month in which the Company is permitted to substitute one or more substitute
          Mortgage Loans, the Company will determine the amount (if any) by which
          the
          aggregate Stated Principal Balance (after application of the principal
          portion
          of all scheduled payments due in the month of substitution) of all the
          substitute Mortgage Loans in the month of substitution is less then the
          aggregate Stated Principal Balance (after application of the principal
          portion
          of the scheduled payment due in the month of substitution) of the such
          replaced
          Mortgage Loan. An amount equal to the aggregate of such deficiencies described
          in the preceding sentence for any Remittance Date shall be deposited into
          the
          Custodial Account by the Company on the related Determination Date in the
          month
          following the calendar month during which the substitution occurred.

        

        It
          is
          understood and agreed that the obligation of the Company set forth in this
          Section 3.03 to cure, repurchase or substitute for a defective Mortgage
          Loan,
          and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
          remedies of the Purchaser respecting a breach of the foregoing representations
          and warranties. If the Company fails to repurchase or substitute for a
          defective
          Mortgage Loan in accordance with this Section 3.03, or fails to cure a
          defective
          Mortgage Loan to Purchaser's reasonable satisfaction in accordance with
          this
          Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that
          failure
          shall be an Event of Default and the Purchaser shall be entitled to pursue
          all
          remedies available in this Agreement as a result thereof. No provision
          of this
          paragraph shall affect the rights of the Purchaser to terminate this Agreement
          for cause, as set forth in Sections 10.01 and 11.01.

        

        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) the earlier of discovery of such breach by the
          Company or notice thereof by the Purchaser to the Company, (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.

        

        In
          the
          event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
          provision of this Agreement, with respect to any Mortgage Loan that is
          not in
          default or as to which no default is imminent, no substitution pursuant
          to
          Subsection 3.03 shall be made after the applicable REMIC's "start up day"
          (as
          defined in Section 860G(a) (9) of the Code), unless the Company has obtained
          an
          Opinion of Counsel to the effect that such substitution 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.

        

        Section
          3.04 Representations
          and Warranties of the Purchaser.

         

        The
          Purchaser represents, warrants and convenants to the Company that, as of
          the
          related Closing Date or as of such date specifically provided
          herein:

        

        (a)  The
          Purchaser is a corporation, dully organized validly existing and in good
          standing under the laws of the State of Delaware 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 except or not required under applicable
          law
          to effect such qualification or license;

        

        (b)  The
          Purchaser has full power and authority to hold each Mortgage Loan, to purchase
          each Mortgage Loan pursuant to this Agreement and the related Term Sheet
          and to
          execute, deliver and perform, and to enter into and consummate all transactions
          contemplated by this Agreement and the related Term Sheet and to conduct
          its
          business as presently conducted, has duly authorized the execution, delivery
          and
          performance of this Agreement and the related Term Sheet, has duly executed
          and
          delivered this Agreement and the related Term Sheet;

        

        (c) None
          of
          the execution and delivery of this Agreement and the related Term Sheet,
          the
          purchase of the Mortgage Loans, the consummation of the transactions
          contemplated hereby, or the fulfillment of or compliance with the terms
          and
          conditions of this Agreement and the related Term Sheet will conflict with
          any
          of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
          materially conflict with or result in a material breach of any of the terms,
          conditions or provisions
          of any legal restriction or any agreement or instrument to which the Purchaser
          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 Purchaser
          or
          its property is subject;

        

        (d) There
          is
          no litigation pending or to the best of the Purchaser’s knowledge, threatened
          with respect to the Purchaser which is reasonably likely to have a material
          adverse effect on the purchase of the related Mortgage Loans, the execution,
          delivery or enforceability of this Agreement and the related Term Sheet,
          or
          which is reasonably likely to have a material adverse effect on the financial
          condition of the Purchaser;

        

        (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 Purchaser
          of
          or compliance by the Purchaser with this Agreement and the related Term
          Sheet,
          the purchase of the Mortgage Loans or the consummation of the transactions
          contemplated by this Agreement and the related Term Sheet except for consents,
          approvals, authorizations and orders which have been obtained;

        

        (f) The
          consummation of the transactions contemplated by this Agreement and the
          related
          Term Sheet is in the ordinary course of business of the Purchaser;

        

        (h) The
          Purchaser will treat the purchase of the Mortgage Loans from the Company
          as a
          purchase for reporting, tax and accounting purposes; and

        

        (i) The
          Purchaser does not believe, nor does it have any cause or reason to believe,
          that it cannot perform each and every of its covenants contained in this
          Agreement and the related Term Sheet.

        

        The
          Purchaser shall indemnify the Company and hold it harmless against any
          claims,
          proceedings, losses, damages, penalties, fines, forfeitures, reasonable
          and
          necessary legal fees and related costs, judgments, and other costs and
          expenses
          resulting from a breach by the Purchaser of the representations and warranties
          contained in this Section 3.04. It is understood and agreed that the obligations
          of the Purchaser set forth in this Section 3.04 to indemnify the Seller
          as
          provided herein constitute the sole remedies of the Seller respecting a
          breach
          of the foregoing representations and warranties.

        ARTICLE
          IV

        

        ADMINISTRATION
          AND SERVICING OF MORTGAGE LOANS

        

        Section
          4.01 Company
          to Act as Servicer.

        

        The
          Company, as independent contract servicer, shall service and administer
          the
          Mortgage Loans in accordance with this Agreement and the related Term Sheet
          and
          with Accepted Servicing Practices, 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 Company may deem necessary
          or
          desirable and consistent with the terms of this Agreement and the related
          Term
          Sheet and with Accepted Servicing Practices and exercise the same care
          that it
          customarily employs for its own account. Except as set forth in this Agreement
          and the related Term Sheet, the Company shall service the Mortgage Loans
          in
          strict compliance with the servicing provisions of the Fannie Mae Guides
          (special servicing option), 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 mortgage
          impairment insurance, 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, the title, management
          and disposition 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
          Files, 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 the related Term Sheet and any of the
          servicing
          provisions of the Fannie Mae Guides, the provisions of this Agreement and
          the
          related Term Sheet shall control and be binding upon the Purchaser and
          the
          Company. 

        

        Consistent
          with the terms of this Agreement and the related Term Sheet, the Company
          may
          waive, modify or vary any term of any Mortgage Loan or consent to the
          postponement of 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
          Purchaser, provided, however, that unless the Company has obtained the
          prior
          written consent of the Purchaser, the Company shall not permit any modification
          with respect to any Mortgage Loan that would change the Mortgage Interest
          Rate,
          defer for more than ninety days or forgive any 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 has been agreed to in writing by the
          Purchaser and 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 4.04, 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 pursuant to Section 4.05. Without
          limiting the generality of the foregoing, the Company 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. Notwithstanding anything
          herein to the contrary, the Company may not enter into a forbearance agreement
          or similar arrangement with respect to any Mortgage Loan which runs more
          than
          180 days after the first delinquent Due Date. Any such agreement shall
          be
          approved by Purchaser and, if required, by the Primary Mortgage Insurance
          Policy
          insurer, if required. 

        

        Notwithstanding
          anything in this Agreement to the contrary, if any Mortgage Loan becomes
          subject
          to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
          Loan,
          shall not permit any modification with respect to such Mortgage Loan that
          would
          change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
          is in
          default with respect to such Mortgage Loan or such default is, in the judgment
          of the Company, reasonably foreseeable) make or permit any modification,
          waiver
          or amendment of any term of such Mortgage Loan that would both (i) effect
          an
          exchange or reissuance of such Mortgage Loan under Section 1001 of the
          Code (or
          Treasury regulations promulgated thereunder) and (ii) cause any REMIC to
          fail to
          qualify as a REMIC under the Code or the imposition of any tax on “prohibited
          transactions” or “contributions” after the startup date under the REMIC
          Provisions.

        

        Prior
          to
          taking any action with respect to the Mortgage Loans subject to a Pass-Through
          Transfer, which is not contemplated under the terms of this Agreement,
          the
          Company will obtain an Opinion of Counsel acceptable to the trustee in
          such
          Pass-Through Transfer with respect to whether such action could 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)(either
          such event, an “Adverse REMIC Event”), and the Company shall not take any such
          actions as to which it has been advised that an Adverse REMIC Event could
          occur.

        

        The
          Company shall not permit the creation of any “interests” (within the meaning of
          Section 860G of the Code) in any REMIC. The Company shall not enter into
          any
          arrangement by which a REMIC will receive a fee or other compensation for
          services nor permit a REMIC to receive any income from assets other than
          “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
          investments” as defined in Section 860G(a)(5) of the Code.

        

        In
          servicing and administering the Mortgage Loans, the Company shall employ
          Accepted Servicing Practices, giving due consideration to the Purchaser's
          reliance on the Company. Unless a different time period is stated in this
          Agreement or the related Term Sheet, Purchaser shall be deemed to have
          given
          consent in connection with a particular matter if Purchaser does not
          affirmatively grant or deny consent within five (5) Business Days from
          the date
          Purchaser receives a second written request for consent for such matter
          from
          Company as servicer. 

        

        The
          Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
          provided that the Subservicer is an entity that engages in the business
          of
          servicing loans, and in either case shall be authorized to transact business,
          and licensed to service mortgage loans, in the state or states where the
          related
          Mortgaged Properties it is to service are situated, if and to the extent
          required by applicable law to enable the Subservicer to perform its obligations
          hereunder and under the Subservicing Agreement, and in either case shall
          be a
          FHLMC or Fannie Mae approved mortgage 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 Fannie Mae or
          FHLMC, or
          which would require notification to Fannie Mae or FHLMC. In addition, each
          Subservicer will obtain and preserve its qualifications to do business
          as a
          foreign corporation and its licenses to service mortgage loans, in each
          jurisdiction in which such qualifications and/or licenses are or shall
          be
          necessary to protect the validity and enforceability of this Agreement,
          or any
          of the Mortgage Loans and to perform or cause to be performed its duties
          under
          the related Subservicing Agreement. 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.
          Company
          shall notify Purchaser promptly in writing upon the appointment of any
          Subservicer.

        

        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 4.13, 8.04, 9.01 or 10.01 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 effective as of the
          date of
          termination of the Company. 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. The Company will indemnify and hold Purchaser harmless
          from any
          loss, liability or expense arising out of its use of a Subservicer to perform
          any of its servicing duties, responsibilities and obligations
          hereunder.

        

        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 Collection
          of Mortgage Loan Payments.

        

        Continuously
          from the date hereof until the date each Mortgage Loan ceases to be subject
          to
          this Agreement, the Company will proceed diligently 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,
          Accepted
          Servicing Practices, and the terms and provisions of any 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 Company will take special care in ascertaining and
          estimating annual escrow payments, and all other charges that, as provided
          in
          the Mortgage, will become due and payable, so that the installments payable
          by
          the Mortgagors will be sufficient to pay such charges as and when they
          become
          due and payable.

        

        In
          no
          event will the Company waive its right to any prepayment penalty or premium
          without the prior written consent of Purchaser and Company will use diligent
          efforts to collect same when due except as otherwise provided in the prepayment
          penalty provisions provided in the Mortgage Loan Documents. 

        

        Section
          4.03 Realization
          Upon Defaulted Mortgage

        

        The
          Company shall use its best efforts, consistent with the procedures that
          the
          Company would use in servicing loans for its own account, consistent with
          Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
          the
          best interest of Purchaser, 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. Foreclosure
          or
          comparable proceedings shall be initiated within ninety (90) days of default
          for
          Mortgaged Properties for which no satisfactory arrangements can be made
          for
          collection of delinquent payments, subject to state and federal law and
          regulation. The Company shall use its best efforts to realize upon defaulted
          Mortgage Loans in such manner as will maximize the receipt of principal
          and
          interest by the Purchaser, taking into account, among other things, the
          timing
          of foreclosure proceedings. The foregoing is subject to the provisions
          that, in
          any case in which a Mortgaged Property shall have suffered damage, the
          Company
          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
          Purchaser after reimbursement to itself for such expenses, and (ii) that
          such
          expenses will be recoverable by the Company through Insurance Proceeds
          or
          Liquidation Proceeds from the related Mortgaged Property, as contemplated
          in
          Section 4.05. Company shall obtain prior approval of Purchaser as to repair
          or
          restoration expenses in excess of ten thousand dollars ($10,000). The Company
          shall notify the Purchaser in writing of the commencement of foreclosure
          proceedings and not less than 5 days prior to the acceptance or rejection
          of any
          offer of reinstatement. The Company shall be responsible for all costs
          and
          expenses incurred by it in any such proceedings or functions; provided,
          however,
          that it shall be entitled to reimbursement thereof from the related property,
          as
          contemplated 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 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, such an inspection or review is to be conducted
          by a
          qualified inspector at the Purchaser's expense. 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. 

        

        Notwithstanding
          anything to the contrary contained herein, the Purchaser may, at the Purchaser's
          sole option, terminate the Company as servicer of any Mortgage Loan which
          becomes ninety (90) days or greater delinquent in payment of a scheduled
          Monthly
          Payment, without payment of any termination fee with respect thereto, provided
          that the Company shall on the date said termination takes effect be reimbursed
          for any unreimbursed Monthly Advances of the Company's funds made pursuant
          to
          Section 5.03 and any unreimbursed Servicing Advances and Servicing Fees
          in each
          case relating to the Mortgage Loan underlying such delinquent Mortgage
          Loan
          notwithstanding anything to the contrary set forth in Section 4.05. In
          the event
          of any such termination, the provisions of Section 11.01 hereof shall apply
          to
          said termination and the transfer of servicing responsibilities with respect
          to
          such delinquent Mortgage Loan to the Purchaser or its designee.

        

        In
          the
          event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
          such property shall be disposed of by the Company, with the consent of
          Purchaser
          as required pursuant to this Agreement, before the close of the third taxable
          year following the taxable year in which the Mortgage Loan became an REO
          Property, unless the Company provides to the trustee under such REMIC an
          opinion
          of counsel to the effect that the holding of such REO Property subsequent
          to the
          close of the third taxable year following the taxable year in which the
          Mortgage
          Loan became an REO Property, will not result in the imposition of taxes
          on
          "prohibited transactions" as defined in Section 860F of the Code, or cause
          the
          transaction to fail to qualify as a REMIC at any time that certificates
          are
          outstanding. Company shall manage, conserve, protect and operate each such REO
          Property for the certificateholders solely for the purpose of its prompt
          disposition and sale in a manner which does not cause such property to
          fail to
          qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
          of
          the Code, or any "net income from foreclosure property" which is subject
          to
          taxation under the REMIC provisions of the Code. Pursuant to its efforts
          to sell
          such property, the Company shall either itself or through an agent selected
          by
          Company, protect and conserve such property in the same manner and to such
          an
          extent as is customary in the locality where such property is located.
          Additionally, Company shall perform the tax withholding and reporting related
          to
          Sections 1445 and 6050J of the Code.

        

        Section
          4.04 Establishment
          of Custodial Accounts; Deposits in Custodial Accounts.

        

        The
          Company 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.
          The
          Custodial Account shall be an Eligible Account. Funds shall be deposited
          in the
          Custodial Account within 24 hours of receipt, and shall at all times be
          insured
          by the FDIC up to the FDIC insurance limits, or must be invested in Permitted
          Investments for the benefit of the Purchaser. 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 letter agreement
          in
          the form shown in Exhibit B hereto. The original of such letter agreement
          shall
          be furnished to the Purchaser on the Closing Date, and upon the request
          of any
          subsequent Purchaser.

        

        The
          Company shall deposit in the Custodial Account on a daily basis, and retain
          therein the following payments and collections received or made by it subsequent
          to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
          to a period subsequent thereto, other than in respect of principal and
          interest
          on the Mortgage Loans due on or before the Cut-off Date:

        

        (i) 
          all
          payments on account of principal, including Principal Prepayments, on the
          Mortgage Loans;

        

        (ii) 
          all
          payments on account of interest on the Mortgage Loans adjusted to the Mortgage
          Loan Remittance Rate;

        

        (iii) 
          all
          Liquidation Proceeds;

        

        (iv) 
          any
          amounts required to be deposited by the Company in connection with any
          REO
          Property pursuant to Section 4.13 and in connection therewith, the Company
          shall
          provide the Purchaser with written detail itemizing all of such
          amounts;

        

        (v) 
          all
          Insurance Proceeds including amounts required to be deposited pursuant
          to
          Sections 4.08, 4.10 and 4.11, 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 Accepted Servicing Practices,
          the
          Mortgage Loan Documents or applicable law;

        

        (vi) 
          all
          Condemnation Proceeds affecting any Mortgaged Property which are not released
          to
          the Mortgagor in accordance with Accepted Servicing Practices, the loan
          documents or applicable law;

        

        (vii) 
          any
          Monthly Advances;

        

        (viii) 
          with
          respect to each full or partial Principal Prepayment, any Prepayment Interest
          Shortfalls, to the extent of the Company’s aggregate Servicing Fee received with
          respect to the related Prepayment Period;

        

        (ix) 
          any
          amounts required to be deposited by the Company pursuant to Section 4.10
          in
          connection with the deductible clause in any blanket hazard insurance policy,
          such deposit shall be made from the Company's own funds, without reimbursement
          therefor; and

        

        (x) 
          any
          amounts required to be deposited in the Custodial Account pursuant to Section
          4.01, 4.13 or 6.02.

        

        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 and assumption
          fees,
          to the extent permitted by Section 6.01, need not be deposited by the Company
          in
          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 (iv). The Purchaser shall not
          be
          responsible for any losses suffered with respect to investment of funds
          in the
          Custodial Account.

        

        

        Section
          4.05 Permitted
          Withdrawals From the Custodial Account.

        

        The
          Company may, from time to time, withdraw 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, 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 collections (net of the related Servicing
          Fees) of principal and/or interest respecting which any such advance was
          made,
          it being understood that, in the case of such reimbursement, the Company's
          right
          thereto shall be prior to the rights of the Purchaser, except that, where
          the
          Company is required to repurchase a Mortgage Loan, pursuant to Section
          3.03, the
          Company's right to such reimbursement shall be subsequent to the payment
          to the
          Purchaser of the Repurchase Price pursuant to such Section 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 any unpaid Servicing
          Fees(or REO administration fees described in Section 4.13), the Company's
          right
          to reimburse itself pursuant to this subclause (iii) with respect to any
          Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
          Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
          provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
          any recovery shall be made upon liquidation of the REO Property; 

        

        (iv) to
          pay to
          itself as part of its 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 or recovery as to interest with respect to a particular Mortgage
          Loan;

        

        (v) to
          pay to
          itself with respect to each Mortgage Loan that has been repurchased pursuant
          to
          Section 3.03 all amounts received thereon and not distributed as of the
          date on
          which the related repurchase price is determined,

        

        (vi) to
          transfer funds to another Eligible Account in accordance with Section 4.09
          hereof;

        

        (vii) to
          remove
          funds inadvertently placed in the Custodial Account by the Company;

        

        (vi) to
          clear
          and terminate the Custodial Account upon the termination of this Agreement;
          and

        

        (vii)  to
          reimburse itself for Nonrecoverable Advances to the extent not reimbursed
          pursuant to clause (ii) or clause (iii).

        

        Section
          4.06 Establishment
          of Escrow Accounts; Deposits
          in Escrow Accounts.

        

        The
          Company 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. The Escrow Account shall be an Eligible Account. Funds
          deposited in each Escrow Account shall at all times be insured in a manner
          to
          provide maximum insurance under the insurance limitations of the FDIC,
          or must
          be invested in Permitted Investments. 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
          letter agreement in the form shown in Exhibit C. The original of such letter
          agreement shall be furnished to the Purchaser on the Closing Date, and
          upon
          request to any subsequent purchaser.

        

        The
          Company shall deposit in the Escrow Account or Accounts on a daily basis,
          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;

        

        (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
          Company shall make withdrawals from the Escrow Account only to effect such
          payments as are required under this Agreement, and for such other purposes
          as
          shall be as set forth or in accordance with 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 and, to the extent required by law, the Company
          shall pay interest on escrowed funds to the Mortgagor notwithstanding that
          the
          Escrow Account is non-interest bearing or that interest paid thereon is
          insufficient for such purposes. The
          Purchaser shall not be responsible for any losses suffered with respect
          to
          investment of funds in the Escrow Account.

         

        Section
          4.07 Permitted
          Withdrawals From Escrow Account.

        

        Withdrawals
          from the Escrow Account may be made by Company only:

        

        (i) to
          effect
          timely payments of ground rents, taxes, assessments, water rates, Primary
          Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
          premiums, condominium assessments and comparable items;

        

        (ii) to
          reimburse Company for any Servicing Advance made by Company 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 accordance with the terms of this
          Agreement;

        

        (v) for
          application to restoration or repair of the Mortgaged Property;

        

        (vi) to
          pay to
          the Company, or to the 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.
          As part
          of its servicing duties, the Company shall pay to the Mortgagors interest
          on
          funds in 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;
          and

        

        (viii)
           to
          pay to
          the Mortgagors or other parties Insurance Proceeds deposited in accordance
          with
          Section 4.06.

        

        Section
          4.08 Payment
          of Taxes, Insurance and Other Charges;
          Maintenance of PrimaryMortgage InsurancePolicies;
          Collections Thereunder.

         

        With
          respect to each Mortgage Loan, the Company 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 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 Company 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 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 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
          Company 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 terminated
          only
          with the approval of Purchaser, or as required by applicable law or regulation.
          The Company will not cancel or refuse to renew any Primary Mortgage Insurance
          Policy in effect on the Closing Date 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 Company shall not take any action which would result in
          non-coverage under any applicable Primary Mortgage Insurance 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 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 Company shall obtain
          a
          replacement Primary Mortgage Insurance Policy as provided above.

        

        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
          Private 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 Company 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
          Company may transfer the Custodial Account or the Escrow Account to a different
          Eligible Account from time to time. Such transfer shall be made only upon
          obtaining the prior written consent of the Purchaser, which consent will
          not be
          unreasonably withheld.

        

        Section
          4.10 Maintenance
          of Hazard Insurance.

        

        The
          Company shall cause to be maintained for each Mortgage Loan fire and hazard
          insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
          and
          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) an amount such that the proceeds
          thereof
          shall be sufficient to prevent the Mortgagor and/or the mortgagee from
          becoming
          a co-insurer. If required by the Flood Disaster Protection Act of 1973,
          as
          amended, each Mortgage Loan shall be covered by a flood insurance policy
          meeting
          the requirements of the current guidelines of the Federal Insurance
          Administration in effect with an insurance carrier acceptable to Fannie
          Mae or
          FHLMC, 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. 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. The Company shall also maintain on each 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, 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 Company 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 Accepted Servicing Practices, 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
          Company of the Mortgagor or maintained on property acquired in respect
          of the
          Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
          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 Company
          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 Company. 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 Qualified Insurers.

        

        Section
          4.11 Maintenance
          of Mortgage Impairment Insurance Policy.

        

        In
          the
          event that the Company shall obtain and maintain a blanket policy issued
          by a
          Qualified Insurer insuring against hazard losses 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, it being understood and agreed
          that such policy may contain a deductible clause, in which case the Company
          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 a loss 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 Company agrees to prepare
          and
          present, on behalf of the Purchaser, claims under any such blanket policy
          in a
          timely fashion in accordance with the terms of such policy. Upon request
          of the
          Purchaser, the Company shall cause to be delivered to the Purchaser a certified
          true copy of such policy and shall use its best efforts to obtain 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
          Purchaser.

        

        Section
          4.12 Fidelity
          Bond, Errors and Omissions Insurance.

        

        The
          Company shall maintain, at its own expense, a blanket fidelity bond and
          an
          errors and omissions insurance policy, with broad coverage with responsible
          companies on all officers, employees or other persons acting in any capacity
          with regard to the Mortgage Loan to handle funds, money, documents and
          papers
          relating to the Mortgage Loan. The Fidelity Bond 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 and fraud of such persons.
          The
          errors and omissions insurance shall protect and insure the Company against
          losses arising out of errors and omissions and negligent acts of such persons.
          Such errors and omissions insurance shall also protect and insure the Company
          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
          or errors and omissions insurance 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 at least equal to the
          corresponding amounts required by Fannie Mae in the Fannie Mae Guides.
          Upon
          request by the Purchaser, the Company shall deliver to the Purchaser 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 (30) days'
          prior
          written notice to the Purchaser. The Company shall notify the Purchaser
          within
          five (5) business days of receipt of notice that such Fidelity Bond or
          insurance
          policy will be, or has been, materially modified or terminated. The Purchaser
          (or any party having the status of Purchaser hereunder) and any subsidiary
          thereof and their 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. Upon request by Purchaser, Company shall provide
          Purchaser with an insurance certificate certifying coverage under this
          Section
          4.12, and will provide an update to such certificate upon request, or upon
          renewal or material modification of coverage.

        

        Section
          4.13 Title,
          Management and Disposition of REO Property.

        

        In
          the
          event that title to the 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 its designee, or in the event the Purchaser or
          its
          designee 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 an
          attorney duly licensed to practice law in the state where the REO Property
          is
          located. Any Person or Persons holding such title other than the Purchaser
          shall
          acknowledge in writing that such title is being held as nominee for the
          benefit
          of the Purchaser.

        

        The
          Company shall notify the Purchaser in accordance with the Fannie Mae Guides
          of
          each acquisition of REO Property upon such acquisition (and, in any event,
          shall
          provide notice of the consummation of any foreclosure sale within three
          (3)
          Business Days of the date Company receives notice of such consummation),
          together with a copy of the drive by appraisal or brokers price opinion
          of the
          Mortgaged Property obtained in connection with such acquisition, and thereafter
          assume the responsibility for marketing such REO property in accordance
          with
          Accepted Servicing Practices. Thereafter, the Company shall continue to
          provide
          certain administrative services to the Purchaser relating to such REO Property
          as set forth in this Section 4.13. No Servicing Fee shall be assessed or
          otherwise accrue on any REO Property from and after the date on which it
          becomes
          an REO Property. 

        

        The
          Company shall, either itself or through an agent selected by the Company,
          and in
          accordance with the Fannie Mae Guides 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.
          The
          Company 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 required by the circumstances.
          The Company shall make or cause to be made a written report of each such
          inspection. Such reports shall be retained in the Mortgage File and copies
          thereof shall be forwarded by the Company to 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 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
          longer period than one (1) 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. No
          REO
          Property shall be marketed for less than the Appraised Value, without the
          prior
          consent of Purchaser. No REO Property shall be sold for less than ninety
          five
          percent (95%) of its Appraised Value, without the prior consent of Purchaser.
          All requests for reimbursement of Servicing Advances shall be in accordance
          with
          the Fannie Mae Guides. 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 (subject to the above
          conditions) only with the prior written consent of the Purchaser. Company
          shall
          provide monthly reports to Purchaser in reference to the status of the
          marketing
          of the REO Properties.

        

        Notwithstanding
          anything to the contrary contained herein, the Purchaser may, at the Purchaser's
          sole option, terminate the Company as servicer of any such REO Property
          without
          payment of any termination fee with respect thereto, provided that the
          Company
          shall on the date said termination takes effect be reimbursed for any
          unreimbursed advances of the Company's funds made pursuant to Section 5.03
          and
          any unreimbursed Servicing Advances and Servicing Fees in each case relating
          to
          the Mortgage Loan underlying such REO Property notwithstanding anything
          to the
          contrary set forth in Section 4.05. In the event of any such termination,
          the
          provisions of Section 11.01 hereof shall apply to said termination and
          the
          transfer of servicing responsibilities with respect to such REO Property
          to the
          Purchaser or its designee. Within five Business Days of any such termination,
          the Company shall, if necessary convey such property to the Purchaser and
          shall
          further provide the Purchaser with the following information regarding
          the
          subject REO Property: the related drive by appraisal or brokers price opinion,
          and copies of any related Mortgage Impairment Insurance Policy claims.
          In
          addition, within five Business Days, the Company shall provide the Purchaser
          with the following information and documents regarding the subject REO
          Property:
          the related trustee’s deed upon sale and copies of any related hazard insurance
          claims, or repair bids.

        

        Section
          4.14 Notification
          of Maturity Date.

        

        With
          respect to each Mortgage Loan, the Company shall execute and deliver to
          the
          Mortgagor any and all necessary notices required under applicable law and
          the
          terms of the related Mortgage Note and Mortgage regarding the maturity
          date if
          required under applicable law.

        

        ARTICLE
          V

        

        PAYMENTS
          TO THE PURCHASER

        

        Section
          5.01 Distributions.

        

        On
          each
          Remittance Date, the Company shall distribute by wire transfer of immediately
          available funds to the Purchaser (i) all amounts credited to the Custodial
          Account as of the close of business on the preceding Determination Date,
          net of
          charges against or withdrawals from the Custodial Account pursuant to Section
          4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
          to
          distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
          Loan
          Remittance Rate on any Principal Prepayment from the date of such Principal
          Prepayment through the end of the month for which disbursement is made
          provided
          that the Company’s obligation as to payment of such interest shall be limited to
          the Servicing Fee earned during the month of the distribution, minus (iv)
          any
          amounts attributable to Monthly Payments collected but due on a Due Date
          or
          Dates subsequent to the preceding Determination Date, which amounts shall
          be
          remitted on the Remittance Date next succeeding the Due Period for such
          amounts.
          It is understood that, by operation of Section 4.04, the remittance on
          the first
          Remittance Date with respect to Mortgage Loans purchased pursuant to the
          related
          Term Sheet is to include principal collected after the Cut-off Date through
          the
          preceding Determination Date plus interest, adjusted to the Mortgage Loan
          Remittance Rate collected through such Determination Date exclusive of
          any
          portion thereof allocable to the period prior to the Cut-off Date, with
          the
          adjustments specified in clauses (ii), (iii) and (iv) above.

        

        With
          respect to any remittance received by the Purchaser after the Remittance
          Date,
          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 (3) percentage points, but in no event greater than the maximum
          amount permitted by applicable law. Such interest shall cover the period
          commencing with the day following the Business Day such payment was due
          and
          ending with the Business Day on which such payment is made to the Purchaser,
          both inclusive. 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. On each Remittance Date, the Company shall provide a remittance
          report detailing all amounts being remitted pursuant to this Section
          5.01.

        

        Section
          5.02 Statements
          to the Purchaser.

        

        The
          Company shall furnish to Purchaser an individual loan accounting report,
          as of
          the last Business Day of each month, in the Company's assigned loan number
          order
          to document Mortgage Loan payment activity on an individual Mortgage Loan
          basis.
          With respect to each month, the corresponding individual loan accounting
          report
          shall be received by the Purchaser no later than the fifth Business Day
          of the
          following month on a disk or tape or other computer-readable format in
          such
          format as may be mutually agreed upon by both Purchaser and Company, and
          no
          later than the fifth Business Day of the following month in hard copy,
          and shall
          contain the following:

        

        (i)
          With
          respect to each Monthly Payment, the amount of such remittance allocable
          to
          principal (including a separate breakdown of any Principal Prepayment,
          including
          the date of such prepayment, and any prepayment penalties or premiums,
          along
          with a detailed report of interest on principal prepayment amounts remitted
          in
          accordance with Section 4.04);

        

        (ii)
          with
          respect to each Monthly Payment, the amount of such remittance allocable
          to
          interest;

        

        (iii)
          the
          amount of servicing compensation received by the Company during the prior
          distribution period;

        

        (iv)
          the
          aggregate Stated Principal Balance of the Mortgage Loans;

        

        (v)
          the
          aggregate of any expenses reimbursed to the Company during the prior
          distribution period pursuant to Section 4.05; 

        

        (vi)
          The
          number and aggregate outstanding principal balances of Mortgage Loans (a)
          delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
          as to
          which foreclosure has commenced; and (c) as to which REO Property has been
          acquired; and

        

        The
          Company shall also provide a trial balance, sorted in Purchaser's assigned
          loan
          number order, in the form of Exhibit E hereto, with each such
          Report.

        

        The
          Company shall prepare and file any and all information statements or other
          filings required to be delivered to any governmental taxing authority or
          to
          Purchaser pursuant to any applicable law with respect to the Mortgage Loans
          and
          the transactions contemplated hereby. In addition, the Company shall provide
          Purchaser with such information concerning the Mortgage Loans as is necessary
          for Purchaser to prepare its federal income tax return as Purchaser may
          reasonably request from time to time.

        

        In
          addition, not more than sixty (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.

         

        Section
          5.03 Monthly
          Advances by the Company.

        

        Not
          later
          than the close of business on the Business Day preceding each Remittance
          Date,
          the Company shall deposit in the Custodial Account an amount equal to all
          payments not previously advanced by the Company, whether or not deferred
          pursuant to Section 4.01, of principal (due after the Cut-off Date) and
          interest
          not allocable to the period prior to the Cut-off Date, adjusted to the
          Mortgage
          Loan Remittance Rate, which were due on a Mortgage Loan and delinquent
          at the
          close of business on the related Determination Date.

        

        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 Remittance Date prior to the date on
          which the
          Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
          the
          sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
          Loan
          unless the Company deems such advance to be a Nonrecoverable Advance. In
          such
          event, the Company shall deliver to the Purchaser an Officer's Certificate
          of
          the Company to the effect that an officer of the Company has reviewed the
          related Mortgage File and has made the reasonable determination that any
          additional advances are nonrecoverable. 

        

        Section
          5.04 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
          in a
          form mutually acceptable to Company and Purchaser. The Company shall also
          provide reports on the status of REO Property containing such information
          as
          Purchaser may reasonably require.

        

        Section
          5.05 Prepayment
          Interest Shortfalls.

        

        Not
          later
          than the close of business on the Business Day preceding each Remittance
          Date in
          the month following the related Prepayment Period, the Company shall deposit
          in
          the Custodial Account an amount equal to any Prepayment Interest Shortfalls
          with
          respect to such Prepayment Period, which in the aggregate shall not exceed
          the
          Company’s aggregate Servicing Fee received with respect to the related Due
          Period.

         

        ARTICLE
          VI

        

        GENERAL
          SERVICING PROCEDURES

        

        Section
          6.01 Assumption
          Agreements.

        

        The
          Company will, to the extent it has knowledge of any conveyance or prospective
          conveyance by any Mortgagor of the Mortgaged Property (whether by absolute
          conveyance or by contract of sale, and whether or not the Mortgagor remains
          or
          is to remain liable under the Mortgage Note 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 Company
          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 Company reasonably believes it is unable under applicable law to
          enforce
          such "due-on-sale" clause, the Company, with the approval of the Purchaser,
          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 Company, with the prior consent
          of
          the Purchaser and 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 Company
          shall follow the underwriting practices and procedures of the Company.
          With
          respect to an assumption or substitution of liability, the Mortgage Interest
          Rate borne by the related Mortgage Note, the amount of the Monthly Payment
          and
          the maturity date may not be changed (except pursuant to the terms of the
          Mortgage Note). 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. The Company shall notify the Purchaser that any such
          substitution of liability or assumption agreement has been completed by
          forwarding to the Purchaser the original of any such substitution of liability
          or assumption agreement, which document shall be added to the related Mortgage
          File and shall, for all purposes, be considered a part of such Mortgage
          File to
          the same extent as all other documents and instruments constituting a part
          thereof. All fees collected by the Company for entering into an assumption
          or
          substitution of liability agreement shall belong to the Company.

        

        Notwithstanding
          the foregoing paragraphs of this Section or any other provision of this
          Agreement, the Company 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 Company 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 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 will immediately notify the Purchaser by a
          certification, which certification shall include a statement to the effect
          that
          all amounts received or to be received in connection with such payment
          which are
          required to be deposited in the Custodial Account pursuant to Section 4.04
          have
          been or will be so deposited, of a Servicing Officer and shall request
          delivery
          to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
          shall no later than five Business Days after receipt of such certification
          and
          request, release or cause to be released to the Company, the related Mortgage
          Loan Documents and, upon its receipt of such documents, the Company shall
          promptly prepare and deliver to the Purchaser the requisite satisfaction
          or
          release. No later than five (5) Business Days following its receipt of
          such
          satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
          to the Company the release or satisfaction properly executed by the owner
          of
          record of the applicable mortgage or its duly appointed attorney in fact.
          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 Company 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 Purchaser may have under the mortgage
          instruments, the Company, upon written demand, shall remit within two (2)
          Business Days to the Purchaser the then outstanding principal balance of
          the
          related Mortgage Loan by deposit thereof in the Custodial Account. The
          Company
          shall maintain the Fidelity Bond and errors and omissions insurance 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.

        

        From
          time
          to time and as appropriate for the servicing or foreclosure of the Mortgage
          Loan, including for the purpose of collection under any Primary Mortgage
          Insurance Policy, the Purchaser shall, upon request of the Company and
          delivery
          to the Purchaser of a servicing receipt signed by a Servicing Officer,
          release
          the portion of the Mortgage File held by the Purchaser to the Company.
          Such
          servicing receipt shall obligate the Company to return the related Mortgage
          documents to the Purchaser when the need therefor by the Company 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 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
          Company
          has delivered to the Purchaser a certificate of a Servicing Officer certifying
          as to the name and address of the Person to which such Mortgage File or
          such
          document was delivered and the purpose or purposes of such delivery. Upon
          receipt of a certificate of a Servicing Officer stating that such Mortgage
          Loan
          was liquidated, the servicing receipt shall be released by the Purchaser
          to the
          Company.

        

        Section
          6.03 Servicing
          Compensation.

        

        As
          compensation for its services hereunder, the Company shall be entitled
          to
          withdraw from the Custodial Account (to the extent of interest payments
          collected on the Mortgage Loans) or to retain from interest payments collected
          on the Mortgage Loans, the amounts provided for as the Company's Servicing
          Fee,
          subject to payment of compensating interest on Principal Prepayments as
          capped
          by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
          compensation in the form of assumption fees, as provided in Section 6.01,
          and
          late payment charges or otherwise shall be retained by the Company to the
          extent
          not required to be deposited in the Custodial Account. No Servicing Fee
          shall be
          payable in connection with partial Monthly Payments. 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 therefor
          except
          as specifically provided for.

        

        Section
          6.04 Annual
          Statement as to Compliance.

        

        The
          Company will deliver to the Purchaser not later than 90 days following
          the end
          of each fiscal year of the Company beginning in March 2004, an Officers'
          Certificate stating, as to each signatory thereof, 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 officers' supervision, and
          (ii) to
          the best of such officers' 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 officers and the nature and
          status of
          cure provisions thereof. Copies of such statement shall be provided by
          the
          Company to the Purchaser upon request.

        

        Section
          6.05 Annual
          Independent Certified Public Accountants' Servicing Report.

        

        Within
          ninety (90) days of Company's fiscal year end beginning in March 2004,
          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 Purchaser to the effect that such firm has examined
          certain documents and records relating to the Company's servicing of mortgage
          loans of the same type as the Mortgage Loans pursuant to servicing agreements
          substantially similar to this Agreement, which agreements may include this
          Agreement, and that, on the basis of such an examination, conducted
          substantially in the uniform single audit program for mortgage bankers,
          such
          firm is of the opinion that the Company's servicing has been conducted
          in
          compliance with the agreements examined pursuant to this Section 6.05,
          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. Copies of
          such
          statement shall be provided by the Company to the Purchaser. In addition,
          on an
          annual basis, Company shall provided Purchaser with copies of its audited
          financial statements. 

        

        Section
          6.06 Purchaser's
          Right to Examine Company Records.

        

        The
          Purchaser shall have the right to examine and audit upon reasonable notice
          to
          the Company, 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 Company, or held by another for the Company
          or on
          its behalf or otherwise, which relates to the performance or observance
          by the
          Company of the terms, covenants or conditions of this Agreement.

        

        The
          Company shall provide to the Purchaser and any supervisory agents or examiners
          representing a state or federal governmental agency having jurisdiction
          over the
          Purchaser, including but not limited to OTS, FDIC and other similar entities,
          access to any documentation regarding the Mortgage Loans in the possession
          of
          the Company 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 Company, and in accordance with
          the
          FDIC, OTS, or any other similar federal or state regulations, as
          applicable.

        

        ARTICLE
          VII

        

        REPORTS
          TO BE PREPARED BY SERVICER

        

        Section
          7.01 Company
          Shall Provide Information as Reasonably Required.

        

        The
          Company shall furnish to the Purchaser during the term of this Agreement,
          such
          periodic, special or other reports, information or documentation, whether
          or not
          provided for herein, as shall be necessary, reasonable or appropriate in
          respect
          to the Purchaser, or otherwise in respect to the Mortgage Loans and the
          performance of the Company under this Agreement, including any reports,
          information or documentation reasonably required to comply with any regulations
          regarding any supervisory agents or examiners of the Purchaser all such
          reports
          or information to be as provided by and in accordance with such applicable
          instructions and directions as the Purchaser may reasonably request in
          relation
          to this Agreement or the performance of the Company under this Agreement.
          The
          Company agrees to execute and deliver all such instruments and take all
          such
          action as the Purchaser, from time to time, may reasonably request in order
          to
          effectuate the purpose and to carry out the terms of this
          Agreement.

        

        In
          connection with marketing the Mortgage Loans, the Purchaser may make available
          to a prospective purchaser audited financial statements of the Company
          for the
          most recently completed two (2) fiscal years for which such statements
          are
          available, as well as a Consolidated Statement of Condition at the end
          of the
          last two (2) fiscal years covered by any Consolidated Statement of Operations.
          If it has not already done so, the Company shall furnish promptly to the
          Purchaser or a prospective purchaser copies of the statements specified
          above.

        

        The
          Company shall make reasonably available to the Purchaser or any prospective
          Purchaser a knowledgeable financial or accounting officer for the purpose
          of
          answering questions and to permit any prospective purchaser to inspect
          the
          Company’s servicing facilities for the purpose of satisfying such prospective
          purchaser that the Company has the ability to service the Mortgage Loans
          as
          provided in this Agreement.

        

        ARTICLE
          VIII

        

        THE
          SERVICER

        

        Section
          8.01 Indemnification;
          Third Party Claims.

        

        The
          Company agrees to indemnify the Purchaser and hold it harmless 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 to the failure of the Company
          to
          observe and perform its duties, obligations, covenants, and agreements
          to
          service the Mortgage Loans in strict compliance with the terms of this
          Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
          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 from any claim, demand, defense
          or
          assertion based on or grounded upon, or resulting from any assertion based
          on,
          grounded upon or resulting from a breach or alleged breach of any of the
          representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
          The Company shall immediately notify the Purchaser if a claim is made by
          a third
          party against Company with respect to this Agreement or the Mortgage Loans,
          assume (with the consent of the Purchaser) the defense of any such claim
          and pay
          all expenses in connection therewith, including counsel fees, whether or
          not
          such claim is settled prior to judgment, and promptly pay, discharge and
          satisfy
          any judgment or decree 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
          shall
          promptly reimburse the Company for all amounts advanced by it pursuant
          to the
          two preceding sentences except when the claim relates to the failure of
          the
          Company to service and administer the Mortgages in strict compliance with
          the
          terms of this Agreement, the breach of representation or warranty set forth
          in
          Sections 3.01 or 3.02, or the negligence, bad faith or willful misconduct
          of
          Company. The provisions of this Section 8.01 shall survive termination
          of this
          Agreement.

        

        Section
          8.02 Merger
          or Consolidation of the Company.

        

        The
          Company 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 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
          whether or not related to loan servicing, 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 GAAP net worth of not less than $25,000,000,
          (ii)
          the deposits of which are insured by the FDIC, SAIF and/or BIF, and which
          is a
          HUD-approved mortgagee whose primary business is in origination and servicing
          of
          first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
          seller/servicer in good standing.

        

        Section
          8.03 Limitation
          on Liability of the Company and Others.

        

        Neither
          the Company nor any of the 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 made in good faith; 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 negligence, bad
          faith or
          willful misconduct, or any breach of the terms and conditions of this Agreement.
          The Company and any 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
          the Purchaser 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 reasonable opinion may involve it in any
          expenses 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 reasonable legal expenses and costs of such
          action
          and any liability resulting therefrom shall be expenses, costs and liabilities
          for which the Purchaser will be liable, and the Company shall be entitled
          to be
          reimbursed therefor from the Purchaser upon written demand.

        

        Section
          8.04 Company
          Not to Assign or Resign.

        

        The
          Company shall not assign this Agreement or 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 11.01.

        

        Section
          8.05 No
          Transfer of Servicing.

        

        With
          respect to the retention of the Company to service the Mortgage Loans hereunder,
          the Company acknowledges that the Purchaser has acted in reliance upon
          the
          Company'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 Company 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 Purchaser,
          which
          consent shall be granted or withheld in the Purchaser's sole
          discretion.

        

        Without
          in any way limiting the generality of this Section 8.05, 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 without
          (i)
          satisfying the requirements set forth herein or (ii) the prior written
          consent
          of the Purchaser, then the Purchaser shall have the right to terminate
          this
          Agreement, without any payment of any penalty or damages and without any
          liability whatsoever to the Company (other than with respect to accrued
          but
          unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
          party. 

         

        

        ARTICLE
          IX

        

        DEFAULT

        

        Section
          9.01 Events
          of Default.

        

        In
          case
          one or more of the following Events of Default by the Company shall occur
          and be
          continuing, that is to say:

        

        (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 one
          (1) Business Day; or

        

        (ii)
          failure on the part of 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 thirty
          (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)
          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, marshalling 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 sixty
          days; or

        

        (iv)
          the
          Company shall consent to the appointment of a conservator or receiver or
          liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling
          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

        

        (v)
          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
          or
          reorganization statute, make an assignment for the benefit of its creditors,
          or
          voluntarily suspend payment of its obligations; or

        

        (vi)
          Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
          loan
          seller or servicer for more than thirty days; or

        

        (vii)
          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; or

        

        (viii)
          the Company ceases to be (a) licensed to service first lien residential
          mortgage
          loans in any jurisdiction in which a Mortgaged Property is located and
          such
          licensing is required, and (b) 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 Company's ability
          to
          perform its obligations hereunder; or

        

        (ix)
          the
          Company fails to meet the eligibility criteria set forth in the last sentence
          of
          Section 8.02.

        

        Then,
          and
          in each and every such case, so long as an Event of Default shall not have
          been
          remedied, the Purchaser, by notice in writing to the Company (except in
          the case
          of an Event of Default under clauses (iii), (iv) or (v) above, in which
          case,
          automatically and without notice) Company may, in addition to whatever
          rights
          the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
          or to
          damages, including injunctive relief and specific performance, terminate
          all the
          rights and obligations of the Company under this Agreement and in and to
          the
          Mortgage Loans and the proceeds thereof without compensating the Company
          for the
          same. On or after the receipt by the Company of such written notice (or,
          in the
          case of an Event of Default under clauses (iii), (iv) or (v) above, in
          which
          case, automatically and without 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
          11.01. Upon written request from the Purchaser, the Company shall prepare,
          execute and deliver, any and all documents and other instruments, place
          in such
          successor's possession all Mortgage 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 Company's
          sole
          expense. The Company agrees to 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 or any REO Property.

        

        Section
          9.02 Waiver
          of Defaults.

        

        The
          Purchaser may waive only by written notice any default by the Company 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 Company shall terminate
          upon:
          (i) the later of the final payment or other liquidation (or any advance
          with
          respect thereto) of the last Mortgage Loan and the disposition of all remaining
          REO Property and the remittance of all funds due hereunder; or (ii) by
          mutual
          consent of the Company and the Purchaser in writing; or (iii) termination
          with
          cause under the terms of this Agreement.

        

        Section
          10.02 Termination
          Without Cause.

        

        The
          Purchaser may, at its sole option, terminate any rights the Company may
          have
          hereunder, without cause, upon no less than 90 days written notice. Any
          such
          notice of termination shall be in writing and delivered to the Company
          as
          provided in Section 11.05 of this Agreement. 

         

        ARTICLE
          XI

        

        MISCELLANEOUS
          PROVISIONS

        

        Section
          11.01 Successor
          to the Company.

        

        Prior
          to
          termination of Company's responsibilities and duties under this Agreement
          pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), 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 Section 8.02 hereof 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 the
          Purchaser 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 Company 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 Company of the representations and warranties made pursuant
          to
          Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
          thereunder and under Section 8.01, it being understood and agreed that
          the
          provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
          to the
          Company notwithstanding any such 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,
          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 this Agreement pursuant to Section 4.13,
          8.04,
          9.01 or 10.01 shall not affect any claims that the Purchaser may have against
          the Company arising prior to any such termination or resignation.

        

        The
          Company shall promptly deliver to the successor the funds in the Custodial
          Account and the Escrow Account and the Mortgage Files and related documents
          and
          statements held by it hereunder and the Company shall account for all funds.
          The
          Company 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 Company. The successor shall make arrangements as it
          may deem
          appropriate to reimburse the Company for unrecovered Servicing Advances
          which
          the successor retains hereunder and which would otherwise have been recovered
          by
          the Company pursuant to this Agreement but for the appointment of the successor
          servicer.

        

        Upon
          a
          successor's acceptance of appointment as such, the Company shall notify
          by mail
          the Purchaser of such appointment.

        

        Section
          11.02 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
          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 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 Company at the Company's
          expense on direction of the Purchaser accompanied by an opinion of counsel
          to
          the effect that such recordation materially and beneficially affects the
          interest of the Purchaser or is necessary for the administration or servicing
          of
          the Mortgage Loans.

        

        Section
          11.04 Governing
          Law.

        

        This
          Agreement and the related Term Sheet shall be governed by and construed
          in
          accordance with the laws of the State of New York except to the extent
          preempted
          by Federal law. 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 certified mail, return receipt requested, or transmitted by
          telex,
          telegraph or telecopier and confirmed by a similar mailed writing, as
          follows:

        

        (i)          
           if
          to the
          Company:

         

        GreenPoint
          Mortgage Funding, Inc. 

        100
          Wood
          Hollow Drive

        Novato,
          California 94945

        Attention:
          Susan Davia

        Telecopier
          No: (415) 878-4369

        

        (ii)          
          if to the Purchaser:

         

        EMC
          Mortgage Corporation 

        Mac
          Arthur Ridge II, 

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          Texas 75038

        Attention:
          Ms. Ralene Ruyle

        Telecopier
          No.: (972) 444-2810

        

        With
          a
          copy to:

        

        Bear
          Stearns Mortgage Capital Corporation

        383
          Madison Avenue

        New
          York,
          New York 10179

        Attention:
          Mary Haggerty

        

        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 addressee
          (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 and the related
          Term
          Sheet 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 that 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; 

        

        (vi)
           the
          term
          "include" or "including" shall mean without limitation by reason of enumeration;
          and

        

        (viii)
           headings
          of the Articles and Sections in this Agreement are for reference purposes
          only
          and shall not be deemed to have any substantive effect.

        

        Section
          11.09 Reproduction
          of Documents.

        

        This
          Agreement and all documents relating thereto, 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. 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 the Agreement,
          provided
          that each party may provide confidential information to its employees,
          agents
          and affiliates who have a need to know such information in order to effectuate
          the transaction, provided further that such information is identified as
          confidential non-public information. In addition, confidential information
          may
          be provided to a regulatory authority with supervisory power over Purchaser,
          provided such information is identified as confidential non-public
          information.

        

        Notwithstanding
          other provisions of this Section 16.14 or any other express or implied
          agreement, arrangement, or understanding to the contrary, the Company and
          Purchaser (the “Parties”) agree that the Parties (and their employees,
          representatives and other agents) may disclose to any and all persons,
          without
          limitation of any kind from the commencement of discussions, the purported
          or
          claimed U.S. federal income tax treatment of the purchase of the Mortgage
          Loans
          and related transactions covered by this letter agreement (“tax treatment”) and
          any fact that may be relevant to understanding the tax treatment (“tax
          structure”) and all materials of any kind (including opinions or other tax
          analyses) that are provided to the Parties relating to such tax treatment
          and
          tax structure, except where confidentiality is reasonably necessary to
          comply
          with securities laws.

        

        Section
          11.11 Recordation
          of Assignments of Mortgage.

        

        To
          the
          extent permitted by applicable law, each of the Assignments 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 by and at the Company’s
          expense in the event recordation is either necessary under applicable law
          or
          requested by the Purchaser at its sole option.

        

        Section
          11.12 Assignment.

        

        The
          Purchaser shall have the right, without the consent of the Company, 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 D hereto and the assignee or designee
          shall
          accede to the rights and obligations hereunder of the Purchaser with respect
          to
          such Mortgage Loans. In no event shall Purchaser sell a partial interest
          in any
          Mortgage Loan without the written consent of Company, which consent shall
          not be
          unreasonably denied. All references to the Purchaser in this Agreement
          shall be
          deemed to include its assignee or designee. The Company shall have the
          right,
          only with the consent of the Purchaser or otherwise in accordance with
          this
          Agreement, to assign, in whole or in part, its interest under this Agreement
          with respect to some or all of the Mortgage Loans.

        

        Section
          11.13 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 Company
          shall
          be rendered as an independent contractor and not as agent for
          Purchaser.

        

        Section
          11.14 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 this Agreement shall inure to the benefit
          of
          and be binding upon the Company and the Purchaser and their respective
          successors and assigns.

        

        Section
          11.15 Entire
          Agreement.

        

        The
          Company acknowledges that no representations, agreements or promises were
          made
          to the Company by the Purchaser or any of its employees other than those
          representations, agreements or promises specifically contained herein and
          in the
          Confirmation. The Confirmation and this Agreement and the related Term
          Sheet
          sets forth the entire understanding between the parties hereto; provided,
          however, only this Agreement and the related Term Sheet shall be binding
          upon
          all successors of both parties. In the event of any inconsistency between
          the
          Confirmation and this Agreement, this Agreement and the related Term Sheet
          shall
          control.

        

        Section
          11.16. No
          Solicitation.

        

        From
          and
          after the Closing Date, the Company agrees that it will not take any action
          or
          permit or cause any action to be taken by any of its agents or affiliates,
          to
          personally, by telephone or mail, solicit the borrower or obligor under
          any
          Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
          the
          prior written consent of the Purchaser. Notwithstanding the foregoing,
          it is
          understood and agreed that (i) promotions undertaken by the Company or
          any
          affiliate of the Company which are directed to the general public at large,
          or
          segments thereof, provided that no segment shall consist primarily of the
          Mortgage Loans, including, without limitation, mass mailing based on
          commercially acquired mailing lists, newspaper, radio and television
          advertisements and (ii) responses to unsolicited requests or inquiries
          made by a
          Mortgagor or an agent of a Mortgagor, shall not constitute solicitation
          under
          this Section 11.16. This Section 11.16 shall not be deemed to preclude
          the
          Company or any of its affiliates from soliciting any Mortgagor for any
          other
          financial products or services. The Company shall use its best efforts
          to
          prevent the sale of the name of any Mortgagor to any Person who is not
          affiliate
          of the Company.

        

        Section
          11.17. Closing.

        

        The
          closing for the purchase and sale of the Mortgage Loans shall take place
          on the
          related Closing Date. The closing shall be either: by telephone, confirmed
          by
          letter or wire as the parties shall agree, or conducted in person, at such
          place
          as the parties shall agree.

        

        The
          closing for the Mortgage Loans to be purchased on the related Closing Date
          shall
          be subject to each of the following conditions:

        

        (a) at
          least
          one (1) Business Day prior to the related Closing Date, the Company shall
          deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
          on
          a loan-level basis of the information contained in the related Mortgage
          Loan
          Schedule attached to the related Term Sheet;

        

        (b) all
          of
          the representations and warranties of the Company under this Agreement
          shall be
          materially true and correct as of the related Closing Date and no event
          shall
          have occurred which, with notice or the passage of time, would constitute
          a
          material default under this Agreement;

        

        (c) the
          Purchaser shall have received, or the Purchaser's attorneys shall have
          received
          in escrow, all documents required pursuant to this Agreement, the related
          Term
          Sheet, an opinion of counsel and an officer's certificate, all in such
          forms as
          are agreed upon and acceptable to the Purchaser, duly executed by all
          signatories other than the Purchaser as required pursuant to the terms
          hereof;

        

        (d) the
          Company shall have delivered and released to the Purchaser (or its designee)
          on
          or prior to the related Closing Date all documents required pursuant to
          the
          terms of this Agreement and the related Term Sheet; and

        

        (e) all
          other
          terms and conditions of this Agreement, the related Term Sheet and the
          Confirmation shall have been materially complied with.

        

        Subject
          to the foregoing conditions, the Purchaser shall pay to the Company on
          the
          related Closing Date the Purchase Price, plus accrued interest pursuant
          to
          Section 2.02 of this Agreement, by wire transfer of immediately available
          funds
          to the account designated by the Company.

        

        Section
          11.18. Cooperation
          of Company with a Reconstitution.

        

        The
          Company and the Purchaser 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 Purchaser's sole option, the Purchaser 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 (each, a "Pass-Through Transfer").

        

        The
          Company agrees to execute in connection with any agreements among the Purchaser,
          the Company, and any servicer in connection with a Whole Loan Transfer,
          an
          Assignment, Assumption and Recognition Agreement substantially in the form
          of
          Exhibit D hereto, or, at Purchaser’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, (collectively
          the
          agreements referred to herein are designated, the "Reconstitution Agreements").
          It is understood that any such Reconstitution Agreements will not contain
          any
          greater obligations on the part of Company than are contained in this
          Agreement.

        

        With
          respect to each Whole Loan Transfer and each Pass-Through Transfer entered
          into
          by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
          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 Purchaser; (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"); and
          (4) to
          provide customary indemnification to the Purchaser and/or its affiliates
          for any
          losses, claims, damages, and liabilities arising out of or based upon
          information the Company provided or caused to be provided in connection
          with a
          Pass-Through Transfer. In that connection, the Company shall provide to
          such
          servicer or issuer, as the case may be, and any other participants in such
          Reconstitution: (i) any and all information (including servicing portfolio
          information) and appropriate verification of information (including servicing
          portfolio information) which may be reasonably available to the Company,
          whether
          through letters of its auditors and counsel or otherwise, as the Purchaser
          or
          any such other participant shall request upon reasonable demand; and (ii)
          such
          additional representations, warranties, covenants, opinions of counsel,
          letters
          from auditors, and certificates of public officials or officers of the
          Company
          as are reasonably agreed upon by the Company and the Purchaser or any such
          other
          participant. In connection with each Pass-Through Transfer, the Company
          agrees
          to provide reasonable and customary indemnification to the Purchaser and
          its
          affilates for disclosure contained in any offering document relating to
          the
          Company or its affilates, the Mortgage Loans and the underwriting standards
          of
          the Mortgage Loans. The Purchaser shall be responsible for the costs relating
          to
          the delivery of such information. 

         

        All
          Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
          remain
          subject to, and serviced in accordance with the terms of, this Agreement
          and the
          related Term Sheet, and with respect thereto this Agreement and the related
          Term
          Sheet shall remain in full force and effect.

        

        Section
          11.19. Reporting
          with Respect to a Reconstitution.

        

        The
          Company agrees that with respect to any Mortgage Loan sold or transferred
          pursuant to a Reconstitution as described in Section 11.18 of this Agreement
          (a
“Reconstituted Mortgage Loan”), the Company, at its expense, shall provide the
          Purchaser with the information set forth in Exhibit J attached hereto for
          each
          Reconstituted Mortgage Loan in such electronic format as may be mutually
          agreed
          upon by both Purchaser and 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
	 	
                  Purchaser

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 
	 	
                
	 	 

        

         

        
          	 	 	 
	 	GREENPOINT
                  MORTGAGE FUNDING, INC.
	 	
                  Company

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 
	 	
                
	 	 

        

         

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          A

        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,
          and
          which shall be retained by the Company in the Servicing File or delivered
          to the
          Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
          Warranties and Servicing Agreement.

        

        1.
          The
          original Mortgage Note endorsed "Pay to the order of
          ____________________________________________________, without recourse,"
          and
          signed via original signature in the name of the Company by an authorized
          officer, with all intervening endorsements showing a complete chain of
          title
          from the originator to the Company, together with any applicable riders.
          In no
          event may an endorsement be a facsimile endorsement. If the Mortgage Loan
          was
          acquired by the Company in a merger, the endorsement must be by "[Company],
          successor by merger to the [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 "[Company] formerly known as [previous name]".
          Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
          acceptability. 

        

        2.
          The
          original Mortgage (together with a standard adjustable rate mortgage rider)
          with
          evidence of recording thereon, or a copy thereof certified by the public
          recording office in which such mortgage has been recorded or, if the original
          Mortgage has not been returned from the applicable public recording office,
          a
          true certified copy, certified by the Company.

        

        3.
          The
          original or certified copy, certified by the Company, of the Primary Mortgage
          Insurance Policy, if required.

        

        4. The
          original Assignment, from the Company to _____________________________________,
          or in accordance with Purchaser's instructions, which assignment shall,
          but for
          any blanks requested by Purchaser, be in form and substance acceptable
          for
          recording. If the Mortgage Loan was acquired or originated by the Company
          while
          doing business under another name, the Assignment must be by "[Company]
          formerly
          known as [previous name]". If the Mortgage Loan was acquired by the Company
          in a
          merger, the endorsement must be by "[Company], successor by merger to the
          [name
          of predecessor]". None of the Assignments are blanket assignments of
          mortgage.

        

        5. The
          original policy of title insurance, including riders and endorsements thereto,
          or if the policy has not yet been issued, a written commitment or interim
          binder
          or preliminary report of title issued by the title insurance or escrow
          company.

        

        6. Originals
          of all recorded intervening Assignments, or copies thereof, certified by
          the
          public recording office in which such Assignments have been recorded showing
          a
          complete chain of title from the originator to the Company, with evidence
          of
          recording thereon, or a copy thereof certified by the public recording
          office in
          which such Assignment has been recorded or, if the original Assignment
          has not
          been returned from the applicable public recording office, a true certified
          copy, certified by the Company.

        

        7. Originals,
          or copies thereof certified by the public recording office in which such
          documents have been recorded, of each assumption, extension, modification,
          written assurance or substitution agreements, if applicable, or if the
          original
          of such document has not been returned from the applicable public recording
          office, a true certified copy, certified by the Company. 

        

        8. If
          the
          Mortgage Note or Mortgage or any other material document or instrument
          relating
          to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
          the
          original or copy of power of attorney or other instrument that authorized
          and
          empowered such person to sign bearing evidence that such instrument has
          been
          recorded, if so required in the appropriate jurisdiction where the Mortgaged
          Property is located, or a copy thereof certified by the public recording
          office
          in which such instrument has been recorded or, if the original instrument
          has
          not been returned from the applicable public recording office, a true certified
          copy, certified by the Company.

        

        9. reserved.

        

        10. Mortgage
          Loan closing statement (Form HUD-1) and any other truth-in-lending or real
          estate settlement procedure forms required by law.

        

        11.
          Residential loan application.

        

        12. Uniform
          underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
          equivalent.

        

        13. Credit
          report on the mortgagor.

        

        14. Business
          credit report, if applicable.

        

        15. Residential
          appraisal report and attachments thereto.

        

        16. The
          original of any guarantee executed in connection with the Mortgage
          Note.

        

        17. Verification
          of employment and income except for Mortgage Loans originated under a limited
          documentation program, all in accordance with Company's underwriting
          guidelines.

        

        18. Verification
          of acceptable evidence of source and amount of down payment, in accordance
          with
          Company's underwriting guidelines.

        

        19. Photograph
          of the Mortgaged Property (may be part of appraisal).

        

        20. Survey
          of
          the Mortgaged Property, if any.

        

        21. Sales
          contract, if applicable.

        

        22. If
          available, termite report, structural engineer’s report, water portability and
          septic certification.

        

        23. Any
          original security agreement, chattel mortgage or equivalent executed in
          connection with the Mortgage.

        

        24. Name
          affidavit, if applicable.

        

        Notwithstanding
          anything to the contrary herein, Company may provide one certificate for
          all of
          the Mortgage Loans indicating that the documents were delivered for
          recording.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B

        

        CUSTODIAL
          ACCOUNT LETTER AGREEMENT

        

        ______________,
          2003

        

        To: [_______________________]
          

        (the
          "Depository")

        

        As
          "Company" under the Purchase, Warranties and Servicing Agreement, dated
          as of
          [_____________________] 1, 200[_] (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
          "[______________________________________], in trust for the [Purchaser],
          Owner
          of Adjustable Rate Mortgage Loans". All deposits in the account shall be
          subject
          to withdrawal therefrom by order signed by the Company. 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
          insured up to applicable limits by the Federal Deposit Insurance Corporation
          through the Bank Insurance Fund or the Savings Association Insurance Fund
          or
          will be invested in Permitted Investments as defined in the
          Agreement.

        

        [___________________________]

        By:____________________________

        Name:__________________________

        Title:_________________________

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          C

        

        ESCROW
          ACCOUNT LETTER AGREEMENT

        _____________,
          2003

        

        To: [_______________________]

        (the
          "Depository")

        

        As
          “Company” under the Purchase Warranties and Servicing Agreement, dated as of
          [____________________]1, 200[_] (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 "[__________________________],
          in
          trust for the [Purchaser], Owner of Adjustable Rate Mortgage Loans, and
          various
          Mortgagors." All deposits in the account shall be subject to withdrawal
          therefrom by order signed by the Company. 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
          insured up to applicable limits by the Federal Deposit Insurance Corporation
          through the Bank Insurance Fund or the Savings Association Insurance Fund
          or
          will be invested in Permitted Investments as defined in the
          Agreement.

        

        [______________________]

        

        By:______________________________

        Name:____________________________

        Title:___________________________

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          D

        

        FORM
          OF
          ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

        

        This
          is a
          Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
          Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
          (the “Company”).

        

        In
          consideration of the mutual promises contained herein the parties hereto
          agree
          that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
          1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company
          for
          Assignor and its successors and assigns pursuant to the Purchase, Warranties
          and
          Servicing Agreement, dated as of _________, 200__, between Assignor and
          Company
          (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
          Capitalized terms used herein but not defined shall have the meanings ascribed
          to them in the Purchase Agreement.

        

        Purchase,
          Assignment and Assumption

        

        1. Assignor
          hereby grants, transfers and assigns to Assignee all of the right, title
          and
          interest of Assignor in the Assigned Loans and, as they relate to the Assigned
          Loans, all of its right, title and interest in, to and under the Purchase
          Agreement.

        

        2. Simultaneously
          with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
          Amount” as set forth in that certain letter agreement, dated as of _________
          ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
          its expense, shall have caused to be delivered to Assignee or its designee
          the
          Mortgage File for each Assigned Loan in Assignor's or its custodian's
          possession, as set forth in the Purchase Agreement, along with, for each
          Assigned Loan, an endorsement of the Mortgage Note from the Company, in
          blank,
          and an assignment of mortgage in recordable form from the Company, in blank.
          Assignee shall pay the Funding Amount by wire transfer of immediately available
          funds to the account specified by Assignor. Assignee shall be entitled
          to all
          scheduled payments due on the Assigned Loans after ___________, 200__ and
          all
          unscheduled payments or other proceeds or other recoveries on the Assigned
          Loans
          received on and after _____________, 200__.

        

        Representations,
          Warranties and Covenants

        

        3. Assignor
          warrants and represents to Assignee and Company as of the date
          hereof:

        

        (a) Attached
          hereto as Attachment 2 is a true and accurate copy of the Purchase 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) Assignor
          is 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 Purchase Agreement as 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 Assignee as contemplated herein, Assignee shall have good title to each
          and
          every Assigned Loan, as well as any and all of Assignee’s interests, rights and
          obligations under the Purchase 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 Company with respect
          to
          the Assigned Loans or the Purchase Agreement;

         

        (d) Assignor
          has no knowledge of, and has not received notice of, any waivers under,
          or any
          modification of, any Assigned Loan;

        

        (e) 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) Assignor
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this PAAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          PAAR
          Agreement is in the ordinary course of Assignor’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignor’s charter or by-laws or any legal restriction, or any material
          agreement or instrument to which 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 Assignor or its property is subject. The execution,
          delivery
          and performance by Assignor of this PAAR Agreement and the consummation
          by it of
          the transactions contemplated hereby, have been duly authorized by all
          necessary
          corporate action on part of Assignor. This PAAR Agreement has been duly
          executed
          and delivered by Assignor and, upon the due authorization, execution and
          delivery by Assignee and Company, will constitute the valid and legally
          binding
          obligation of Assignor enforceable against 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
          Assignor in connection with the execution, delivery or performance by Assignor
          of this PAAR Agreement, or the consummation by it of the transactions
          contemplated hereby; and

        

        (h)  Neither
          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.

         

        4. Assignee
          warrants and represents to, and covenants with, Assignor and Company as
          of the
          date hereof:

         

        (a) 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
          acquire, own and purchase the Assigned Loans;

        

        (b) Assignee
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this PAAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          PAAR
          Agreement is in the ordinary course of Assignee’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignee’s charter or by-laws or any legal restriction, or any material
          agreement or instrument to which 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 Assignee or its property is subject. The execution,
          delivery
          and performance by Assignee of this PAAR Agreement and the consummation
          by it of
          the transactions contemplated hereby, have been duly authorized by all
          necessary
          corporate action on part of Assignee. This PAAR Agreement has been duly
          executed
          and delivered by Assignee and, upon the due authorization, execution and
          delivery by Assignor and Company, will constitute the valid and legally
          binding
          obligation of Assignee enforceable against 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
          Assignee in connection with the execution, delivery or performance by Assignee
          of this PAAR Agreement, or the consummation by it of the transactions
          contemplated hereby; and 

        

        (d) Assignee
          agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
          of the Purchase Agreement with respect to the Assigned Loans, and from
          and after
          the date hereof, Assignee assumes for the benefit of each of Assignor and
          Company all of Assignor's obligations as “Purchaser” thereunder but solely with
          respect to such Assigned Loans.

         

        5. Company
          warrants and represents to, and covenant with, Assignor and Assignee as
          of the
          date hereof:

        

        (a)
           Attached
          hereto as Attachment 2 is a true and accurate copy of the Purchase 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)
           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
          Purchase Agreement;

        

        
          (c) 
            Company
            has full corporate power and authority to execute, deliver and perform
            its
            obligations under this PAAR Agreement, and to consummate the transactions
            set
            forth herein. The consummation of the transactions contemplated by this
            PAAR
            Agreement is in the ordinary course of Company’s business and will not conflict
            with, or result in a breach of, any of the terms, conditions or provisions
            of
            Company’s charter or by-laws or any legal restriction, or any material agreement
            or instrument to which 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 Company or its property is subject. The execution, delivery and
            performance by Company of this PAAR Agreement and the consummation by
            it of the
            transactions contemplated hereby, have been duly authorized by all necessary
            corporate action on part of Company. This PAAR Agreement has been duly
            executed
            and delivered by Company, and, upon the due authorization, execution
            and
            delivery by Assignor and Assignee, will constitute the valid and legally
            binding
            obligation of Company, enforceable against 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
            Assignee in connection with the execution, delivery or performance by
            Company of
            this PAAR Agreement, or the consummation by it of the transactions contemplated
            hereby; and

        

        

        
          (e) 
            No
            event
            has occurred
            from the
            Closing Date to the date hereof which would render the representations
            and
            warranties as to the related Assigned Loans made by the Company in Sections
            3.01
            and 3.02 of the Purchase Agreement to be untrue in any material
            respect.

        

        

        
          (f) 
            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.

        

        

        Recognition
          of Assignee

        

        6. From
          and
          after the date hereof, Company shall recognize Assignee as owner of the
          Assigned
          Loans and will service the Assigned Loans in accordance with the Purchase
          Agreement. It is the intention of Assignor, Company and Assignee that this
          PAAR
          Agreement shall be binding upon and for the benefit of the respective successors
          and assigns of the parties hereto. Neither Company nor Assignor shall amend
          or
          agree to amend, modify, waiver, or otherwise alter any of the terms or
          provisions of the Purchase Agreement which amendment, modification, waiver
          or
          other alteration would in any way affect the Assigned Loans without the
          prior
          written consent of Assignee.

        

         

        Miscellaneous

        

        7. All
          demands, notices and communications related to the Assigned Loans, the
          Purchase
          Agreement and this PAAR 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 Company,

        

        ____________________

        ____________________

        ____________________

        ____________________

        ____________________

         

        With
          a
          copy to ______________________________________.

        

        
          (b)     
             In
            the
            case of Assignor,

        

        

        ____________________

        ____________________

        ____________________

        ____________________

        ____________________ 

        

        (c)    
           In
          the
          case of Assignee,

        

        EMC
          Mortgage Corporation 

        Mac
          Arthur Ridge II 

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          Texas 75038

        Attention:
          Raylene Ruyle

        Telecopier
          No.: (972) 444-2810

        

        with
          a
          copy to:

        

        ___________________

        383
          Madison Avenue

        New
          York,
          New York 10179

        Attention:
          ___________

        Telecopier
          No.: (212) 272-____

        

        8. Each
          party will pay any commissions it has incurred and the fees of its attorneys
          in
          connection with the negotiations for, documenting of and closing of the
          transactions contemplated by this PAAR Agreement. 

        

        9. This
          PAAR
          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.

        

        10. No
          term
          or provision of this PAAR 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.

        

        11. This
          PAAR
          Agreement shall inure to the benefit of the successors and assigns of the
          parties hereto. Any entity into which Assignor, Assignee or Company may
          be
          merged or consolidated shall, without the requirement for any further writing,
          be deemed Assignor, Assignee or Company, respectively, hereunder.

        

        12. This
          PAAR
          Agreement shall survive the conveyance of the Assigned Loans, the assignment
          of
          the Purchase Agreement to the extent of the Assigned Loans by Assignor
          to
          Assignee and the termination of the Purchase Agreement.

        

        13. This
          PAAR
          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.

        

        14. In
          the
          event that any provision of this PAAR Agreement conflicts with any provision
          of
          the Purchase Agreement with respect to the Assigned Loans, the terms of
          this
          PAAR Agreement shall control. In the event that any provision of this PAAR
          Agreement conflicts with any provision of the Confirmation with respect
          to the
          Assigned Loans, the terms of this PAAR Agreement shall control.

        

        

        [Modification
          of Purchase Agreement

        

        
          15.
            The
            Company and Assignor hereby amend the Purchase Agreement as
            follows:

        

        

        (a) The
          following definitions are added to Section 1.01 of the Purchase
          Agreement:

        

        Securities
          Administrator: ________________________

        

        Supplemental
          PMI Insurer: ________________________

        

        Supplemental
          PMI Policy: The
          primary guarantee insurance policy of the Supplemental PMI Insurer attached
          hereto as Exhibit J, or any successor Supplemental PMI Policy given to
          the
          Servicer by the Assignee.

        

        Trustee:
           ________________________

        

        (b) The
          following definition is amended and restated:

        

        Insurance
          Proceeds: Proceeds
          of any Primary Mortgage Insurance Policy, the Supplemental PMI Policy,
          any title
          policy, any hazard insurance policy or any other insurance policy covering
          a
          Mortgage Loan or other related Mortgaged Property, including any amounts
          required to be deposited in the Custodial Account pursuant to Section 4.04,
          to
          the extent such proceeds are not to be applied to the restoration of the
          related
          Mortgaged Property or released to the Mortgagor in accordance with Accepted
          Servicing Practices.

        

        (c) The
          following are added as the fourth, fifth and sixth paragraphs of Section
          4.08:

        

        “In
          connection with its activities as servicer, the Company agrees to prepare
          and
          present, on behalf of itself and the Purchaser, claims to the Supplemental
          PMI
          Insurer with respect to the Supplemental PMI Policy and, in this regard,
          to take
          such action as shall be necessary to permit recovery under any Supplemental
          PMI
          Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04,
          any
          amounts collected by the Company under any Supplemental PMI Policy shall
          be
          deposited in the Custodial Account, subject to withdrawal pursuant to Section
          4.05.

        

        In
          accordance with the Supplemental PMI Policy, the Company shall provide
          to the
          Supplemental PMI Insurer any required information regarding the Mortgage
          Loans.

        

        The
          Company shall provide to the [Securities Administrator] on a monthly basis
          via
          computer tape, or other mutually acceptable format, the unpaid principal
          balance, insurer certificate number, lender loan number, and premium due
          the
          Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
          PMI
          Policy. In addition, the Company agrees to forward to the Purchaser and
          the
          [Securities Administrator] any statements or other reports given by the
          Supplemental PMI Insurer to the Servicer in connection with a claim under
          the
          Supplemental PMI Policy.”

        

        (d) Clause
          (vi) of Section 6.1 is amended to read as follows:

        

        “Company
          ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan
          seller or
          servicer for more than thirty days, or the Company fails to meet the servicer
          eligibility requirements of the Supplemental PMI Insurer; or”]

        

        (e) Section
          ____ 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, 200__, an Officers' 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 officers'
          supervision, (ii) the Company has fully complied with the provisions of
          this
          Agreement and (iii) to the best of such officers' 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.

        

        (f) Section
          ____ Annual Certification. 

        

        (a)
          The
          Company will deliver to the Master Servicer, on or before March 15 of each
          year
          beginning March 15, 200__ a certification in the form attached hereto as
          Exhibit
          __ with respect to the servicing reports delivered by the Company pursuant
          to
          this Agreement, the Company’s compliance with the servicing obligations set
          forth in this Agreement and any other information within the control of
          the
          Company. Such certification shall be signed by the senior officer in charge
          of
          servicing of the Company. In addition, the Company shall provide such other
          information with respect to the Mortgage Loans and the servicing and
          administration thereof within the control of the Company which shall be
          required
          to enable the Master Servicer, Trustee or Depositor, as applicable, to
          comply
          with the reporting requirements of the Securities and Exchange Act of 1934,
          as
          amended.

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
          of the
          day and year first above written.

         

        
          	 	 	 
	 	EMC
                  MORTGAGE
                  CORPORATION
	 	
                  Assignor

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 

        

         

        
          
            	 	 	 
	 	 
	 	
                    Assignee

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:   

                  	 
	 	Title:	 
	 

          

        

        

          
            
              	 	 	 
	 	 
	 	
                      Company

                    
	 
 	 
 	 
 
	 	By:  	 
	 	
                      Name:   

                    	 
	 	Title:	 
	 

            

          

          
 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         EXHIBIT
          ___

        

        FORM
          OF
          COMPANY CERTIFICATION

        

        I,
          [identify certifying individual], certify to the [Trustee] [Seller] [Securities
          Administrator] [Mortgage Loan Seller] [Purchaser] and [Master Servicer]
          that:

        

        1. I
          have
          reviewed the servicing reports prepared by [COMPANY] (the “Company”) pursuant to
          the [Servicing Agreement] (the “Servicing Agreement”), dated as of __________
          between __________ and the Company (as modified by the AAR Agreement (as
          defined
          below) and delivered to [MASTER SERVICER] (the “Master Servicer”) pursuant to
          the Assignment, Assumption and Recognition Agreement (the “AAR Agreement”),
          dated as of __________ among [ASSIGNOR] as Assignor, Company and [ASSIGNEE],
          as
          Assignee.

        

        2. Based
          on
          my knowledge, the information in these reports, 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 servicing reports.

        

        3. Based
          on
          my knowledge, the servicing information required to be provided to the
          Master
          Servicer under the Servicing Agreement and the AAR Agreement is included
          in
          these reports.

        

        4. I
          am
          responsible for reviewing the activities performed the Company under the
          Servicing Agreement and the AAR Agreement and based upon the review required
          under the Servicing Agreement and the AAR Agreement, and except as disclosed
          in
          the Annual Statement of Compliance, the Company has fulfilled its obligations
          under the Servicing Agreement and the AAR Agreement.

        

        5. I
          have
          disclosed to the Master Servicer's certified public accountants all significant
          deficiencies relating to the Company's compliance with the minimum servicing
          standards in accordance with a review conduced in compliance with the Uniform
          Single Attestation Program for Mortgage Bankers or similar standard as
          set forth
          in the Servicing Agreement and the AAR Agreement.

        

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

        

        Date:______________

        

        _____________________

        [Signature]

        [Title]

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        ATTACHMENT
          1

        

        ASSIGNED
          LOAN SCHEDULE

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        ATTACHMENT
          2

        

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          E

        

        FORM
          OF
          TRIAL BALANCE

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          G

        

        REQUEST
          FOR RELEASE OF DOCUMENTS AND RECEIPT

        

        RE: Mortgage
          Loan #___________________________________

        BORROWER:__________________________________________________

        PROPERTY:
          __________________________________________________

        

        

        Pursuant
          to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
          the
          Company and the Purchaser, the undersigned hereby certifies that he or
          she is an
          officer of the Company requesting release of the documents for the reason
          specified below. The undersigned further certifies that:

        

        (Check
          one of the items below)

        

        _____ On
          _________________, the above captioned mortgage loan was paid in full or
          that
          the Company has been notified that payment in full has been or will be
          escrowed.
          The Company hereby certifies that all amounts with respect to this loan
          which
          are required under the Agreement have been or will be deposited in the
          Custodial
          Account as required.

        

        _____ The
          above
          captioned loan is being repurchased pursuant to the terms of the Agreement.
          The
          Company hereby certifies that the repurchase price has been credited to
          the
          Custodial Account as required under the Agreement.

        

        _____ The
          above
          captioned loan is being placed in foreclosure and the original documents
          are
          required to proceed with the foreclosure action. The Company hereby certifies
          that the documents will be returned to the Purchaser in the event of
          reinstatement.

        

        _____ Other
          (explain)

        

        _______________________________________________________

        _______________________________________________________

        

        All
          capitalized terms used herein and not defined shall have the meanings assigned
          to them in the Agreement.

        

        Based
          on
          this certification and the indemnities provided for in the Agreement, please
          release to the Company all original mortgage documents in your possession
          relating to this loan.

        

        Dated:_________________

        

        By:________________________________

        Signature

        ___________________________________

        Title

        

        Send
          documents to: _____________________________________________

        _____________________________________________

        _____________________________________________

        

        Acknowledgement:

        

        Purchaser
          hereby acknowledges that all original documents previously released on
          the above
          captioned mortgage loan have been returned and received by the
          Purchaser.

        

        

        Dated:________________

        

        By:________________________________

        Signature

        

        _______________________________

        Title

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        EXHIBIT
          H

        

        COMPANY’S
          UNDERWRITING GUIDELINES

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          I

        

        

        TERM
          SHEET

        

        This
          TERM
          SHEET (the "Term Sheet") dated [______], between Greenpoint Mortgage Funding,
          Inc., a New York corporation, located at 100 Wood Hollow Drive, Novato,
          California 94945 (the “Company”) and EMC Mortgage Corporation, a Delaware
          corporation, located at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite
          200,
          Irving, Texas 75038 (the "Purchaser") is made pursuant to the terms and
          conditions of that certain Purchase, Warranties and Servicing Agreement
          (the
          "Agreement") dated as of September 1, 2003, between the Company and the
          Purchaser, the provisions of which are incorporated herein as if set forth
          in
          full herein, as such terms and conditions may be modified or supplemented
          hereby. All initially capitalized terms used herein unless otherwise defined
          shall have the meanings ascribed thereto in the Agreement. 

        

        The
          Purchaser hereby purchases from the Company and the Company hereby sells
          to the
          Purchaser, all of the Company’s right, title and interest in and to the Mortgage
          Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
          I,
          pursuant to and in accordance with the terms and conditions set forth in
          the
          Agreement, as same may be supplemented or modified hereby. Hereinafter,
          the
          Company shall service the Mortgage Loans for the benefit of the Purchaser
          and
          all subsequent transferees of the Mortgage Loans pursuant to and in accordance
          with the terms and conditions set forth in the Agreement. 

        

        1. Definitions

        

        For
          purposes of the Mortgage Loans to be sold pursuant to this Term Sheet,
          the
          following terms shall have the following meanings:

        

        Aggregate
          Principal Balance

        (as
          of
          the Cut-Off Date):    

        

        Closing
          Date:    

        

        Custodian:    

        

        Cut-off
          Date:    

        

        Initial
          Weighted Average

        Mortgage
          Loan Remittance Rate:  

        

        Mortgage
          Loan:    

        

        Purchase
          Price Percentage:   

        

        Servicing
          Fee Rate:   

        Additional
          Closing Conditions: 

        

        In
          addition to the conditions specified in the Agreement, the obligation of
          each of
          the Company and the Purchaser is subject to the fulfillment, on or prior
          to the
          applicable Closing Date, of the following additional conditions: [None].
          

        

        Additional
          Loan Documents: 

        

        In
          addition to the contents of the Mortgage File specified in the Agreement,
          the
          following documents shall be delivered with respect to the Mortgage Loans:
          [None]

        

        [Additional]
          [Modification] of Representations and Warranties:

         

        [In
          addition to the representations and warranties set forth in the Agreement,
          as of
          the date hereof, the Company makes the following additional representations
          and
          warranties with respect to the Mortgage Loans: [None]. [Notwithstanding
          anything
          to the contrary set forth in the Agreement, with respect to each Mortgage
          Loan
          to be sold on the Closing Date, the representation and warranty set forth
          in
          Section ______ of the Agreement shall be modified to read as
          follows:]

        

        Except
          as
          modified herein, Section ______ of the Agreement shall remain in full force
          and
          effect as of the date hereof.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        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.

         

        
           

          
            	 	 	 
	 	GREENPOINT
                    MORTGAGE FUNDING, INC.
	 	
                     

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:   

                  	 
	 	Title:	 
	 	
                  
	 	 

          

           

          
            	 	 	 
	 	
                    EMC
                      MORTGAGE CORPORATION

                  
	 	
                     

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:   

                  	 
	 	Title:	 
	 	
                  
	 	 

          

           

           

        

        

 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        SCHEDULE
          I

        

        MORTGAGE
          LOAN SCHEDULE

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          J

        

        RECONSTITUTED
          MORTGAGE LOAN REPORTING

        

        

          
            	 	 
	
                    (a)

                  	
                    Servicer
                      Mortgage Loan Number

                  
	
                    (b)

                  	
                    FNMA
                      Mortgage Loan Number (if applicable)

                  
	
                    (c)

                  	
                    Lender/Seller
                      Mortgage Loan Number (if available)

                  
	
                    (d)

                  	
                    Scheduled
                      Balance (scheduled end of month balance reporting to Master
                      Servicer/Trustee)

                  
	
                    (e)

                  	
                    Actual
                      Balance (actual end of month balance received from
                      Mortgagor)

                  
	
                    (f)

                  	
                    Gross
                      Rate (current gross rate)

                  
	
                    (g)

                  	
                    Net
                      Rate (current passthrough)

                  
	
                    (h)

                  	
                    Last
                      Payment Date (LPI_DATE in Fannie's Laser Reporting)

                  
	
                    (i)
                      

                  	
                    Delinquency
                      Month (if available)

                  
	
                    (j)

                  	
                    Default
                      Flag, i.e. FC, REO, etc. (if available)

                  
	
                    (k)

                  	
                    Pay-In-Full
                      Date (Mortgage Loan paid off by Mortgagor)

                  
	
                    (l)

                  	
                    Foreclosure
                      start date

                  
	
                    (m)

                  	
                    Foreclosure
                      end date

                  
	
                    (n)

                  	
                    REO
                      Property date

                  
	
                    (o)

                  	
                    With
                      respect to Liquidated Mortgage Loans:

                  
	 	
                    (i)
                      amount of loss or gain (as applicable) 

                  
	 	
                    (ii)
                      the date of the loss or gain.

                  
	 	
                    (iii)
                      the liquidation reason (paid in full or repurchased out of
                      deal)
                      

                  
	
                    (p)

                  	
                    Fannie's
                      Laser Reporting

                  
	 	
                    (i)
                      Action Code (for default or paid off Mortgage Loans; i.e. 60,
                      65,
                      etc.)

                  
	 	
                    (ii)
                      Action Date

                  
	 	
                    (iii)
                      Remit Prin (submitted principal amount)

                  
	 	
                    (iv)
                      Remit Int (submitted interest amount)

                  
	 	
                    (v)
                      Pool/Invest indicator (indicating Schedule/Schedule or Actual/Actual
                      pool)

                  
	 	 

          

        

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        Q-3

      

      WELLS
        FARGO SERVICING AGREEMENT

      

      

       

      

      EMC
        MORTGAGE CORPORATION

      

      Purchaser

      

      and

      

      WELLS
        FARGO BANK, N.A.

      

      Company

      

      

      

      

       

      
        
          

        

      

      AMENDED
        AND RESTATED MASTER 

      SELLER'S
        WARRANTIES AND SERVICING AGREEMENT

      

      Dated
        as of November 1, 2005

       

       

      
        
 

      

      Fixed
        Rate and Adjustable Rate Mortgage Loans

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF CONTENTS

      

      

        
          	
                  ARTICLE
                    I

                
	 
	
                  DEFINITIONS

                
	 
	
                  ARTICLE
                    II

                
	 
	
                  CONVEYANCE
                    OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES; BOOKS AND RECORDS;
                    CUSTODIAL AGREEMENT; DELIVERY OF DOCUMENTS

                
	 
	
                  ARTICLE
                    III

                
	 
	
                  REPRESENTATIONS
                    AND WARRANTIES REMEDIES AND BREACH

                
	 
	
                  ARTICLE
                    IV

                
	 
	
                  ADMINISTRATION
                    AND SERVICING OF MORTGAGE LOANS

                
	 
	
                  ARTICLE
                    V

                
	 
	
                  PAYMENTS
                    TO PURCHASER

                
	 
	
                  ARTICLE
                    VI

                
	 
	
                  GENERAL
                    SERVICING PROCEDURES

                
	 
	
                  ARTICLE
                    VII

                
	 
	
                  COMPANY
                    TO COOPERATE

                
	 
	
                  ARTICLE
                    VIII

                
	 
	
                  THE
                    COMPANY

                
	 
	
                  ARTICLE
                    IX

                
	 
	
                  SECURITIZATION
                    TRANSACTIONS; WHOLE LOAN TRANSFERS AND AGENCY
                    TRANSFERS

                
	 
	
                  ARTICLE
                    X

                
	 
	
                  DEFAULT

                
	 
	
                  ARTICLE
                    XI

                
	 
	
                  TERMINATION

                
	 
	
                  ARTICLE
                    XII

                
	 
	
                  MISCELLANEOUS
                    PROVISIONS

                

        

       

      

        
          	
                  Exhibit
                    A

                	
                  Form
                    of Assignment and Conveyance Agreement

                
	
                  Exhibit
                    B

                	
                  Custodial
                    Agreement

                
	
                  Exhibit
                    C

                	
                  Contents
                    of Each Retained Mortgage File, Servicing File and Custodial Mortgage File
                    

                
	
                  Exhibit
                    D

                	
                  Servicing
                    Criteria

                
	
                  Exhibit
                    E

                	
                  Form
                    of Sarbanes Certification

                
	
                  Exhibit
                    F

                	
                  Form
                    of Sarbanes-Oxley Back-Up Certification

                
	
                  Exhibit
                    G

                	
                  Form
                    of Assignment, Assumption and Recognition Agreement

                
	
                  Exhibit
                    H

                	
                  Electronic
                    Data File

                

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      This
        is
        an Amended and Restated Master Seller's Warranties and Servicing Agreement
        for
        residential first mortgage loans, dated and effective as of November 1, 2005,
        and is executed between EMC Mortgage Corporation, as purchaser (the
        "Purchaser"), and Wells Fargo Bank, N.A., as seller and servicer (the
        "Company").

      

      

      W I T N E&am
p;#1
        60;S S E T H

      

      

      WHEREAS,
        the Purchaser has agreed to purchase from the Company and the Company has
        agreed
        to sell to the Purchaser from time to time (each a “Transaction”) certain
        residential Mortgage Loans which shall be delivered as whole loans (each
        a “Loan
        Package”) on various dates (each a “Closing Date”) as provided for in certain
        Assignment and Conveyance Agreements by and between the Purchaser and the
        Company as executed from time to time; and

      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; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the manner of purchase of
        the
        Mortgage Loans and the conveyance, 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 Purchaser and the Company agree as
        follows:

      

       

      ARTICLE
        I

       

      DEFINITIONS

      

      Whenever
        used herein, the following words and phrases, unless the content 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.

      

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage Note and
        Mortgage.

      

      Agency/Agencies:
        Fannie
        Mae, Freddie Mac or GNMA, or any of them as applicable.

      

      Agency
        Transfer:
        Any
        sale or transfer of some or all of the Mortgage Loans by the Purchaser to
        an
        Agency which sale or transfer is not a Securitization Transaction or Whole
        Loan
        Transfer.

      

      Agreement:
        This
        Amended and Restated Master 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:
        With
        respect to any Mortgage Loan, the lesser of (i) the value set forth on the
        appraisal made in connection with the origination of the related Mortgage
        Loan
        as the value of the related Mortgaged Property, or (ii) the purchase price
        paid
        for the Mortgaged Property, provided, however, in the case of a refinanced
        Mortgage Loan, such value shall be based solely on the appraisal made in
        connection with the origination of such Mortgage Loan.

      

      Assignment
        and Conveyance Agreement: With
        respect to each Transaction, the agreement between the Purchaser and the
        Company
        conveying to the Purchaser all the right, title and interest of the Company
        in
        and to the related Mortgage Loans listed on the related Mortgage Loan Schedule,
        a form of which is attached hereto as Exhibit A.

      

      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 or if the related Mortgage has been recorded in the name of MERS
        or
        its designee, such actions as are necessary to cause the Purchaser to be
        shown
        as the owner of the related Mortgage on the records of MERS for purposes
        of the
        system of recording transfers of beneficial ownership of mortgages maintained
        by
        MERS, including assignment of the MIN Number which will appear either on
        the
        Mortgage or the Assignment of Mortgage to MERS.

      

      Assignment
        of Mortgage Note and Pledge Agreement:
        With
        respect to a Cooperative Loan, an assignment of the Mortgage Note and Pledge
        Agreement.

      

      Assignment
        of Proprietary Lease:
        With
        respect to a Cooperative Loan, an assignment of the Proprietary Lease sufficient
        under the laws of the jurisdiction wherein the related Cooperative Apartment
        is
        located to effect the assignment of such Proprietary Lease.

      

      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 states where the parties are located or are
        authorized or obligated by law or executive order to be closed.

      

      Buydown
        Agreement:
        An
        agreement between the Company and a Mortgagor, or an agreement among the
        Company, a Mortgagor and a seller of a Mortgaged Property or a third party
        with
        respect to a Mortgage Loan which provides for the application of Buydown
        Funds.

      

      Buydown
        Funds:
        In
        respect of any Buydown Mortgage Loan, any amount contributed by the seller
        of a
        Mortgaged Property subject to a Buydown Mortgage Loan, the buyer of such
        property, the Company or any other source, plus interest earned thereon,
        in
        order to enable the Mortgagor to reduce the payments required to be made
        from
        the Mortgagor’s funds in the early years of a Mortgage Loan.

      

      Buydown
        Mortgage Loan:
        Any
        Mortgage Loan in respect of which, pursuant to a Buydown Agreement, (i) the
        Mortgagor pays less than the full Monthly Payments specified in the Mortgage
        Note for a specified period, and (ii) the difference between the payments
        required under such Buydown Agreement and the Mortgage Note is provided from
        Buydown Funds.

      

      Buydown
        Period:
        The
        period of time when a Buydown Agreement is in effect with respect to a related
        Buydown Mortgage Loan.

      

      Closing
        Date:
        The
        date or dates, set forth in the related Commitment Letter, on which from
        time to
        time the Purchaser shall purchase and the Company shall sell the Mortgage
        Loans
        listed on the related Mortgage Loan Schedule for each Transaction.

      

      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:
        The
        United States Securities and Exchange Commission.

      

      Commitment
        Letter:
        The
        commitment letter executed in relation to each Transaction that sets forth,
        among other things, the Purchase Price for the related Mortgage
        Loans.

      

      Company:
        Wells
        Fargo Bank, N.A., or its successor in interest or assigns, or any successor
        to
        the Company under this Agreement appointed as herein provided.

      

      Company
        Information:
        As
        defined in Section 9.01(f)(i)(A).

      

      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.

      

      Cooperative:
        The
        entity that holds title (fee or an acceptable leasehold estate) to all of
        the
        real property that the Project comprises, including the land, separate dwelling
        units and all common areas.

       

      Cooperative
        Apartment:
        The
        specific dwelling unit relating to a Cooperative Loan.

       

      Cooperative
        Lien Search:
        A
        search for (a) federal tax liens, mechanics’ liens, lis
        pendens,
        judgments of record or otherwise against (i) the Cooperative, (ii) the seller
        of
        the Cooperative Apartment and (iii) the Company if the Cooperative Loan is
        a
        refinanced Mortgage Loan, (b) filings of financing statements and (c) the
        deed
        of the Project into the Cooperative.

       

      Cooperative
        Loan:
        A
        Mortgage Loan that is secured by Cooperative Shares and a Proprietary Lease
        granting exclusive rights to occupy the related Cooperative
        Apartment.

      

      Cooperative
        Shares:
        The
        shares of stock issued by a Cooperative, owned by the Mortgagor, and allocated
        to a Cooperative Apartment.

      

      Covered
        Loan:
        A
        Mortgage Loan categorized as “Covered” pursuant to the Standard & Poor’s
        Glossary for File Format for LEVELS® Version 5.6, Appendix E, as revised from
        time to time and in effect on each related Closing Date.

       

      Custodial
        Account:
        The
        separate account or accounts created and maintained pursuant to Section
        4.04.

      

      Custodial
        Agreement:
        The
        agreement governing the retention of the originals of each Mortgage Note,
        Mortgage, Assignment of Mortgage and other Mortgage Loan Documents, a form
        of
        which is annexed hereto as Exhibit B.

      

      Custodial
        Mortgage File:
        The
        items referred to as items (1), (2), (4), (5) and (10) in Exhibit C annexed
        hereto to be delivered by the Company to the Custodian on the related Closing
        Date with respect to a particular Mortgage Loan, and any additional documents
        required to be added to the Custodial Mortgage File and delivered to the
        custodian pursuant to this Agreement.

      

      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:
        With
        respect to each Transaction, the first day of the month in which the related
        Closing Date occurs.

      

      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.

      

      Depositor:
        The
        depositor, as such term is defined in Regulation AB, with respect to any
        Securitization Transaction.

      

      Determination
        Date:
        The
        Business Day immediately preceding the related Remittance Date.

      

      Due
        Date:
        The
        first day of the month on which the Monthly Payment is due on a Mortgage
        Loan,
        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 the Remittance Date and ending in the first
        day of
        the month of the Remittance Date.

      

      Electronic
        Data File:
        The
        final electronic file of the Mortgage Loans, in relation to each Transaction,
        provided by Company to the Purchaser on or before the related Closing
        Date.

      

      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.

      

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

      

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

      

      Freddie
        Mac:
        The
        Federal Home Loan Mortgage Corporation or any successor thereto.

      

      Gross
        Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in the related Mortgage Note which is added to the Index in order to
        determine the related Interest Rate, as set forth in the Mortgage Loan
        Schedule.

      

      High
        Cost Loan:
        A
        Mortgage Loan classified as (a) a “high cost” loan under the Home Ownership and
        Equity Protection Act of 1994, (b) a “high cost home,” “threshold,” “covered,”
“high risk home,” “predatory” or similar loan under any other applicable state,
        federal or local law or (c) a Mortgage Loan categorized as “High Cost” pursuant
        to the Standard & Poor’s Glossary for File Format for LEVELS® Version 5.6,
        Appendix E, as revised from time to time and in effect on each related Closing
        Date. 

       

      Home
        Loan:
        A
        Mortgage Loan categorized as “Home Loan” pursuant to the Standard & Poor’s
        Glossary for File Format for LEVELS® Version 5.6, Appendix E, as revised from
        time to time and in effect on each related Closing Date.

      

      Incremental
        Interest:
        As to
        any Incremental Rate Mortgage Loan, the amount of interest accrued on such
        Mortgage Loan attributable to the Incremental Rate; provided, however, that
        with
        respect to any payment of interest received in respect of such a Mortgage
        Loan
        (whether paid by the Mortgagor or received as Liquidation Proceeds or otherwise)
        which is less than the full amount of interest then due with respect to such
        Mortgage Loan, only that portion of such payment of interest that bears the
        same
        relationship to the total amount of such payment of interest as the Incremental
        Rate, if any, in respect of such Mortgage Loan bears to the Mortgage Interest
        Rate shall be allocated to the Incremental Interest with respect
        thereto.

      

      Incremental
        Rate:
        For an
        Incremental Rate Mortgage Loan, the per annum increase to the initial Mortgage
        Interest Rate set forth in the addendum to the related Mortgage Note, which
        increase takes effect upon the occurrence of certain specified conditions
        prior
        to the first Adjustment Date and remains in effect until the first Adjustment
        Date.

      

      Incremental
        Rate Mortgage Loan:
        A
        Mortgage Loan for which the related Mortgage Note includes an addendum that
        allows for an increase to the initial Mortgage Interest Rate upon the occurrence
        of certain specified conditions.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest thereon.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Interest
        Only Mortgage Loan:
        A
        Mortgage Loan for which an interest-only payment feature is allowed during
        the
        interest-only period set forth in the related Mortgage Note.

      

      Lender
        Paid Mortgage Insurance Policy or LPMI Policy:
        A PMI
        Policy for which the Company pays all premiums from its own funds, without
        reimbursement therefor.

      

      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 original loan amount of the
        Mortgage Loan at its origination (unless otherwise indicated) to the Appraised
        Value of the Mortgaged Property.

      

      MERS:
        Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or
        any
        successor in interest 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:
        Mortgage Identification Number used to identify mortgage loans registered
        under
        MERS.

      

      Monthly
        Advance:
        The
        portion of each Monthly Payment that is 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 or
        in the
        case of an Interest Only Mortgage Loan, payments of (i) interest, or (ii)
        principal and interest, if applicable, 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 or the Pledge Agreement securing the Mortgage
        Note
        for a Cooperative Loan.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as described in Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate of interest borne on a Mortgage Note in accordance with the
        provisions of the Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual 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
        Retained Mortgage File, the Custodial 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:
        With
        respect to a Mortgage Loan, the original related Mortgage Note with applicable
        addenda and riders, the original related Security Instrument and the originals
        of any required addenda and riders, the original related Assignment and any
        original intervening related Assignments, the original related title insurance
        policy and evidence of the related PMI Policy, if any.

      

      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 the
        Servicing Fee Rate.

      

      Mortgage
        Loan Schedule:
        With
        respect to each Transaction, a schedule of Mortgage Loans, which shall be
        attached to the related Assignment and Conveyance Agreement, setting forth
        the
        following information with respect to each Mortgage Loan: (1) the Company’s
        Mortgage Loan number; (2) the city state and zip code of the Mortgaged Property;
        (3) a code indicating whether the Mortgaged Property is a single family
        residence, two-family residence, three-family residence, four-family residence,
        a Cooperative Loan, planned unit development or condominium; (4) the current
        Mortgage Interest Rate; (5) the current net Mortgage Interest Rate; (6) the
        current Monthly Payment; (7) the Gross Margin; (8) the original term to
        maturity; (9) the scheduled maturity date; (10) the principal balance of
        the
        Mortgage Loan as of the related Cut-off Date after deduction of payments
        of
        principal due on or before the related Cut-off Date whether or not collected;
        (11) the Loan-to-Value; (12) the next Adjustment Date; (13) the lifetime
        Mortgage Interest Rate cap; (14) whether the Mortgage Loan is convertible
        or
        not; (15) a code indicating the mortgage guaranty insurance company; (16)
        a code
        indicating whether the Mortgage Loan contains pledged assets; (17) a code
        indicating whether the Mortgage Loan has balloon payments; (18) a code
        indicating whether the Mortgage Loan is an Interest Only Mortgage Loan;
(16)
        a
        field indicating whether the Mortgage Loan is a Home Loan; and
        (17)
        the Servicing Fee.

      

      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,
        or
        with respect to a Cooperative Loan, the Cooperative Apartment.

      

      Mortgagor:
        The
        obligor on a Mortgage Note.

      

      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
        certified 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.

      

      Periodic
        Interest Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date pursuant to the terms of the
        Mortgage Note.

      

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

      

      Pledge
        Agreement:
        With
        respect to a Cooperative Loan, the specific agreement creating a first lien
        on
        and pledge of the Cooperative Shares and the appurtenant Proprietary
        Lease.

       

      Pledge
        Instruments:
        With
        respect to a Cooperative Loan, the Stock Power, the Assignment of the
        Proprietary Lease and the Assignment of the Mortgage Note and Pledge
        Agreement.

       

      PMI
        Policy:
        A
        policy of primary mortgage guaranty insurance evidenced by an electronic
        form
        and certificate number issued by a Qualified Insurer, as required by this
        Agreement with respect to certain Mortgage Loans.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time, as published as the
        average rate in The
        Wall Street Journal.

      

      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.

      

      Project:
        With
        respect to a Cooperative Loan, all real property owned by the related
        Cooperative including the land, separate dwelling units and all common
        areas.

       

      Proprietary
        Lease:
        With
        respect to a Cooperative Loan, a lease on a Cooperative Apartment evidencing
        the
        possessory interest of the Mortgagor in such Cooperative Apartment. 

       

      Purchaser:
        EMC
        Mortgage Corporation, or its successor in interest or any successor to the
        Purchaser under this Agreement as herein provided.

      

      Purchase
        Price:
        The
        purchase price for each Loan Package shall be as stated in the related
        Commitment Letter.

      

      Qualified
        Correspondent:
        Any
        Person from which the Company purchased Mortgage Loans, provided that the
        following conditions are satisfied: (i) such Mortgage Loans were 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; (ii) such Mortgage Loans were in fact underwritten
        as described in clause (i) above and were acquired by the Company within
        180
        days after origination; (iii) 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
        (iv)
        the Company employed, at the time such Mortgage Loans were acquired by the
        Company, pre-purchased or post-purchased quality assurance procedures (which
        may
        involve, among other things, review of a sample or mortgage loans purchased
        during a particular time period or through particular channels) designed
        to
        ensure that Persons from which it purchased mortgage loans properly applied
        the
        underwriting criteria designated by the Company.

      

      Qualified
        Depository:
        A
        deposit account or accounts maintained with a federal or state chartered
        depository institution the deposits in which are insured by the FDIC to the
        applicable limits and the short-term unsecured debt obligations of which
        (or, in
        the case of a depository institution that is a subsidiary of a holding company,
        the short-term unsecured debt obligations of such holding company) are rated
        A-1
        by Standard & Poor’s Ratings Group or Prime-1 by Moody’s Investors Service,
        Inc. (or a comparable rating if another rating agency is specified by the
        Purchaser by written notice to the Company) at the time any deposits are
        held on
        deposit therein.

      

      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 two percent (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) be of the same type as the Deleted
        Mortgage Loan and (v) comply with each representation and warranty set forth
        in
        Sections 3.01 and 3.02.

      

      Rating
        Agency/Agencies:
        Any
        nationally recognized statistical Rating Agency, or its successors, including
        Standard & Poor’s, a division of The McGraw-Hill Companies, Moody’s
        Investors Service, Inc. and Fitch Ratings.

      

      Recognition
        Agreement:
        An
        agreement whereby a Cooperative and a lender with respect to a Cooperative
        Loan
        (i) acknowledge that such lender may make, or intends to make, such Cooperative
        Loan, and (ii) make certain agreements with respect to such Cooperative
        Loan.

      

      Reconstitution:
        Any
        Securitization Transaction or Whole Loan Transfer.

      

      Reconstitution
        Agreement:
        The
        agreement or agreements entered into by the Company and the Purchaser and/or
        certain third parties on the Reconstitution Date or Dates with respect to
        any or
        all of the Mortgage Loans serviced hereunder, in connection with a Whole
        Loan
        Transfer or Securitization Transaction.

      

      Reconstitution
        Date:
        The
        date on which any or all of the Mortgage Loans serviced under this Agreement
        may
        be removed from this Agreement and reconstituted as part of a Securitization
        Transaction, Agency Transfer or Whole Loan Transfer pursuant to Section 9.01
        hereof. The Reconstitution Date shall be such date as the Purchaser shall
        designate. 

      

      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.

      

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

      

      REMIC
        Provisions:
        Provisions of the federal income tax law relating to a REMIC, which appear
        at
        Section 860A through 860G of Subchapter M of Chapter 1, Subtitle A of the
        Code,
        and related provisions, 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.

      

      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 Purchaser through
        foreclosure or by deed in lieu of foreclosure, as described in Section
        4.16.

      

      Repurchase
        Price:
        Unless
        agreed otherwise by the Purchaser and the Company, 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 through the
        last
        day of the month in which such repurchase takes place, 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.

      

      Retained
        Mortgage File:
        The
        items referred to as items (3), (6), (7), (8) and (9) in Exhibit C annexed
        hereto with respect to a particular Mortgage Loan that are not required to
        be
        delivered to the Custodian pursuant to this Agreement, and any additional
        documents required to be added to the Retained Mortgage File pursuant to
        this
        Agreement.

      

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

      

      Securitization
        Transaction:
        Any
        transaction involving either (a) 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 (b) 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.

      

      Servicer:
        As
        defined in Section 9.01(e)(iii).

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses other
        than Monthly Advances (including reasonable attorney's 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 foreclosures, (c) the management and liquidation of
        any
        REO Property and (d) compliance with the obligations under Section 4.08 and
        4.10
        (excluding the Company’s obligations to pay the premiums on LPMI
        Policies).

      

      Servicing
        Criteria:
        The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
        amended from time to time.

      

      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 received. 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:
        The per
        annum percentage for each Mortgage Loan, as stated in the Commitment
        Letter.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Retained Mortgage File which are not delivered
        to the Custodian and copies of the Mortgage Loan Documents listed in the
        Custodial Agreement the originals of which are delivered to the Custodian
        pursuant to Section 2.03.

      

      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.

      

      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.
        

      

      Static
        Pool Information:
        Static
        pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
        AB.

      

      Stock
        Certificate:
        With
        respect to a Cooperative Loan, a certificate evidencing ownership of the
        Cooperative Shares issued by the Cooperative.

       

      Stock
        Power:
        With
        respect to a Cooperative Loan, an assignment of the Stock Certificate or
        an
        assignment of the Cooperative Shares issued by the Cooperative. 

       

      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.

       

      Subsidy
        Account:
        An
        account maintained by the Company specifically to hold all Subsidy Funds
        to be
        applied to individual Subsidy Loans.

      

      Subsidy
        Funds:
        With
        respect to any Subsidy Loans, funds contributed by the employer of a Mortgagor
        in order to reduce the payments required from the Mortgagor for a specified
        period in specified amounts.

      

      Subsidy
        Loan:
        Any
        Mortgage Loan subject to a temporary interest subsidy agreement pursuant
        to
        which the monthly interest payments made by the related Mortgagor will be
        less
        than the scheduled monthly interest payments on such Mortgage Loan, with
        the
        resulting difference in interest payments being provided by the employer
        of the
        Mortgagor. Each Subsidy Loan will be identified as such in the related
        Electronic Data File.

      

      Third-Party
        Originator:
        Each
        Person, other than a Qualified Correspondent, that originated Mortgage Loans
        acquired by the Company.

      

      Time$aver®
        Mortgage Loan:
        A
        Mortgage Loan which has been refinanced pursuant to a Company program that
        allows a rate/term refinance of an existing Company serviced loan with minimal
        documentation.

      

      Whole
        Loan Transfer:
        Any
        sale or transfer of some or all of the Mortgage Loans by the Purchaser to
        a
        third party, which sale or transfer is not a Securitization Transaction or
        Agency Transfer.

      

       

      ARTICLE
        II

       

      CONVEYANCE
        OF MORTGAGE LOANS; POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT; DELIVERY OF DOCUMENTS

      

      Section
        2.01  Conveyance
        of Mortgage Loans; Possession of Custodial Mortgage Files; 

      Maintenance
        of Retained Mortgage Files and Servicing Files.

      

      Pursuant
        to an Assignment and Conveyance Agreement, on the related Closing Date, the
        Company, simultaneously with the payment of the Purchase Price by the Purchaser,
        shall thereby sell, transfer, assign, set over and convey to the Purchaser,
        without recourse, but subject to the terms of this Agreement and the related
        Assignment and Conveyance Agreement, all the right, title and interest of
        the
        Company in and to the Mortgage Loans listed on the respective Mortgage Loan
        Schedule annexed to such Assignment and Conveyance Agreement, together with
        the
        Retained Mortgage Files and Custodial Mortgage Files and all rights and
        obligations arising under the documents contained therein. Pursuant to Section
        2.03, the Company shall deliver the Custodial Mortgage File for each Mortgage
        Loan comprising the related Loan Package to the Custodian.

      

      The
        contents of each Retained 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 Custodial Mortgage File and the originals of the
        documents in each Retained Mortgage File not delivered to the Custodian.
        The
        possession of each Retained Mortgage File and 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 Custodial 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. 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 or 6.02.
        All
        such costs associated with the release, transfer and re-delivery to the Company
        shall be the responsibility of the Purchaser other than any related recording
        costs (especially in instances of breach).

      

      In
        addition, in connection with the assignment of any MERS Mortgage Loan, the
        Company agrees that it will cause, the MERS® System to indicate that such
        Mortgage Loans have been assigned by the Company to the Purchaser in accordance
        with this Agreement by including (or deleting, in the case of Mortgage Loans
        which are repurchased in accordance with this Agreement) in such computer
        files
        the information required by the MERS® System to identify the Purchaser as
        beneficial owner of such Mortgage Loans. 

      

      Section
        2.02 Books
        and Records; Transfers of Mortgage Loans.

      

      From
        and
        after the sale of the Mortgage Loans to the Purchaser in the related Loan
        Package on each Closing Date, all rights arising out of such Mortgage Loans
        including but not limited to all funds received on or in connection with
        such
        Mortgage Loans, shall be received and held by the Company in trust for the
        benefit of the Purchaser as owner of such 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 such Mortgage
        Loans.

      

      The
        sale
        of each Mortgage Loan 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 or Freddie Mac and
        records
        of periodic inspections 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 such 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. 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. Such notification of a transfer shall
        include a final loan schedule which shall be received by the Company no fewer
        than five (5) Business Days before the last Business Day of the month. If
        such
        notification is not received as specified above, the Company’s duties to remit
        and report as required by Section 5 shall begin with the next Due
        Period.

      

      Section
        2.03 Custodial
        Agreement; Delivery of Documents.

      

      On
        each
        Closing Date with respect to each Mortgage Loan comprising the related Loan
        Package, the Company shall deliver and release to the Custodian the related
        Custodial Mortgage File as set forth in Exhibit C attached hereto.

      

      The
        Custodian shall certify its receipt of any Mortgage Loan Documents actually
        received on or prior to such Closing Date and as 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 Purchaser
        will be responsible for the fees and expenses of the Custodian.

      

      Upon
        the
        Purchaser’s request, the Company shall deliver to Purchaser or its designee
        within ten (10) days after such request such contents of the Retained Mortgage
        file so requested. In the event that the company fails to deliver to the
        Purchaser or its designee the requested contents of the Retained Mortgage
        File
        within such ten-day period, and if the Company does not cure such failure
        within
        five (5) days following receipt of written notification of such failure,
        the
        Company shall repurchase each related Mortgage Loan at the price and in the
        manner specified in Section 3.03.

      

      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
        ten
        (10) days 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 sixty days of its submission for recordation.

      

      In
        the
        event the public recording office is delayed in returning any original document
        which the Company is required to deliver at any time to the Custodian in
        accordance with the terms of the Custodial Agreement or which the Company
        is
        required to maintain in the related Retained Mortgage File, the Company shall
        deliver to the Custodian or to the Retained Mortgage File, as applicable,
        within
        240 days of its submission for recordation, a copy of such document and 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 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 will be
        required to deliver such document to the Custodian or to the Retained Mortgage
        File, as applicable, 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.

      

      In
        the
        event that new, replacement, substitute or additional Stock Certificates
        are
        issued with respect to existing Cooperative Shares, the Company immediately
        shall deliver to the Custodian the new Stock Certificates, together with
        the
        related Stock Powers in blank. Such new Stock Certificates shall be subject
        to
        the related Pledge Instruments and shall be subject to all of the terms,
        covenants and conditions of this Agreement.

      

       

      ARTICLE
        III

       

      REPRESENTATIONS
        AND WARRANTIES REMEDIES AND BREACH

       

      

      Section
        3.01 Company
        Representations and Warranties.

       

      The
        Company hereby represents and warrants to the Purchaser that, as of the related
        Closing Date:

      

      
        	 	
                (a)

              	
                Due
                  Organization and Authority.

              

      

      

      
        	 	 	
                The
                  Company is a national banking association duly organized, validly
                  existing
                  and in good standing under the laws of the United States 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
                  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 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, who is in the business
                  of
                  selling and servicing loans, 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, articles
                  of
                  incorporation 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 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 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 will
                  not cause the Company to become insolvent. 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 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
                  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 either the outstanding fixed rate
        or
        adjustable rate one- to four-family mortgage loans in the Company's mortgage
        banking 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)

              	
                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;

              

      

      

      
        	 	
                (k)

              	
                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; 

              

      

      

      
        	 	
                (l)

              	
                No
                  Material Change.
                  

              

      

      

      
        	 	 	
                There
                  has been no material adverse change in the business, operations,
                  financial
                  condition or assets of the Company since the date of the Company’s most
                  recent financial statements; 

              

      

      

      
        	 	
                (m)

              	
                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
                  the
                  connection with the sale of the Mortgage Loans; and
                  

              

      

       

      
        
          	 	
                  (n)

                	
                  
                    MERS.

                  

                

        

      

       

      The
        Company is a member of MERS in good standing.

      

      

      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 the respective Mortgage Loan Schedule
                  and the
                  information contained on the respective Electronic Data File delivered
                  to
                  the Purchaser is true and correct;

              

      

      

      
        	 	
                (b)

              	
                Payments
                  Current.

              

      

      

      
        	 	 	
                All
                  payments required to be made up to the related Cut-off Date for
                  the
                  Mortgage Loan under the terms of the Mortgage Note have been made
                  and
                  credited. No payment under any Mortgage Loan has been thirty (30)
                  days
                  delinquent more than one time within twelve (12) months prior to
                  the
                  related Closing Date;

              

      

      

      
        	 	
                (c)

              	
                No
                  Outstanding Charges.

              

      

      

      
        	 	 	
                There
                  are no defaults in complying with the terms of the Mortgages, and
                  all
                  taxes, governmental assessments, insurance premiums, leasehold
                  payments,
                  water, sewer and municipal charges, 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 Seller has not
                  advanced
                  funds, or induced, solicited directly or indirectly, 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 later, 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 was delivered to the Custodian pursuant
                  to the
                  terms of the Custodial Agreement;

              

      

      

      
        	 	
                (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;

              

      

      

      
        	 	
                (f)

              	
                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;

              

      

      

      
        	 	
                (g)

              	
                Validity
                  of Mortgage Documents.

              

      

      

      
        	 	 	
                The
                  Mortgage Note and the Mortgage and related documents 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 had legal capacity to enter into the Mortgage
                  Loan and to
                  execute and deliver the Mortgage Note and the Mortgage, and the
                  Mortgage
                  Note and the Mortgage have been duly and properly executed by such
                  parties;

              

      

      

      With
        respect to each Cooperative Loan, the Mortgage Note, the Mortgage, the Pledge
        Agreement, and related documents 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, the Mortgage, the Pledge Agreement,
        the
        Proprietary Lease, the Stock Power, Recognition Agreement and the Assignment
        of
        Proprietary Lease had legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver such documents, and such documents have been duly and
        properly executed by such parties;

      

      (h)        
         No
        Fraud.

      

      
        	 	 	
                No
                  error, omission, misrepresentation, negligence, fraud or similar
                  occurrence with respect to a Mortgage Loan has taken place on the
                  part of
                  the Company, or the Mortgagor, or to the best of the Company’s knowledge,
                  any appraiser, any builder, or any developer, or any other party
                  involved
                  in the origination of the Mortgage Loan or in the application of
                  any
                  insurance in relation to such Mortgage
                  Loan;

              

      

      

      
        	 	
                (i)

              	
                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 and privacy protection, equal credit opportunity,
                  disclosure or predatory and abusive lending 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. 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;

              

      

      

      
        	 	
                (j)

              	
                Location
                  and Type of Mortgaged Property.

              

      

      

      
        	 	 	
                The
                  Mortgaged Property is located in the state identified in the related
                  Mortgage Loan Schedule and consists of a single, contiguous parcel
                  of real
                  property with a detached single family residence erected thereon,
                  or a
                  two- to four-family dwelling, or an individual condominium unit
                  in a
                  condominium project, or a Cooperative Apartment, or an individual
                  unit in
                  a planned unit development or a townhouse, provided, however, that
                  any
                  condominium project or planned unit development shall conform with
                  the
                  applicable Fannie Mae requirements, or the underwriting guidelines
                  of the
                  company, regarding such dwellings, and no residence or dwelling
                  is a
                  mobile home. As of the respective date of the appraisal for each
                  Mortgaged
                  Property, any Mortgaged Property being used for commercial purposes
                  conforms to the underwriting guidelines of the Company and, to
                  the best of
                  the Company’s knowledge, since the date of such appraisal, no portion of
                  the Mortgage Property has been used for commercial purposes outside
                  of the
                  underwriting guidelines of the
                  Company;

              

      

      

      (k)           Valid
        First Lien.

      

      
        	 	 	
                The
                  Mortgage is a valid, subsisting and enforceable first lien on the
                  Mortgaged Property, including all buildings on the Mortgaged Property
                  and
                  all installations and mechanical, electrical, plumbing, heating
                  and air
                  conditioning systems located in or annexed to such buildings, 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 otherwise considered in the
                  appraisal
                  made for the originator of the Mortgage Loan and (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;

              

      

      

      With
        respect to each Cooperative Loan, each Pledge Agreement creates a valid,
        enforceable and subsisting first security interest in the Cooperative Shares
        and
        Proprietary Lease, subject only to (i) the lien of the related Cooperative
        for
        unpaid assessments representing the Mortgagor’s pro rata share of the
        Cooperative’s payments for its blanket mortgage, current and future real
        property taxes, insurance premiums, maintenance fees and other assessments
        to
        which like collateral is commonly subject and (ii) other matters to which
        like
        collateral is commonly subject which do not materially interfere with the
        benefits of the security intended to be provided by the Pledge Agreement;
        provided, however, that the appurtenant Proprietary Lease may be subordinated
        or
        otherwise subject to the lien of any mortgage on the Project;

      

      (l)           Full
        Disbursement of Proceeds.

      

      
        	 	 	
                The
                  proceeds of the Mortgage Loan have been fully disbursed, except
                  for
                  escrows established or created due to seasonal weather conditions,
                  and
                  there is no requirement for future advances thereunder. 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)

              	
                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 reflected on the
                  related
                  Mortgage Loan Schedule. 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 or Freddie Mac; the consolidated principal amount does
                  not
                  exceed the original principal amount of the Mortgage Loan; the
                  Seller
                  shall not make future advances after the related Cut-Off
                  Date;

              

      

      

      (n)        
         Ownership.

      

      
        	 	 	
                The
                  Company is the sole owner of record and holder of the Mortgage
                  Loan and
                  the related Mortgage Note and the Mortgage are not assigned or
                  pledged,
                  and the Company has good and marketable title thereto and has full
                  right
                  and authority to transfer and sell the Mortgage Loan to the Purchaser.
                  The
                  Company is transferring the Mortgage Loan free and clear of any
                  and all
                  encumbrances, liens, pledges, equities, participation interests,
                  claims,
                  charges or security interests of any nature encumbering such Mortgage
                  Loan;

              

      

      

      (o)          Origination/Doing
        Business.

      

      
        	 	 	
                The
                  Mortgage Loan was originated by a savings and loan association,
                  a savings
                  bank, a commercial bank, a credit union, an insurance company,
                  or similar
                  institution which is supervised and examined by a federal or state
                  authority or by a mortgagee approved by the Secretary of Housing
                  and Urban
                  Development pursuant to Sections 203 and 211 of the National Housing
                  Act.
                  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;

              

      

      

      (p)        
         LTV,
        PMI Policy.

      

      
        	 	 	
                Each
                  Mortgage Loan has an LTV as set forth in the related Mortgage Loan
                  Schedule and related Electronic Data File. Except as indicated
                  on the
                  Electronic Data File, those Mortgage Loans with an LTV greater
                  than 80% at
                  the time of origination, a portion of the unpaid principal balance
                  of the
                  Mortgage Loan is and will be insured as to payment defaults by
                  a PMI
                  Policy. If the Mortgage Loan is insured by a PMI Policy for which
                  the
                  Mortgage pays all premiums, the coverage will remain in place until
                  (i)
                  the LTV is decreased to 78% or (ii) the PMI Policy is otherwise
                  terminated
                  pursuant to the Homeowners Protection Act of 1998, 12 USC 4901,
                  et seq.
                  All provisions of such PMI Policy and LPMI Policy have been and
                  are being
                  complied with, such PMI Policy and LPMI Policy is in full force
                  and
                  effect, and all premiums due thereunder have been paid. The Qualified
                  Insurer has a claims paying ability acceptable to Fannie Mae or
                  Freddie
                  Mac. Any Mortgage Loan subject to a PMI Policy obligates the Mortgagor
                  or
                  in the case of an LPMI Policy, obligates the Company, thereunder
                  to
                  maintain the PMI Policy or 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 related Mortgage Loan Schedule is net of any
                  such
                  insurance premium. No prior holder of the Mortgage, including the
                  Company,
                  has done, by act or omission, anything which would impair the coverage
                  of
                  such PMI Policy or LPMI Policy;

              

      

      

      (q)          Title
        Insurance.

      

      
        	 	 	
                The
                  Mortgage Loan is covered by 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, subject only to the exceptions
                  contained in clauses (1), (2) and (3) of Paragraph (k) of this
                  Section
                  3.02, and against any loss by reason of the invalidity or unenforceability
                  of the lien resulting from the provisions of the Mortgage providing
                  for
                  adjustment to the Mortgage Interest Rate and Monthly Payment. 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;

              

      

      

      (r)         
         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;

              

      

      

      (s)        
         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 which are not insured against by the title
                  insurance policy referenced in Paragraph (q)
                  above;

              

      

      

      (t)         
         Location
        of Improvements; No Encroachments.

      

      
        	 	 	
                Except
                  as insured against by the title insurance policy referenced in
                  Paragraph
                  (q) above, 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;

              

      

      

      
        	 	
                (u)

              	
                Payment
                  Terms.

              

      

      

      
        	 	 	
                Except
                  with respect to the Interest Only Mortgage Loans, principal payments
                  commenced no more than 60 days after the funds were disbursed to
                  the
                  Mortgagor in connection with the Mortgage Loan. The Mortgage Loans
                  have an
                  original term to maturity of not more than 30 years, with interest
                  payable
                  in arrears on the first day of each month. As to each adjustable
                  rate
                  Mortgage Loan on each applicable Adjustment Date, the Mortgage
                  Interest
                  Rate will be adjusted to equal the sum of the Index plus the applicable
                  Gross Margin, rounded up or down to the nearest multiple of 0.125%
                  indicated by the Mortgage Note; provided that the Mortgage Interest
                  Rate
                  will not increase or decrease by more than 2.00% on any Adjustment
                  Date,
                  and will in no event exceed the maximum Mortgage Interest Rate
                  or be lower
                  than the minimum Mortgage Interest Rate listed on the Mortgage
                  Loan
                  Schedule for such Mortgage Loan. Each adjustable rate Mortgage
                  Note
                  requires a monthly payment which is sufficient, during the period
                  prior to
                  the first adjustment to the Mortgage Interest Rate, to fully amortize
                  the
                  outstanding principal balance as of the first day of such period
                  over the
                  then remaining term of such Mortgage Note and to pay interest at
                  the
                  related Mortgage Interest Rate; provided however, with respect
                  to any
                  Interest Only Mortgage Loans, the Mortgage Note allows a Monthly
                  Payment
                  of interest only during the period prior to the first Adjustment
                  Date and
                  upon the first adjustment to the Mortgage Interest Rate, the Mortgage
                  Note
                  requires a Monthly Payment of principal and interest, sufficient
                  to fully
                  amortize the outstanding principal balance over the then remaining
                  term of
                  such Mortgage Loan. As to each adjustable rate Mortgage Loan, if
                  the
                  related Mortgage Interest Rate changes on an adjustment date, the
                  then
                  outstanding principal balance will be reamortized over the remaining
                  life
                  of such Mortgage Loan. No Mortgage Loan contains terms or provisions
                  which
                  would result in negative amortization;

              

      

      

      (v)        
         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.
                  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;

              

      

      

      (w)       
         Occupancy
        of the Mortgaged Property.

      

      
        	 	 	
                As
                  of the date of origination, the Mortgaged Property was lawfully
                  occupied
                  under applicable law;

              

      

      

      (x)         
         No
        Additional Collateral.

      

      
        	 	 	
                The
                  Mortgage Note is not and has not been secured by any collateral,
                  pledged
                  account, except as indicated on the Electronic Data File, or other
                  security except the lien of the corresponding Mortgage and the
                  security
                  interest of any applicable security agreement or chattel mortgage
                  referred
                  to in (k) 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 Mortgagee 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 Loan, 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)      
         Transfer
        of Mortgage Loans.

      

      
        	 	 	
                If
                  the Mortgage Loan is not a MERS Mortgage Loan, the Assignment upon
                  the
                  insertion of the name of the assignee and recording information
                  is in
                  recordable form and is acceptable for recording under the laws
                  of the
                  jurisdiction in which the Mortgaged Property is
                  located;

              

      

      

      (bb)     
         Mortgaged
        Property Undamaged.

      

      
        	 	 	
                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;

              

      

      

      (cc)       
         Collection
        Practices; Escrow Deposits.

      

      
        	 	 	
                The
                  origination and collection practices used with respect to the Mortgage
                  Loan have been in accordance with Accepted Servicing Practices,
                  and have
                  been in all material respects legal and proper. 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. No escrow deposits or Escrow Payments or other charges
                  or
                  payments due the Company have been capitalized under the Mortgage
                  Note;

              

      

      

      (dd)      
         No
        Condemnation.

      

      
        	 	 	
                There
                  is no proceeding pending or to the best of the Company’s knowledge
                  threatened for the total or partial condemnation of the related
                  Mortgaged
                  Property;

              

      

      

      (ee)      
         The
        Appraisal.

      

      
        	 	 	
                The
                  Servicing File contains an appraisal of the related Mortgaged Property.
                  As
                  to each Time$aver® Mortgage Loan, the appraisal may be from the original
                  of the existing Company-serviced loan, which was refinanced via
                  such
                  Time$aver® Mortgage Loan. The appraisal was conducted by an appraiser 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
                  the appraiser both satisfy the applicable requirements of Title
                  XI of the
                  Financial Institution Reform, Recovery, and Enforcement Act of
                  1989 and
                  the regulations promulgated thereunder, all as in effect on the
                  date the
                  Mortgage Loan was originated;

              

      

      

      (ff)        
         Insurance.

      

      
        	 	 	
                The
                  Mortgaged Property securing each Mortgage Loan is insured by an
                  insurer
                  acceptable to Fannie Mae or Freddie Mac against loss by fire and
                  such
                  hazards as are covered under a standard extended coverage endorsement
                  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, in an amount which is at least equal
                  to the
                  lesser of (a) 100% of the insurable value, on a replacement cost
                  basis, of
                  the improvements on the related Mortgaged Property, and (b) the
                  greater of
                  (i) the outstanding principal balance of the Mortgage Loan and
                  (ii) an
                  amount such that the proceeds of such insurance shall be sufficient
                  to
                  prevent the application to the Mortgagor or the loss payee of any
                  coinsurance clause under the policy. If the Mortgaged Property
                  is a
                  condominium unit, it is included under the coverage afforded by
                  a blanket
                  policy for the project. If the improvements on the Mortgaged Property
                  are
                  in an area identified in the Federal Register by the Federal Emergency
                  Management Agency as having special flood hazards, 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, in an amount representing coverage not less
                  than the
                  least of (A) the outstanding principal balance of the Mortgage Loan,
                  (B) the full insurable value and (C) the maximum amount of
                  insurance which was available under the Flood Disaster Protection
                  Act of
                  1973, as amended. 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 a 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. 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 acted or failed to act so as to impair the coverage
                  of any
                  such insurance policy or the validity, binding effect and enforceability
                  thereof;

              

      

      

      
        	 	
                (gg)

              	
                Servicemembers’
                  Civil 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
                  Servicemembers’ Civil Relief Act, as
                  amended;

              

      

      

      
        	 	
                (hh)

              	
                No
                  Graduated Payments or Contingent Interests.

              

      

      

      
        	 	 	
                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;

              

      

      

      
        	 	
                (ii)

              	
                No
                  Construction Loans.

              

      

      

      
        	 	 	
                No
                  Mortgage Loan was made in connection with (i) the construction
                  or
                  rehabilitation of a Mortgage Property or (ii) facilitating the
                  trade-in or
                  exchange of a Mortgaged Property other than a construction-to-permanent
                  loan which has converted to a permanent Mortgage
                  Loan;

              

      

      

      
        	 	
                (jj)

              	
                Underwriting.

              

      

      

      
        	 	 	
                Each
                  Mortgage Loan was underwritten in accordance with the underwriting
                  guidelines of the Company, which were in effect at the time the
                  Mortgage
                  Loan was originated; and the Mortgage Note and Mortgage are on
                  forms
                  acceptable to Freddie Mac or Fannie
                  Mae;

              

      

      

      
        	 	
                (kk)

              	
                Buydown
                  Mortgage Loans.

              

      

      

      
        	 	 	
                With
                  respect to each Mortgage Loan that is a Buydown Mortgage
                  Loan:

              

      

      

      
        	 	
                (i)

              	
                On
                  or before the date of origination of such Mortgage Loan, the Company
                  and
                  the Mortgagor, or the Company, the Mortgagor and the seller of
                  the
                  Mortgaged Property or a third party entered into a Buydown Agreement.
                  The
                  Buydown Agreement provides that the seller of the Mortgaged Property
                  (or
                  third party) shall deliver to the Company temporary Buydown Funds
                  in an
                  amount equal to the aggregate undiscounted amount of payments that,
                  when
                  added to the amount the Mortgagor on such Mortgage Loan is obligated
                  to
                  pay on each Due Date in accordance with the terms of the Buydown
                  Agreement, is equal to the full scheduled Monthly Payment due on
                  such
                  Mortgage Loan. The temporary Buydown Funds enable the Mortgagor
                  to qualify
                  for the Buydown Mortgage Loan. The effective interest rate of a
                  Buydown
                  Mortgage Loan if less than the interest rate set forth in the related
                  Mortgage Note will increase within the Buydown Period as provided
                  in the
                  related Buydown Agreement so that the effective interest rate will
                  be
                  equal to the interest rate as set forth in the related Mortgage
                  Note. The
                  Buydown Mortgage Loan satisfies the requirements of Fannie Mae
                  or Freddie
                  Mac guidelines;

              

      

      

      
        	 	
                (ii)

              	
                The
                  Mortgage and Mortgage Note reflect the permanent payment terms
                  rather than
                  the payment terms of the Buydown Agreement. The Buydown Agreement
                  provides
                  for the payment by the Mortgagor of the full amount of the Monthly
                  Payment
                  on any Due Date that the Buydown Funds are available. The Buydown
                  Funds
                  were not used to reduce the original principal balance of the Mortgage
                  Loan or to increase the Appraised Value of the Mortgage Property
                  when
                  calculating the Loan-to-Value Ratios for purposes of the Agreement
                  and, if
                  the Buydown Funds were provided by the Company and if required
                  under
                  Fannie Mae or Freddie Mac guidelines, the terms of the Buydown
                  Agreement
                  were disclosed to the appraiser of the Mortgaged
                  Property;

              

      

      

      
        	 	
                (iii)

              	
                The
                  Buydown Funds may not be refunded to the Mortgagor unless the Mortgagor
                  makes a principal payment for the outstanding balance of the Mortgage
                  Loan;

              

      

      

      
        	 	
                (iv)

              	
                As
                  of the date of origination of the Mortgage Loan, the provisions
                  of the
                  related Buydown Agreement complied with the requirements of Fannie
                  Mae or
                  Freddie Mac regarding buydown
                  agreements.

              

      

      

      
        	 	
                (ll)

              	
                Delivery
                  of Custodial Mortgage Files.

              

      

      

      Any
        documents required to be delivered by the Company under this Agreement have
        been
        delivered to the Custodian. The Company is in possession of a complete, true
        and
        accurate Retained Mortgage File and Custodial Mortgage File in compliance
        with
        Exhibit C hereto;

      

      
        	 	
                (mm)

              	
                No
                  Violation of Environmental Laws.

              

      

      

      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 constituting a prerequisite to use and enjoyment of said
        property; 

      

      
        	 	
                (nn)

              	
                No
                  Bankruptcy.

              

      

      

      No
        Mortgagor was a debtor in any state or federal bankruptcy or insolvency
        proceeding at the time the Mortgage Loan was originated and to the best of
        the
        Company’s knowledge, as of the related Closing Date, the Company has not
        received notice that any Mortgagor is a debtor under any state or federal
        bankruptcy or insolvency proceeding; 

      

      (oo)       
         HOEPA.

      

      No
        Mortgage Loan is a High Cost Loan or Covered Loan;

      

      (pp)        Cooperative
        Loans.

      

      With
        respect to each Cooperative Loan:

      

      
        	 	
                (i)

              	
                The
                  Cooperative Shares are held by a person as a tenant-stockholder
                  in a
                  Cooperative. Each original UCC financing statement, continuation
                  statement
                  or other governmental filing or recordation necessary to create
                  or
                  preserve the perfection and priority of the first lien and security
                  interest in the Cooperative Loan and Proprietary Lease has been
                  timely and
                  properly made. Any security agreement, chattel mortgage or equivalent
                  document related to the Cooperative Loan and delivered to Purchaser
                  or its
                  designee establishes in Purchaser a valid and subsisting perfected
                  first
                  lien on and security interest in the Mortgaged Property described
                  therein,
                  and Purchaser has full right to sell and assign the same. The Proprietary
                  Lease term expires no less than five years after the Mortgage Loan
                  term or
                  such other term acceptable to Fannie Mae or Freddie
                  Mac;

              

      

      

      
        	 	
                (ii)

              	
                A
                  Cooperative Lien Search has been made by a company competent to
                  make the
                  same which company is acceptable to Fannie Mae and qualified to
                  do
                  business in the jurisdiction where the Cooperative is
                  located;

              

      

      

      
        	 	
                (iii)

              	
                (a)
                  The term of the related Proprietary Lease is not less than the
                  terms of
                  the Cooperative Loan; (b) there is no provision in any Proprietary
                  Lease
                  which requires the Mortgagor to offer for sale the Cooperative
                  Shares
                  owned by such Mortgagor first to the Cooperative; (c) there is
                  no
                  prohibition in any Proprietary Lease against pledging the Cooperative
                  Shares or assigning the Proprietary Lease; (d) the Cooperative
                  has been
                  created and exists in full compliance with the requirements for
                  residential cooperatives in the jurisdiction in which the Project
                  is
                  located and qualifies as a cooperative housing corporation under
                  Section
                  210 of the Code; (e) the Recognition Agreement is on a form published
                  by
                  Aztech Document Services, Inc. or includes similar provisions;
                  and (f) the
                  Cooperative has good and marketable title to the Project, and owns
                  the
                  Project either in fee simple or under a leasehold that complies
                  with the
                  requirements of the Fannie Mae Guidelines; such title is free and
                  clear of
                  any adverse liens or encumbrances, except the lien of any blanket
                  mortgage;

              

      

       

      
        
          	 	
                  (iv)

                	
                  
                    The
                      Company has the right under the terms of the Mortgage Note,
                      Pledge
                      Agreement and Recognition Agreement to pay any maintenance
                      charges or
                      assessments owed by the
                      Mortgagor;

                  

                

        

      

       

      
        

        
          	 	
                  (v)

                	
                  
                    Each
                      Stock Power (i) has all signatures guaranteed or (ii) if all
                      signatures
                      are not guaranteed, then such Cooperative Shares will be transferred
                      by
                      the stock transfer agent of the Cooperative if the Company
                      undertakes to
                      convert the ownership of the collateral securing the related
                      Cooperative
                      Loan;

                  

                

        

         

      

      (qq)       
        Georgia
        Fair Lending Act.

      

      There
        is
        no Mortgage Loan that was originated on or after October 1, 2002 and before
        March 7, 2003, which is secured by property located in the State of
        Georgia;

      

      (rr)        
         Methodology.

      

      The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the borrower’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the borrower’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the borrower had a reasonable ability to make timely
        payments on the Mortgage Loan;

      

      (ss)        
        Imposition
        of a Premium.

      

      With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a premium upon a prepayment prior to maturity: (i) the prepayment premium
        is
        disclosed to the borrower in the loan documents pursuant to applicable state
        and
        federal law, and (ii) notwithstanding any state or federal law to the contrary,
        the Company shall recommend that such prepayment premium is not imposed in
        any
        instance when the mortgage debt is accelerated as the result of the borrower’s
        default in making the loan payments;

      

      (tt)       
         Single
        Premium Credit Life.

      

      No
        Mortgagor was required to purchase any single premium credit insurance policy
        (e.g. life, disability, accident, unemployment or health insurance products)
        or
        debt cancellation agreement as a condition of obtaining the extension of
        credit.
        No Mortgagor obtained a prepaid single premium credit insurance policy (e.g.
        life, disability, accident, unemployment or health insurance product) as
        part of
        the origination of the Mortgage Loan. No proceeds from any Mortgage Loan
        were
        used to purchase single premium credit insurance policies or debt cancellation
        agreements as part of the origination of, or as a condition to closing, such
        Mortgage Loan;

      

      (uu)     
         No
        Arbitration Provision.
        

      

      
        	 	 	
                With
                  respect to each Mortgage Loan, neither the related Mortgage nor
                  the
                  related Mortgage Note requires the Mortgagor to
                  submit to arbitration to resolve any dispute arising out of or
                  relating in
                  any way to the Mortgage Loan transaction;

              

      

      

      
        	 	
                (ww)

              	
                Credit
                  Reporting.

              

      

      

      With
        respect to each Mortgage Loan, the Company has fully furnished, in accordance
        with the Fair Credit Reporting Act and its implementing regulations, accurate
        and complete information (i.e. favorable and unfavorable) on its borrower
        credit
        files to Equifax, Experian and Trans Union Credit Information Company (three
        of
        the credit repositories), on a monthly basis; and

      

      (xx)        
         Illinois
        Interest Act.

      

      Any
        Mortgage Loan with a Mortgaged Property in the State of Illinois complies
        with
        the Illinois Interest Act.

      

      Section
        3.03 Repurchase.

      

      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 Custodial Mortgage Files or Retained
        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), the party discovering such breach
        shall
        give prompt written notice to the other.

      

      Within
        ninety (90) days of the earlier of either discovery by or notice to the Company
        of any breach of a representation or warranty which materially and adversely
        affects the value of the Mortgage Loans, 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, 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 90 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, 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, if the breach cannot be cured,
        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 within ninety (90) days of the written
        notice of the breach or the failure to cure, whichever is later. 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. If
        the
        Company repurchases a Mortgage Loan that is a MERS Mortgage Loan, the Company
        shall cause MERS to designate on the MERS® System to remove the Purchaser as the
        beneficial holder with respect to such 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. With respect to any Deleted Mortgage loan,
        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.

      

      In
        addition to such repurchase or substitution obligation, the Company shall
        indemnify the Purchaser and hold it harmless against any losses, damages,
        penalties, fines, forfeitures, reasonable and necessary legal fees and related
        costs, judgments, and other costs and expenses resulting from any claim,
        demand,
        defense or assertion based on or grounded upon, or resulting from, a breach
        of
        the Company representations and warranties contained in this Agreement. It
        is
        understood and agreed that the obligations of the Company set forth in this
        Section 3.03 to cure, substitute for or repurchase a defective Mortgage Loan
        and
        to indemnify the Purchaser as provided in this Section 3.03 constitute the
        sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties.

      

      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) failures 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.

      

      In
        the
        event a Mortgage Loan pays off in full on or before the related Closing Date,
        the Company must repay the Purchaser the difference between the Unpaid Principal
        Balance of such Mortgage Loan as of the date of pay off and the Unpaid Principal
        Balance multiplied by the purchase price percentage adjusted, if necessary
        in
        accordance with the Commitment Letter.

      

       

      ARTICLE
        IV

       

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as an independent contractor, shall service and administer the Mortgage
        Loans and shall have full power and authority, acting alone or through the
        utilization of a Subcontractor, 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. The
        Company shall be responsible for any and all acts of a Subcontractor, and
        the
        Company’s utilization of a Subcontractor shall in no way relieve the liability
        of the Company under this Agreement. 

      

      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 Purchaser, 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 with respect to any Mortgage Loan that
        would
        change the Mortgage Interest Rate, defer or forgive the payment of principal
        (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 Purchaser, 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
        Company is authorized and empowered by the Purchaser, in its own name, when
        the
        Company believes it appropriate in its reasonable judgment to register any
        Mortgage Loan on the MERS® System, or cause the removal from the registration of
        any Mortgage Loan on the MERS® System, with written consent of the Purchaser, to
        execute and deliver, on behalf of the Purchaser, any and all instruments
        of
        assignment and other comparable instruments with respect to such assignment
        or
        re-recording of a Mortgage in the name of MERS, solely as nominee for the
        Purchaser and its successors and assigns. 

      

      The
        Company shall cause to be maintained for each Cooperative Loan a copy of
        the
        financing statements and shall file and such financing statements and
        continuation statements as necessary, in accordance with the Uniform Commercial
        Code applicable in the jurisdiction in which the related Cooperative Apartment
        is located, to perfect and protect the security interest and lien of the
        Purchaser.

      

      The
        Company shall apply any Principal Prepayment on an Interest Only Mortgage
        Loan
        to the then-outstanding principal balance, at which time the interest-only
        payment feature shall be extinguished. The related Monthly Payment shall
        thereafter consist of both principal and interest components, and the amount
        of
        such Monthly Payment shall not change prior to the next Adjustment
        Date.

      

      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, 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
        three (3) 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, such an
        inspection or review is to be conducted by a qualified inspector. The cost
        for
        such inspection or review shall be borne by the Purchaser. Upon completion
        of
        the inspection or review, 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 reasonable 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 related Cut-off Date 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 "Wells Fargo Bank, N.A. in trust
        for the
        Purchaser and/or subsequent purchasers of Mortgage Loans - P & I." The
        Custodial Account shall be established with a Qualified Depository. Upon
        request
        of the Purchaser and within ten (10) days thereof, the Company shall provide
        the
        Purchaser with written confirmation of the existence of such Custodial Account.
        Any funds deposited into the Custodial Account shall at all times be insured
        to
        the fullest extent allowed by applicable law. Funds deposited in the Custodial
        Account may be drawn on by the Company in accordance with Section
        4.05.

      

      The
        Company shall deposit in the Custodial Account within one (1) Business Day
        of
        Company’s 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:

      

      
        	 	
                (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 (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 Section 4.14), Section 4.11
                  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, 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 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 an amount (to be paid by the
                  Company
                  out of its funds) which, when added to all amounts allocable to
                  interest
                  received in connection with the Principal Prepayment, equals one
                  month's
                  interest on the amount of principal so prepaid at the Mortgage
                  Loan
                  Remittance Rate;

              

      

      

      
        	 	
                (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;

              

      

      

      
        	 	
                (x)

              	
                any
                  amounts received with respect to or related to any REO Property
                  and all
                  REO Disposition Proceeds pursuant to Section 4.16; and
                  

              

      

      

      
        	 	
                (xi)

              	
                an
                  amount from the Subsidy Account that when added to the Mortgagor’s payment
                  will equal the full monthly amount due under the related Mortgage
                  Note.

              

      

      

      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 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 that where the Company is required to repurchase a Mortgage
        Loan pursuant to Section 3.03 or 6.02, in which case 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. Upon Purchaser's
        request, the Company shall provide documentation supporting the Company's
        Servicing Advances;

      

      (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 8.01;

      

      (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
        reimburse itself for any Servicing Advances or REO expenses after liquidation
        of
        the Mortgaged Property not otherwise reimbursed above;

      

      (viii)          
         to
        remove
        funds inadvertently placed in the Custodial Account by the Company;
        and

      

      (ix)             
         to
        clear
        and terminate the Custodial Account upon the termination of this
        Agreement.

      

      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, "Wells
        Fargo
        Bank, N.A., in trust for the Purchaser and/or subsequent purchasers of
        Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow
        Accounts shall be established with a Qualified Depository, in a manner which
        shall provide maximum available insurance thereunder. Upon request of the
        Purchaser and within ten (10) days thereof, the Company shall provide the
        Purchaser with written confirmation of the existence of such Escrow Account.
        Funds deposited in the Escrow Account may be drawn on by the Company in
        accordance with Section 4.07.

      

      The
        Company shall deposit in the Escrow Account or Accounts within one (1) Business
        Days of Company’s 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;

              

      

      

      
        	 	
                (ii)

              	
                all
                  amounts representing Insurance Proceeds or Condemnation Proceeds
                  which are
                  to be applied to the restoration or repair of any Mortgaged Property;
                  and

              

      

      

      
        	 	
                (iii)

              	
                all
                  payments on account of Buydown
                  Funds.

              

      

      

      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
                  remove funds inadvertently placed in the Escrow Account by the
                  Company;

              

      

      

      
        	 	
                (viii)

              	
                to
                  remit to Purchaser payments on account of Buydown Funds as applicable;
                  and

              

      

      

      
        	 	
                (ix)

              	
                to
                  clear and terminate the Escrow Account on the termination of this
                  Agreement.

              

      

      

      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. 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, the Subsidy Account or the Escrow
        Account to a different Qualified Depository from time to time with prior
        written
        notice to Purchaser.

      

      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 an insurer
        acceptable to Fannie Mae or Freddie Mac 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) 100% of the insurable value, on a replacement cost basis, of
        the
        improvements on the related Mortgaged Property, and (ii) the greater of (a)
        the
        outstanding principal balance of the Mortgage Loan and (b) an amount such
        that
        the proceeds of such insurance shall be sufficient to prevent the application
        to
        the Mortgagor or the loss payee of any coinsurance clause under the policy.
        In
        the event a hazard insurance policy shall be in danger of being terminated,
        or
        in the event the insurer shall cease to be acceptable to Fannie Mae or Freddie
        Mac, the Company shall notify the Purchaser and the related Mortgagor, and
        shall
        use its best efforts, as permitted by applicable law, to obtain from another
        qualified insurer a replacement hazard insurance policy substantially and
        materially similar in all respects to the original policy. In no event, however,
        shall a Mortgage Loan be without a hazard insurance policy at any time, subject
        only to Section 4.11 hereof.

      

      If
        upon
        origination of the Mortgage Loan, the related Mortgaged Property was located
        in
        an area identified 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 acceptable to Fannie Mae or Freddie Mac 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 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,
        as permitted by applicable law.

      

      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.

      

       

      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 required amount of coverage for the Mortgaged Property
        and if the Mortgagor does not obtain such coverage, the Company shall
        immediately force place the required coverage on the Mortgagor’.

      

      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 acceptable to Fannie Mae and Freddie Mac 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.

      

      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. The
        Company shall prepare and make any claims on the blanket policy as deemed
        necessary by the Company in accordance with Accepted Servicing Practices.
        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
        be
        deposited from the Company's funds, without reimbursement therefor. Upon
        request
        of the Purchaser, the Company shall cause to be delivered to such Purchaser
        a
        certificate of insurance 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 with a company acceptable to Fannie Mae or Freddie Mac and in amounts
        at least equal to the amounts 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.

      

      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 record of each
        such
        inspection and shall provide the Purchaser with copies of such upon
        request.

      

      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. For claims greater than $15,000,
        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 Escrow 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 Policy; Claims.

      

      Each
        Mortgage Loan has an LTV as indicated on the Mortgage Loan Schedule and
        Electronic Data File. Except as indicated on the Electronic Data File, with
        respect to each Mortgage Loan with an LTV in excess of 80% at the time of
        origination, the Company shall, without any cost to the Purchaser maintain
        or
        cause the Mortgagor to maintain in full force and effect a PMI Policy or
        LPMI
        Policy insuring a portion of the unpaid principal balance of the Mortgage
        Loan
        as to payment defaults. If the Mortgage Loan is insured by a PMI Policy for
        which the Mortgagor pays all premiums, the coverage will remain in place
        until
        (i) the LTV decreases to 78% or (ii) the PMI Policy is otherwise terminated
        pursuant to the Homeowners Protection Act of 1998, 12 USC 4901, et seq. In
        the
        event that such PMI Policy shall be terminated other than as required by
        law,
        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. If the insurer shall cease to be a Qualified Insurer, the Company
        shall determine whether recoveries under the PMI Policy and 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 PMI Policy or 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 PMI
        Policy or 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 PMI
        Policy
        or LPMI Policy, if any, of such assumption or substitution of liability in
        accordance with the terms of such PMI Policy or 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 or LPMI 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 or LPMI Policy as provided
        above.

      

      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 in a timely fashion in accordance with the terms of such PMI Policy
        and, in this regard, to take such action as shall be necessary to permit
        recovery under any PMI Policy respecting a defaulted Mortgage Loan. Pursuant
        to
        Section 4.04, any amounts collected by the Company under any PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      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
        Purchaser shall have the option to manage and operate the REO Property provided
        the Purchaser gives written notice of its intention to do so within thirty
        (30)
        days after such REO Property is acquired in foreclosure or by deed in lieu
        of
        foreclosure. The election by the Purchaser to manage the REO Property shall
        not
        constitute a termination of any rights of the Company pursuant to Section
        11.02.
        Upon the Company's receipt of such written notice, it shall be relived of
        any
        obligation to manage, conserve, protect, operate, dispose or sell the Mortgaged
        Property for the Purchaser, or its designee. All such duties will become
        the
        obligation of the Purchaser, or its designee. In such connection, upon the
        Mortgaged Property being acquired on behalf of the Purchaser, or its designee,
        the Company shall fully cooperate with Purchaser to transfer management of
        the
        REO Property to Purchaser, or its designee, and shall immediately submit
        a
        statement of expenses to the Purchaser for reimbursement within 30 days for
        all
        Monthly Advances and Servicing Advances. If Company does not receive
        reimbursement of such expenses from the Purchaser within the 30-days of the
        statement of expenses, Company shall be permitted to withdraw such amount
        from
        the Custodial Account pursuant to Section 4.05.

      

      In
        the
        event the Purchaser does not elect to manage an REO Property, the Company
        shall
        manage, conserve and protect the related REO Property for the Purchaser.
        The
        Company, either itself or through an agent selected by the Company, shall
        manage
        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 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, (i) the Company shall report monthly to the Purchaser as to the
        progress being made in selling such REO Property and (ii) if, with the written
        consent of the Purchaser, a purchase money mortgage is taken in connection
        with
        such sale, such purchase money mortgage shall name the Company as mortgagee,
        and
        such purchase money mortgage shall not be held pursuant to this Agreement,
        but
        instead a separate participation agreement among the Company and Purchaser
        shall
        be entered into with respect to such purchase money mortgage.

      

      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. 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, or the Company itself. The Company shall make
        monthly distributions on each Remittance Date to the Purchaser of the net
        cash
        flow from the REO Property (which shall equal the revenues from such REO
        Property net of the expenses described in the 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. The Company shall file information reports with respect to the
        receipt
        of mortgage interest received in a trade or business and information returns
        relating to cancellation of indebtedness income with respect to any Mortgaged
        Property as required by the Code. Such reports shall be in form and substance
        sufficient to meet the reporting requirements imposed by the Code.

      

      Section
        4.20 Application
        of Buydown Funds.

      

      With
        respect to each Buydown Mortgage Loan, the Company shall have deposited into
        the
        Escrow Account, no later than the last day of the month, Buydown Funds in
        an
        amount equal to the aggregate undiscounted amount of payments that, when
        added
        to the amount the Mortgagor on such Mortgage Loan is obligated to pay on
        all Due
        Dates in accordance with the terms of the Buydown Agreement, is equal to
        the
        full scheduled Monthly Payments which are required to be paid by the Mortgagor
        under the terms of the related Mortgage Note (without regard to the related
        Buydown Agreement as if the Mortgage Loan were not subject to the terms of
        the
        Buydown Agreement). With respect to each Buydown Mortgage Loan, the Company
        will
        distribute to the Purchaser on each Remittance Date an amount of Buydown
        Funds
        equal to the amount that, when added to the amount required to be paid on
        such
        date by the related Mortgagor, pursuant to and in accordance with the related
        Buydown Agreement, equals the full Monthly Payment that would otherwise be
        required to be paid on such Mortgage Loan by the related Mortgagor under
        the
        terms of the related Mortgage Note (as if the Mortgage Loan were not a Buydown
        Mortgage Loan and without regard to the related Buydown Agreement).

      

      If
        the
        Mortgagor on a Buydown Mortgage Loan defaults on such Mortgage Loan during
        the
        Buydown Period and the Mortgaged Property securing such Buydown Mortgage
        Loan is
        sold in the liquidation thereof (either by the Company or the insurer under
        any
        related Primary Insurance Policy) the Company shall, on the Remittance Date
        following the date upon which Liquidation Proceeds or REO Disposition proceeds
        are received with respect to any such Buydown Mortgage Loan, distribute to
        the
        Purchaser all remaining Buydown Funds for such Mortgage Loan then remaining
        in
        the Escrow Account. Pursuant to the terms of each Buydown Agreement, any
        amounts
        distributed to the Purchaser in accordance with the preceding sentence will
        be
        applied to reduce the outstanding principal balance of the related Buydown
        Mortgage Loan. If a Mortgagor on a Buydown Mortgage Loan prepays such Mortgage
        Loan in its entirety during the related Buydown Period, the Company shall
        be
        required to withdraw from the Escrow Account any Buydown Funds remaining
        in the
        Escrow Account with respect to such Buydown Mortgage Loan in accordance with
        the
        related Buydown Agreement. If a principal prepayment by a Mortgagor on a
        Buydown
        Mortgage Loan during the related Buydown Period, together with any Buydown
        Funds
        then remaining in the Escrow Account related to such Buydown Mortgage Loan,
        would result in a principal prepayment of the entire unpaid principal balance
        of
        the Buydown Mortgage Loan, the Company shall distribute to the Purchaser
        on the
        Remittance Date occurring in the month immediately succeeding the month in
        which
        such Principal Prepayment is received, all Buydown Funds related to such
        Mortgage Loan so remaining in the Escrow Account, together with any amounts
        required to be deposited into the Custodial Account.

      

      Section
        4.21 Notification
        of Adjustments.

      

      With
        respect to each adjustable rate Mortgage Loan, the Company shall adjust the
        Mortgage Interest Rate on the related Interest Rate Adjustment Date in
        compliance with the requirements of applicable law and the related Mortgage
        and
        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 adjustments. Upon the
        discovery by the Company or the receipt of notice from the Purchaser that
        the
        Company has failed to adjust a Mortgage Interest Rate in accordance with
        the
        terms of the related Mortgage Note, the Company shall immediately deposit
        in the
        Custodial Account from its own funds the amount of any interest loss or deferral
        caused the Purchaser thereby.

      

      Section
        4.22 Confidentiality/Protection
        of Customer Information.

      

      The
        Company shall keep confidential and shall not divulge to any party, without
        the
        Purchaser's prior written consent, the price paid by the Purchaser for the
        Mortgage Loans, except to the extent that it is reasonable and necessary
        for the
        Company to do so in working with legal counsel, auditors, taxing authorities
        or
        other governmental agencies. Each party agrees that it shall comply with
        all
        applicable laws and regulations regarding the privacy or security of Customer
        Information and shall maintain appropriate administrative, technical and
        physical safeguards to protect the security, confidentiality and integrity
        of
        Customer Information, including maintaining security measures designed to
        meet
        the Interagency Guidelines Establishing Standards for Safeguarding Customer
        Information, 66 Fed. Reg. 8616 (the “Interagency Guidelines”), if applicable.
        For purposes of this Section 4.22, the term “Customer Information” shall have
        the meaning assigned to it in the Interagency Guidelines. 

      

      Section
        4.23 Fair
        Credit Reporting Act

      

      The
        Company, in its capacity as servicer for each Mortgage Loan, agrees to fully
        furnish, in accordance with the Fair Credit Reporting Act and its implementing
        regulations, accurate and complete information (e.g., favorable and unfavorable)
        on its borrower credit files to Equifax, Experian and Trans Union Credit
        Information Company (three of the credit repositories), on a monthly
        basis.

       

      Section
        4.24 Establishment
        of and Deposits to Subsidy Account.  

       

       

      The
        Company shall segregate and hold all Subsidy Funds collected and received
        pursuant to the Subsidy Loans separate and apart from any of its own funds
        and
        general assets and shall establish and maintain one or more Subsidy Accounts,
        in
        the form of time deposit or demand accounts, titled “Wells Fargo Bank, N.A., in
        trust for the Purchaser, its successors or assigns, and/or subsequent purchasers
        of residential Mortgage Loans, and various Mortgagors.” The Subsidy Account
        shall be an eligible deposit account established with an eligible
        institution.

       

       

      The
        Company shall, from time to time, withdraw funds from the Subsidy Account
        for
        the following purposes:

       

       

      
        	 	
                (i)

              	
                to
                  deposit in the Custodial Account in the amounts and in the manner
                  provided
                  for in Section 4.04(xi);

              

      

       

      
        	 	
                (ii)

              	
                to
                  transfer funds to another eligible institution in accordance with
                  Section
                  4.09 hereof;

              

      

       

      (iii)        
         to
        withdraw funds deposited in error; and

       

      
        	 	
                (iv)

              	
                to
                  clear and terminate the Subsidy Account upon the termination of
                  this
                  Agreement.

              

      

       

      Notwithstanding
        anything to the contrary elsewhere in this Agreement, the Company may employ
        the
        Escrow Account as the Subsidy Account to the extent that the Company can
        separately identify any Subsidy Funds deposited therein.

       

      Section
        4.25 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 under this Agreement or any
        Reconstitution Agreement unless the Company complies with the provisions
        of
        paragraph (a) of this Section 4.25. 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 under this Agreement or any Reconstitution
        Agreement unless the Company complies with the provisions of paragraph (b)
        of
        this Section 4.25.

      

      (a) It
        shall
        not be necessary for the Company to seek the consent of the Purchaser or
        any
        Depositor to the utilization of any Subservicer. 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
        4.25
        and with Sections 6.04, 6.06, 9.01(e)(iii), 9.01(e)(v) and 9.01(f) of this
        Agreement to the same extent as if such Subservicer were the Company, and
        to
        provide the information required with respect to such Subservicer under Section
        9.01(e)(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 6.04 and any assessment of compliance and attestation required to
        be
        delivered by such Subservicer under Section 6.06 and any certification required
        to be delivered to the Person that will be responsible for signing the Sarbanes
        Certification under Section 6.06 as and when required to be
        delivered.

      

      (b) It
        shall
        not be necessary for the Company to seek the consent of the Purchaser or
        any
        Depositor to the utilization of any Subcontractor. 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
        (in
        form and substance satisfactory to the Purchaser and such Depositor) of the
        role
        and function of each Subcontractor utilized by the Company 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.

      

      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 Company shall cause any such Subcontractor used by the
        Company (or by any Subservicer) for the benefit of the Purchaser and any
        Depositor to comply with the provisions of Sections 6.06 and 9.01(f) of this
        Agreement to the same extent as if such Subcontractor were the Company. The
        Company shall be responsible for obtaining from each Subcontractor and
        delivering to the Purchaser and any Depositor any assessment of compliance
        and
        attestation required to be delivered by such Subcontractor under Section
        6.06,
        in each case as and when required to be delivered.

      

       

      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);
        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, and minus (e) any amounts attributable to Buydown Funds being held
        in the
        Custodial Account, 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 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
        cover
        the period commencing with the day following the Business Day such payment
        was
        due and ending with the Business Day on which such payment is made to the
        Purchaser, both inclusive. Such interest shall be remitted by wire transfer
        of
        immediately available funds within one Business Day following agreement by
        the
        Purchaser and the Company of the penalty amount. 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 Remittance Date, the Company shall furnish to the Purchaser a monthly
        remittance advice in the standard form of electronic Alltel® file, as to the
        period ending on the last day of the preceding month. If requested by the
        Purchaser prior to the related Closing Date, the first monthly remittance
        advice
        due to the Purchaser following such Closing Date shall be furnished by the
        12th
        calendar
        day, or if such day is not a Business Day, then the preceding Business
        Day.

      

      Section
        5.03 Monthly
        Advances by Company.

      

      On
        the
        Business Day immediately preceding each Remittance Date, the Company shall
        deposit in the Custodial Account from its own funds or from amounts held
        for
        future distribution an 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. Any amounts held for future distribution and so
        used
        shall be replaced by the Company by deposit in the Custodial Account on or
        before any future Remittance Date if funds in the Custodial Account on such
        Remittance Date shall be less than payments to the Purchaser required to
        be made
        on such Remittance Date. 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 REO Disposition Proceeds, Insurance
        Proceeds and Condemnation Proceeds) with respect to the Mortgage Loan; provided,
        however, that such obligation shall cease if the Company determines, in its
        sole
        reasonable opinion, that advances with respect to such Mortgage Loan are
        non-recoverable by the Company from Liquidation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, Condemnation Proceeds, or otherwise with respect
        to a
        particular Mortgage Loan. In the event that the Company determines that any
        such
        advances are non-recoverable, the Company shall provide the Purchaser with
        a
        certificate signed by two officers of the Company evidencing such
        determination.

      

       

      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, immediately notify the Purchaser and 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 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 the fee will be retained by the Company as additional servicing
        compensation. In connection with any such assumption, neither the Mortgage
        Interest Rate borne by the related Mortgage Note, the term of the Mortgage
        Loan,
        the outstanding principal amount of the Mortgage Loan nor any other materials
        terms shall be changed without Purchaser’s consent.

      

      To
        the
        extent that any Mortgage Loan is assumable, the Company shall inquire diligently
        into the credit worthiness of the proposed transferee, and shall use the
        underwriting criteria for approving the credit of the proposed transferee
        which
        are used 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 Loan Documents.

      

      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.

      

      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 outstanding principal
        balance and for the 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 payable solely from, the interest portion of such
        Monthly
        Payments.

      

      Additional
        servicing compensation in the form of assumption fees, to the extent provided
        in
        Section 6.01, and late payment charges 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.

      

      Section
        6.04 Annual
        Statements as to Compliance.

      

      (i) The
        Company shall deliver to the Purchaser, on or before February 28, 2006, an
        Officer's Certificate, stating that (x) a review of the activities of the
        Company during the preceding calendar year and of performance under this
        Agreement or similar agreements has been made under such officer's supervision,
        and (y) 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.

      

      (ii) On
        or
        before March 1 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 (a) a review of the Company’s activities during the
        immediately preceding calendar year (or applicable portion thereof) and of
        its
        performance under this Agreement and any applicable Reconstitution Agreement
        during such period has been made under such officer’s supervision, and (b) to
        the best of such officers’ knowledge, based on such review, the Company has
        fulfilled all of its 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.

      

      Section
        6.05 Annual
        Independent Public Accountants' Servicing Report.

      

      Except
        with respect to Securitization Transactions occurring on or after January
        1,
        2006, on or before February 28, 2006, 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 similar in nature
        and
        that such firm is of the opinion that the provisions of this or similar
        agreements 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. By providing Purchaser
        a
        copy of a Uniform Single Attestation Program Report from their independent
        public accountant's on an annual basis, Company shall be considered to have
        fulfilled its obligations under this Section 6.05.

      

      Section
        6.06 Report
        on Assessment of Compliance and Attestation.

      

      With
        respect to any Mortgage Loans that are the subject of a Securitization
        Transaction occurring on or before March 1 of each calendar year, commencing
        in
        2007, the Company shall:

      

      
        	(i)  	
                deliver
                  to the Purchaser and any Depositor a report (in form and substance
                  reasonably satisfactory to the Purchaser and such Depositor) 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
                  Servicing
                  Criteria specified on a certification substantially in the form
                  of Exhibit
                  D hereto;

              

      

      

      
        	(ii)  	
                deliver
                  to the Purchaser and any Depositor a report of a registered public
                  accounting firm reasonably acceptable to the Purchaser and such
                  Depositor
                  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;
                  

              

      

      

      
        	(iii)  	
                cause
                  each Subservicer and each Subcontractor, determined by the Company
                  pursuant to Section 425(b) to be “participating in the servicing function”
                  within the meaning of Item 1122 of Regulation AB, to deliver to
                  the
                  Purchaser and such Depositor an assessment of compliance and accountants’
                  attestation as and when provided in paragraphs (a) and (b) of this
                  Section
                  6.06; and 

              

      

      

      
        	(iv)  	
                deliver
                  to the Purchaser, any Depositor and 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 in the form attached hereto as Exhibit
                  E.

              

      

      

      The
        Company acknowledges that the parties identified in clause (iv) 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.

      

      Section
        6.07 Remedies.

      

      (i) Any
        failure by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under Article 9, Section 6.04,
        Section 6.05 or Section 6.06, or any breach by the Company of a representation
        or warranty set forth in Section 9.01(e)(iv)(A), or in a writing furnished
        pursuant to Section 9.01(e)(iv)(B) 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
        9.01(e)(iv)(B) to the extent made as of a date subsequent to such closing
        date,
        shall, except as provided in sub-clause (ii) of this Section, immediately
        and
        automatically, without notice or grace period, 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 or any applicable Reconstitution Agreement to the contrary) of
        any
        compensation to the Company; provided that to the extent than 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.

      

      (ii) Any
        failure by the Company, any Subservicer or any Subcontractor to deliver any
        information, report, certification or accountants’ letter when and as required
        under Section 6.04, Section 6.05 or Section 6.06, including any failure by
        the
        Company to identify any Subcontract “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, which continues unremedied
        for
        ten (10) 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 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 that
        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.

      

      (iii) The
        Company shall promptly reimburse the Purchaser (or any 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 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.

      

      Section
        6.08 Right
        to Examine Company Records.

      

      The
        Purchaser, or its designee, 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. The Purchaser shall pay its own expenses associated with such
        examination.

      

      Section
        6.09 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 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 Section 860(a)(2) of the Code
        and the tax on “contributions” to a REMIC set forth in Section 860(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.

      

       

      ARTICLE
        VII

       

      COMPANY
        TO COOPERATE

      

      Section
        7.01 Provision
        of Information.

      

      During
        the term of this Agreement, 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 provided
        for herein. All other special reports or information not provided for herein
        as
        shall be necessary, reasonable, or appropriate with respect to the Purchaser
        or
        any regulatory agency will be provided at the Purchaser’s expense. All such
        reports, documents or information shall be provided by and in accordance
        with
        all reasonable instructions and directions which the Purchaser may
        give.

      

      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
        7.02 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 two (2) 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).

      

      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 for the purpose of satisfying such
        prospective purchaser that the Company has the ability to service the Mortgage
        Loans as provided in this Agreement.

      

       

      ARTICLE
        VIII

       

      THE
        COMPANY

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company shall indemnify the Purchaser and hold it harmless against any and
        all
        claims, losses, damages, penalties, fines, forfeitures, 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 perform its duties and service the Mortgage Loans in strict compliance
        with
        the terms of this Agreement. The Company immediately shall notify the Purchaser
        if a claim is made by a third party with respect to this Agreement or the
        Mortgage Loans, 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 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 service and
        administer the Mortgage Loans in strict compliance with the terms of this
        Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company shall keep in full effect its existence, rights and franchises and
        shall
        obtain and preserve its qualification to do business 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 which is a Fannie Mae/Freddie
        Mac-approved company in good standing and has a net worth of no less than
        $25
        million. Furthermore, in the event the Company transfers or otherwise disposes
        of all or substantially all of its assets to an affiliate of the Company,
        such
        affiliate shall satisfy the condition above, and shall also be fully liable
        to
        the Purchaser for all of the Company's obligations and liabilities
        hereunder.

      

      Section
        8.03 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 other liability which would otherwise be imposed under 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
        8.04 Limitation
        on Resignation and Assignment by Company.

      

      The
        Purchaser has entered into this Agreement with the Company and subsequent
        Purchaser 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 rights hereunder
        or
        delegate its rights or duties hereunder (other than pursuant to Section 4.01)
        or
        any portion hereof or sell or otherwise dispose of all of its property or
        assets
        without the prior written consent of the Purchaser, which consent shall not
        be
        unreasonably withheld.

      

      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 8.04, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder (other than pursuant to Section
        4.01)
        or any portion thereof 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
        IX

       

      SECURITIZATION
        TRANSACTIONS; WHOLE LOAN TRANSFERS AND AGENCY TRANSFERS

      

      Section
        9.01 Securitization
        Transactions; Whole Loan Transfers and Agency Transfers

      

      The
        Purchaser and the Company agree that with respect to some or all of the Mortgage
        Loans, the Purchaser, at its sole option, may effect Whole Loan Transfers,
        Agency Transfer or Securitization Transactions, retaining the Company as
        the
        servicer thereof or subservicer if a master servicer is employed, or as
        applicable the "seller/servicer." On the Reconstitution Date, the Mortgage
        Loans
        transferred may cease to be covered by this Agreement; provided, however,
        that,
        in the event that any Mortgage Loan transferred pursuant to this Section
        9.01 is
        rejected by the transferee, the Company shall continue to service such rejected
        Mortgage Loan on behalf of the Purchaser in accordance with the terms and
        provisions of this Agreement.

      

      The
        Company shall cooperate with the Purchaser in connection with each Whole
        Loan
        Transfer, Agency Transfer or Securitization Transaction in accordance with
        this
        Section 9.01. In connection therewith:

      

      
        	 	
                (a)

              	
                the
                  Company shall make all representations and warranties with respect
                  to the
                  Mortgage Loans as of the related Closing Date and with respect
                  to the
                  Company itself as of the closing date of each Whole Loan Transfer,
                  Agency
                  Transfer or Securitization
                  Transaction;

              

      

      

      
        	 	
                (b)

              	
                the
                  Company shall negotiate in good faith and execute any seller/servicer
                  agreements required to effectuate the foregoing provided such agreements
                  create no greater obligation or cost on the part of the Company
                  than
                  otherwise set forth in this
                  Agreement;

              

      

      

      
        	 	
                (c)

              	
                the
                  Company shall provide as
                  applicable:

              

      

      

      
        	 	
                (i)

              	
                any
                  and all 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 shall
                  request;

              

      

      

      (ii)           such
        additional representations, warranties, covenants, opinions of counsel, letters
        from auditors, and certificates of public officials or officers of the Company
        as are reasonably believed necessary by the trustee, any Rating Agency or
        the
        Purchaser, as the case may be, in connection with such Whole Loan Transfers,
        Agency Transfers or Securitization Transactions. The Purchaser shall pay
        all
        third party costs associated with the preparation of such information. The
        Company shall execute any seller/servicer agreements required within a
        reasonable period of time after receipt of such seller/servicer agreements
        which
        time shall be sufficient for the Seller and Seller's counsel to review such
        seller/servicer agreements. Under this Agreement, the Company shall retain
        a
        Servicing Fee for each Mortgage Loan, at no less than the applicable Servicing
        Fee Rate; and

      

      (iii)        
         at
        any
        time as required by any Rating Agency, such additional documents from the
        related Retained Mortgage File to the Custodian as may be required by such
        Rating Agency;

      (d)        
         the
        Company shall with respect to any Mortgage Loans that are subject to a
        Securitization Transaction occurring
        on or before December 31, 2005,in
        which
        the filing of a Sarbanes-Oxley Certification directly with the Commission
        is
        required, by February 28, 2006, or in connection with any additional
        Sarbanes-Oxley Certification required to be filed upon thirty (30) days written
        request, an officer of the Company shall execute and deliver an Officer’s
        Certification substantially in the form attached hereto as Exhibit F, to
        the
        entity filing the Sarbanes-Oxley Certification directly with the Commission
        (such as the Purchaser, any master servicer,
        any
        trustee
        or any
        depositor) for the benefit of such entity and such entity’s affiliates and the
        officers, directors and agents of such entity and such entity’s affiliates, and
        shall indemnify such entity or persons arising out of any breach of Company’s
        obligations
        or
        representations
        relating
        thereto as provided in such Officer’s Certification.

      

      
        	 	
                (e)

              	
                the
                  Company shall, in connection with any Securitization Transaction
                  occurring
                  on or after January 1, 2006, the Company shall (1) within five
                  (5)
                  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
                  and in
                  form and substance reasonably satisfactory to the Purchaser and
                  such
                  Depositor, the information and materials specified in paragraphs
                  (i),
                  (ii), (iii) and (vii) of this subsection (e), and (2) as promptly
                  as
                  practicable following notice to or discovery by the Company, provide
                  to
                  the Purchaser and any Depositor (in writing and in form and substance
                  reasonably satisfactory to the Purchaser and such Depositor) the
                  information specified in paragraph (iv) of this subsection
                  (e).

              

      

      

      
        	 	
                (i)

              	
                if
                  so requested by the Purchaser or any Depositor, the Company shall
                  provide
                  such information regarding (1) the Company, as originator of the
                  Mortgage
                  Loans (including as an acquirer of Mortgage Loans from a Qualified
                  Correspondent), or (2) each Third-Party Originator, and (3) as
                  applicable,
                  each Subservicer, as is requested for the purpose of compliance
                  with Items
                  1103(a)(1), 1105, 1110, 1117 and 1119 of Regulation AB. Such information
                  shall include, at a minimum:

              

      

      

      
        	 	
                (A)

              	
                the
                  originator’s form of organization;

              

      

      

      
        	 	
                (B)

              	
                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; information regarding the size and composition of the originator’s
                  origination portfolio; and information that may be material, in
                  the good
                  faith judgment of the Purchaser, 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
                  description of any material legal or governmental proceedings pending
                  (or
                  known to be contemplated) against the Company, each Third-Party
                  Originator
                  and each Subservicer; and

              

      

      

      
        	 	
                (D)

              	
                a
                  description of any affiliation or relationship between the Company,
                  each
                  Third-Party Originator, 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 in advance
                  of a
                  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, 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 (1) the Company, if the Company is an originator
                  of
                  Mortgage Loans (including as an acquirer of Mortgage Loans from
                  a
                  Qualified Correspondent), and/or (2) each Third-Party Originator.
                  Such
                  Static Pool Information shall be prepared by the Company (or 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) 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 reasonably required by the Purchaser
                  or the
                  Depositor, as applicable.

              

      

      

      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), such statements and agreed-upon
        procedures letters of certified public accountants reasonably acceptable
        to the
        Purchaser or Depositor, as applicable, 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 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 may include, by way of example, any sponsor, any Depositor and any
        broker
        dealer acting as underwriter, placement agent or initial purchaser with respect
        to 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
                  so 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 requested for the purpose
                  of compliance with Items 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 good faith judgment 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)

              	
                If
                  so requested by the Purchaser or any Depositor 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 Third-Party Originator to) (1) notify the
                  Purchaser
                  and any Depositor in writing of (A) any material litigation or
                  governmental proceedings pending against the Company, any Subservicer
                  or
                  any Third-Party Originator and (B) any affiliations or relationships
                  that
                  develop following the closing date of a Securitization Transaction
                  between
                  the Company, any Subservicer or any Third-Party Originator and
                  any of the
                  parties specified in Section 9.01(e)(i)(D) (and any other parties
                  identified in writing by the requesting party) with respect to
                  such
                  Securitization Transaction, and (2) provide to the Purchaser and
                  any
                  Depositor a description of such proceedings, affiliations or
                  relationships.

              

      

      

      
        	 	
                (v)

              	
                As
                  a condition to the succession to the Company or any Subservicer
                  as
                  servicer or Subservicer under this Agreement or any Reconstitution
                  Agreement 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 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 and in form and substance reasonably satisfactory to
                  the
                  Purchaser and such Depositor, all information reasonably requested
                  by the
                  Purchaser or any Depositor in order to comply with is reporting
                  obligation
                  under Item 6.02 of Form 8-K with respect to any class of asset-backed
                  securities.

              

      

      

      
        	 	
                (vi)

              	
                (A)

              	
                The
                  Company shall represent to the Purchaser, as of the date on which
                  information is first provided to the Purchaser under this Section
                  9.01(e)
                  that, except as disclosed in writing to the Purchaser prior to
                  such date:
                  (1) 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; (2) 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;
                  (3)
                  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;
                  (4)
                  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; (5) 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; (6) 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 (7) 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.

              

      

      

      
        	 	
                (B)

              	
                If
                  so requested by the Purchaser on any date following the date on
                  which
                  information is first provided to the Purchaser under this Section
                  9.01(e),
                  the Company shall, within five (5) Business Days following such
                  request,
                  confirm in writing the accuracy of the representations and warranties
                  set
                  forth in sub clause (A) above 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.

              

      

      

      
        	 	
                (vii)

              	
                In
                  addition to such information as the Company, as servicer, is obligated
                  to
                  provide pursuant to other provisions of this Agreement, if so requested
                  by
                  the Purchaser or any Depositor, the Company shall provide such
                  information
                  reasonably available to the Company regarding the performance of
                  the
                  Mortgage Loans as is reasonably required to facilitate preparation
                  of
                  distribution reports in accordance with Item 1121 of Regulation
                  AB.

              

      

      

      
        	 	
                (f)

              	
                the
                  Company shall indemnify the Purchaser, each affiliate of the Purchaser,
                  and each of the following parties participating in a Securitization
                  Transaction; each sponsor and issuing entity; each Person responsible
                  for
                  the preparation, 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 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 and agents 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:

              

      

      

      (i)         
         (A) any
        untrue statement of a material fact contained or alleged to be contained
        in any
        information, report, certification, accountants’ letter or other material
        provided under Sections 9.01(c) and (e) by or on behalf of the Company, or
        provided under Sections 9.01(c) and (e) by or on behalf of any Subservicer,
        Subcontractor or Third-Party Originator (collectively, the “Company
        Information”), or (B) 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 (B) 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;

      

      (ii)         
         any
        failure by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under Sections 9.01(c) and
        (e),
        including any failure by the Company to identify any Subcontractor
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB; or

      

      (iii)         
         any
        breach by the Company of a representation or warranty set forth in Section
        9.01(e)(iv)(A) or in a writing furnished pursuant to Section 9.01(e)(iv)(B)
        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 9.01(e)(iv)(B) to the extent made as of a date
        subsequent to such closing date.

      

      In
        the
        case of any failure of performance described in sub-clause (ii) of this Section
        9.01(f), the Company shall promptly reimburse the Purchaser, 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
        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
        Subcontractor or any Third-Party Originator. 

      

      
        	 	
                (g)

              	
                the
                  Purchaser and each Person who controls the Purchaser shall indemnify
                  the
                  Company, each affiliate of the Company, each Person who controls
                  any of
                  such parties or the Company (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 of the Company, 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
        offering materials related to a Securitization Transaction, including without
        limitation the registration statement, prospectus, prospectus supplement,
        any
        private placement memorandum, any offering circular, any computational
        materials, and any amendments or supplements to the foregoing (collectively,
        the
“Securitization Materials”) or (B) the omission or alleged omission to state in
        the Securitization Materials a material fact required to be stated in the
        Securitization Materials or necessary in order to make the statements therein,
        in the light of the circumstances under which they were made, not misleading,
        but only to the extent that such untrue statement or alleged untrue statement
        or
        omission or alleged omission is other than a statement or omission arising
        out
        of, resulting from, or based upon the Company Information.

      

      The
        Purchaser and the Company acknowledge and agree that the purpose of Section
        9.01(e) 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.
        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, consensus among participants in the asset-backed
        securities markets, advice of counsel, or otherwise, and agrees to comply
        with
        requests made by the Purchaser 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 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 in the
        good
        faith determination of the Purchaser or any Depositor to permit the Purchaser
        or
        such Depositor to comply with the provisions of Regulation AB, together with
        such disclosures relating to the Company, any Subservicer, any Third-Party
        Originator and the Mortgage Loans, or the servicing of the Mortgage Loans,
        reasonably believed by the Purchaser or any Depositor to be necessary in
        order
        to effect such compliance.

      

      In
        the
        event the Purchaser has elected to have the Company hold record title to
        the
        Mortgages, prior to the Reconstitution Date the Company shall prepare an
        Assignment of Mortgage in blank or to the trustee from the Company acceptable
        to
        the trustee for each Mortgage Loan that is part of the Whole Loan Transfers,
        Agency Transfer or Securitization Transactions. The Company shall pay all
        preparation and recording costs associated with the initial Assignment of
        Mortgage. The Company shall execute each Assignment of Mortgage, track such
        Assignments of Mortgage to ensure they have been recorded and deliver them
        as
        required by the trustee upon the Company's receipt thereof. Additionally,
        the
        Company shall prepare and execute, at the direction of the Purchaser, any
        note
        endorsements in connection with any and all seller/servicer agreements. If
        required at any time by a Rating Agency, Purchaser or successor purchaser
        in
        connection with any Whole Loan Transfer, Agency Sale or Securitization
        Transaction, the Company shall deliver such additional documents from its
        Retained Mortgage File within thirty (30) Business Days to the Custodian,
        successor purchaser or other designee of the Purchaser as said Rating Agency,
        Purchaser or successor purchaser may require.

      

      All
        Mortgage Loans (i) not sold or transferred pursuant to Whole Loan Transfers,
        Agency Transfer or Securitization Transactions or (ii) that are subject to
        a
        Securitization for which the related trust is terminated for any reason,
        shall
        remain 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.

      

       

      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 two Business 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 or in the Custodial Agreement which continues
                  unremedied
                  for a period of 90 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 by the Custodian;
                  or

              

      

      

      
        	 	
                (iii)

              	
                failure
                  by the Company to maintain its license to do business in any jurisdiction
                  where the Mortgaged Property is located if such license is required;
                  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 degree 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; or
                  

              

      

      

      
        	 	
                (vii)

              	
                the
                  Company ceases to meet the qualifications of a Fannie Mae/Freddie
                  Mac
                  servicer; or

              

      

      

      
        	 	
                (viii)

              	
                the
                  Company attempts to assign its right to servicing compensation
                  hereunder
                  or to assign this Agreement or the servicing responsibilities hereunder
                  or
                  to delegate its duties hereunder or any portion thereof in violation
                  of
                  Section 8.04.

              

      

      

      In
        each
        and every such case, so long as an Event of Default shall not have been
        remedied, in addition to whatever 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 Servicing 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, Subsidy 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.

      

      The
        Company shall be entitled to receive, as such liquidated damages, upon the
        transfer of the servicing rights, an amount equal to: (i) 2.75% of the aggregate
        outstanding principal amount of the Mortgage Loans as of the termination
        date
        paid by the Purchaser to the Company with respect to all of the Mortgage Loans
        for which a servicing fee rate of .25% is paid per annum, (ii) 3.25% of the
        aggregate outstanding principal amount of the Mortgage Loans as of the
        termination date paid by the Purchaser to the Company with respect to all
        of the
        Mortgage Loans for which a servicing fee rate of .375% is paid per annum,
        and
        (iii) 3.75% of the aggregate outstanding principal amount of the Mortgage
        Loans
        as of the termination date paid by the Purchaser to the Company with respect
        to
        all of the Mortgage Loans for which a servicing fee rate of .44% or greater
        is
        paid per annum.

      

       

      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 8.04, 10.01, 11.01 (ii) or 11.02 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 Section 8.02 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 Section 3.03, it being
        understood and agreed that the provisions of such Sections 3.01, 3.02, 3.03
        and
        8.01 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 subsection (h) with respect to the sale of the Mortgage
        Loans and subsections (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 8.04, 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, Subsidy Account and Escrow Account and all Servicing 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 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.

      

      Each
        of
        the Company and the Purchaser hereby knowingly, voluntarily and intentionally
        waives any and all rights it may have to a trial by jury in respect or any
        litigation based on, or arising out of, under, or in connection with, this
        Agreement, or any other documents and instruments executed in connection
        herewith, or any course of conduct, course of dealing, statements (whether
        oral
        or written), or actions of the Company or the Purchaser. This provision is
        a
        material inducement for the Purchaser to enter into this Agreement.

      

      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 with respect to servicing and investor reporting issues:

      

      Wells
        Fargo Bank, N.A.

      1
        Home
        Campus

      Des
        Moines, Iowa 50328-0001

      Attention:
        John B. Brown, MAC X2401-042

      

      If
        to the
        Company with respect to all other issues:

      

      Wells
        Fargo Bank, N.A.

      7430
        New
        Technology Way

      Frederick,
        MD 21703

      Attention:
        Structured Finance Manager, MAC X3906-012

      

      In
        each
        instance with a copy to:

       

      Wells
        Fargo Bank, N.A.

      1
        Home
        Campus

      Des
        Moines, Iowa 50328-0001

      Attention:
        General Counsel, MAC X2401-06T

      

      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 Dr., Suite 200

      Irving,
        TX 75038

      Attention:
        Ralene Ruyle

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corp.

      383
        Madison Avenue

      New
        York,
        NY 10179

      Attention:
        Baron Silverstein

      

      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.

      

      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, Assumption and Recognition Agreement
        substantially in the form attached as Exhibit G and the assignee or designee
        shall accede to the rights and obligations hereunder of the Purchaser with
        respect to such Mortgage Loans. All references to the Purchaser in this
        Agreement shall be deemed to include its assignee or designee.

      

      Section
        12.11 Solicitation
        of Mortgagor.

      

      Neither
        party shall, after the related Closing Date, take any action to solicit the
        refinancing of any Mortgage Loan. It is understood and agreed that neither
        (i)
        promotions undertaken by either party or any affiliate of either party which
        are
        directed to the general public at large, including, without limitation, mass
        mailings based upon commercially acquired mailing lists, newspaper, radio,
        television advertisements nor (ii) serving the refinancing needs of a Mortgagor
        who, without solicitation, contacts either party in connection with the
        refinance of such Mortgage or Mortgage Loan, shall constitute solicitation
        under
        this Section.

      

      

      

      [Intentionally
        Blank - Next Page Signature Page]

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      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 	 	WELLS FARGO BANK,
                N.A.	 
	Purchaser	 	
                Company

              	 
	 	 	 	 	 	 
	By:	 	 	By:  	 	 
	 	 	 	 	 	 
	Name:	 	 	
                Name:

              	 	 
	 	 	 	 	 	 
	Title:	 	 	
                Title:

              	 	 

      

      
 

                

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      
        	STATE OF	)
	 	) ss:
	COUNTY OF ___________	)

      

      
 

      On
        the
        _____ day of _______________, 20___ before me, a Notary Public in and for
        said
        State, personally appeared      ,
        known
        to me to be     
        of Wells
        Fargo Bank, N.A., the national banking association that executed the within
        instrument and also known to me to be the person who executed it on behalf
        of
        said bank, and acknowledged to me that such bank 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 _______________, 20___ before me, a Notary Public in and for
        said
        State, personally appeared _____________________________________, known to
        me to
        be the ______________________________ 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 affixed my office seal the day
        and
        year in this certificate first above written.

      

      
         

        
          	 	 	 	 
	 	 	
                  Notary
                    Public

                	 
	 	 	 	 	 
	 	 	 	My Commission
                  expires______________________	 
	 	 	 	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        A

      

      

      FORM
        OF
        ASSIGNMENT AND CONVEYANCE AGREEMENT

       

      On
        this
        _____ day of __________, 20___, Wells Fargo Bank, N.A. (the "Seller")
        as the
        Seller under that certain Amended and Restated Master Mortgage Loan Purchase
        Agreement, ("Purchase Agreement") and as the Company under that certain Amended
        and Restated Master Seller's Warranties and Servicing Agreement (the "Servicing
        Agreement") each dated as of _______________, 20___, (collectively, the
        "Agreements")
        does
        hereby sell, transfer, assign, set over and convey to EMC Mortgage Corporation
        as the Purchaser (the "Purchaser")
        under
        the Purchase Agreement, and Purchaser hereby accepts from Seller, without
        recourse, but subject to the terms of the Agreements, all right, title and
        interest of, in and to the Mortgage Loans listed on the Mortgage Loan Schedule
        attached hereto as Exhibit
        A,
        together with the Custodial Mortgage Files and Retained Mortgage Files and
        all
        rights and obligations arising under the documents contained therein. Pursuant
        to Section 2.03 of the Servicing Agreement, the Seller has delivered to the
        Custodian the documents for each Mortgage Loan to be purchased. The Servicing
        Files retained by the Seller pursuant to Section 2.01 of the Servicing Agreement
        shall be appropriately marked to clearly reflect the sale of the related
        Mortgage Loans to the Purchaser. 

       

      Capitalized
        terms used herein and not otherwise defined shall have the meanings set forth
        in
        the Agreements. 

       

      
         

        
          	EMC Mortgage
                  Corporation	 	 Wells
                  Fargo Bank, N.A.	 
	Purchaser	 	
                  Company

                	 
	 	 	 	 	 	 
	By:	 	 	By:  	 	 
	 	 	 	 	 	 
	Name:	 	 	
                  Name:

                	 	 
	 	 	 	 	 	 
	Title:	 	 	
                  Title:

                	 	 

        

        

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        B

      

      

      CUSTODIAL
        AGREEMENT

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        C

      

      

      CONTENTS
        OF EACH RETAINED MORTGAGE FILE, 

      SERVICING
        FILE AND CUSTODIAL MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Retained Mortgage File and Custodial 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 Retained Mortgage File or Servicing File or
        delivered to the Custodian pursuant to Sections 2.01 and 2.03 of the Seller's
        Warranties and the 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: "[Company],
                  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:
                  "[Company], formerly know 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 or a certified
                  true
                  and correct copy of the Mortgage sent for recordation. 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.

              

      

      

      Further,
        with respect to MERS Mortgage Loans, (a) the Mortgage names MERS as the
        Mortgagee and (b) the requirements set forth in the Electronic Tracking
        Agreement have been satisfied, with a conformed recorded copy to follow as
        soon
        as the same is received by the Company.

      

      
        	 	
                4.

              	
                the
                  originals or certified true copies of any document sent for recordation
                  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 (except for the insertion of
                  the name
                  of the assignee and recording information). The Assignment of Mortgage
                  must be duly recorded only if recordation is either necessary under
                  applicable law or commonly required by private institutional mortgage
                  investors in the area where the Mortgaged Property is located or
                  on
                  direction of the Purchaser as provided in the Custodial Agreement.
                  If the
                  Assignment of Mortgage is to be recorded, the Mortgage shall be
                  assigned
                  to the Purchaser. If the Assignment of Mortgage is not to be recorded,
                  the
                  Assignment of Mortgage shall be delivered in blank. If the Mortgage
                  Loan
                  was acquired by the Company in a merger, the Assignment of Mortgage
                  must
                  be made by "[Company], 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
                  "[Company], formerly know as [previous name]."

              

      

      

      
        	 	
                6.

              	
                Originals
                  or certified true copies of documents sent for recordation 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
                  electronic form of PMI Policy as identified by certificate
                  number.

              

      

      

      
        	 	
                8.

              	
                The
                  original mortgagee policy of title insurance or other evidence
                  of title
                  such as a copy of the title commitment or copy of the preliminary
                  title
                  commitment.

              

      

      

      
        	 	
                9.

              	
                Any
                  security agreement, chattel mortgage or equivalent executed in
                  connection
                  with the Mortgage.

              

      

      

      10.        
         Original
        power of attorney, if applicable.

       

      
        	 	
                11.

              	
                For
                  each Cooperative Loan, the original or a seller certified true
                  copy of the
                  following:

              

      

       

      The
        original Pledge Agreement entered into by the Mortgagor with respect to such
        Cooperative Loan;

       

      UCC-3
        assignment in blank (or equivalent instrument), sufficient under the laws
        of the
        jurisdiction where the related Cooperative Apartment is located to reflect
        of
        record the sale and assignment of the Cooperative Loan to the
        Purchaser;

       

      Original
        assignment of Pledge Agreement in blank showing a complete chain of assignment
        from the originator of the related Cooperative Loan to the Company;

       

      Original
        Form UCC-1 and any continuation statements with evidence of filing thereon
        with
        respect to such Cooperative Loan;

       

      Cooperative
        Shares with a Stock Certificate in blank attached; 

       

      Original
        Proprietary Lease;

       

      Original
        Assignment of Proprietary Lease, in blank, and all intervening assignments
        thereof;

       

      Original
        recognition agreement of the interests of the mortgagee with respect to the
        Cooperative Loan by the Cooperative, the stock of which was pledged by the
        related Mortgagor to the originator of such Cooperative Loan; and

       

      Originals
        of any assumption, consolidation or modification agreements relating to any
        of
        the items specified above.

      

      With
        respect to each Mortgage Loan, the Servicing File shall include each of the
        following items to the extent in the possession of the Company or in the
        possession of the Company’s agent(s):

      

      
        	 	
                12.

              	
                The
                  original hazard insurance policy and, if required by law, flood
                  insurance
                  policy, in accordance with Section 4.10 of the
                  Agreement.

              

      

      

      
        	 	
                13.

              	
                Residential
                  loan application.

              

      

      

      
        	 	
                14.

              	
                Mortgage
                  Loan closing statement.

              

      

      

      
        	 	
                15.

              	
                Verification
                  of employment and income, unless originated under the Company's
                  Limited
                  Documentation program, Fannie Mae Timesaver
                  Plus.

              

      

      

      
        	 	
                16.

              	
                Verification
                  of acceptable evidence of source and amount of down
                  payment.

              

      

      

      
        	 	
                17.

              	
                Credit
                  report on the Mortgagor.

              

      

      

      
        	 	
                18.

              	
                Residential
                  appraisal report.

              

      

      

      
        	 	
                19.

              	
                Photograph
                  of the Mortgaged Property.

              

      

      

      
        	 	
                20.

              	
                Survey
                  of the Mortgage property, if required by the title company or applicable
                  law.

              

      

      

      
        	 	
                21.

              	
                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.

              

      

      

      
        	 	
                22.

              	
                All
                  required disclosure statements.

              

      

      

      
        	 	
                23.

              	
                If
                  available, termite report, structural engineer's report, water
                  potability
                  and septic certification.

              

      

      

      
        	 	
                24.

              	
                Sales
                  contract, if applicable.

              

      

      

      
        	 	
                25.

              	
                Evidence
                  of payment of taxes and insurance premiums, 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.

              

      

      

      
        	 	
                26.

              	
                Amortization
                  schedule, if available.

              

      

      

      
        	 	
                27.

              	
                Payment
                  history for any Mortgage Loan that has been closed for more than
                  90
                  days.

              

      

      

      

      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 240
        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
        D

       

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      

      

      
        
          	
                  Reg
                    AB 

                  Reference

                	
                  Servicing
                    Criteria

                	
                  Applicable
                    

                  Servicing
                    

                  Criteria

                	
                  Inapplicable
                    

                  Servicing

                  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 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. 

                	 	 
	 	
                  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. 

                	 	 
	
                  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 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.
                    

                	 	 
	
                  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
                    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. 

                	 	 
	 	
                  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.
                    

                	 	 

        

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      
        
          	
                  Reg
                    AB

                  Reference

                	
                  Servicing
                    Criteria

                	
                  Applicable

                  Servicing

                  Criteria

                	
                  Inapplicable

                  Servicing

                  Criteria

                
	 	
                  Pool
                    Asset Administration (cont’d)

                	 	 
	
                  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 mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents. 

                	 	 
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan 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 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. 

                	 	 
	
                  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.
                    

                	 	 
	
                  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. 

                	 	 
	
                  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. 

                	 	 
	
                  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).
                    

                	 	 
	
                  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.
                    

                	 	 
	
                  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.
                    

                	 	 
	
                  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. 

                	 	 
	
                  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 accounts 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
        E

       

      FORM
        OF
        SARBANES CERTIFICATION

      

      
        	 	
                Re:

              	
                The
                  [ ] agreement dated as of [ ], 200[ ] (the “Agreement”), among [IDENTIFY
                  PARTIES]

              

      

      

      I,
        ________________________________, the _______________________ of [Name of
        Servicer], certify to [the Owner], [the Depositor], and the [Master Servicer]
        [Securities Administrator] [Trustee], and their officers, with the knowledge
        and
        intent that they will rely upon this certification, that:

      

      (1) I
        have
        reviewed the servicer compliance statement of the Servicer provided in
        accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
        report on assessment of the Servicer’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 Servicer during 200[ ] that were
        delivered by the Servicer to the [Depositor] [Master Servicer] [Securities
        Administrator] [Trustee] pursuant to the Agreement (collectively, the “Servicer
        Servicing Information”);

      

      (2) Based
        on
        my knowledge, the Servicer 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 Servicer Servicing Information; 

      

      (3) Based
        on
        my knowledge, all of the Servicer Servicing Information required to be provided
        by the Servicer under the Agreement has been provided to the [Depositor]
        [Master
        Servicer] [Securities Administrator] [Trustee];

      

      (4) I
        am
        responsible for reviewing the activities performed by the 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 Servicer
        has
        fulfilled its obligations under the Agreement; and

      

      (5)  The
        Compliance Statement, the Servicing Assessment and the Attestation Report
        required to be provided by the Servicer 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
        F

       

      FORM
        OF
        SARBANES-OXLEY BACK-UP CERTIFICATION

      

      I,
        ______________________, Vice President of Wells Fargo Bank, N.A. (the
        "Servicer"), certify to __________________, and its officers, directors,
        agents
        and affiliates (the "Sarbanes Certifying Party"), and with the knowledge
        and
        intent that they will rely upon this certification, that:

      

      
        	 	
                (i)

              	
                Based
                  on my knowledge, the information relating to the Mortgage Loans
                  and the
                  servicing thereof submitted by the Servicer to the Sarbanes Certifying
                  Party which is used in connection with preparation of the reports
                  on Form
                  8-K and the annual report on Form 10-K filed with the Securities
                  and
                  Exchange Commission with respect to the Securitization, 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 date of this certification;

              

      

      

      
        	 	
                (ii)

              	
                The
                  servicing information required to be provided to the Sarbanes Certifying
                  Party by the Servicer under the relevant servicing agreement has
                  been
                  provided to the Sarbanes Certifying
                  Party;

              

      

      

      
        	 	
                (iii)
                  

              	
                I
                  am responsible for reviewing the activities performed by the Servicer
                  under the relevant servicing agreement and based upon the review
                  required
                  by the relevant servicing agreement, and except as disclosed 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 Sarbanes Certifying Party, the Servicer has, as
                  of the
                  date of this certification fulfilled its obligations under the
                  relevant
                  servicing agreement; and

              

      

      

      (iv)        
         I
        have
        disclosed to the Sarbanes Certifying Party all significant deficiencies relating
        to the Servicer'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 relevant
        servicing agreement. 

      

      
        	 	
                (v)
                  

              	
                The
                  Servicer shall indemnify and hold harmless the Sarbanes Certifying
                  Party
                  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 Certification
                  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 Sarbanes Certifying Party, then
                  the
                  Servicer agrees that it shall contribute to the amount paid or
                  payable by
                  the Sarbanes Certifying Party as a result of the losses, claims,
                  damages
                  or liabilities of the Sarbanes Certifying Party in such proportion
                  as is
                  appropriate to reflect the relative fault of the Sarbanes Certifying
                  Party
                  on the one hand and the Servicer on the other in connection with
                  a breach
                  of the Servicer's obligations under this Certification or the Servicer's
                  negligence, bad faith or willful misconduct in connection
                  therewith.

              

      

      

      IN
        WITNESS WHEREOF, I have hereunto signed my name and affixed the seal of the
        Servicer.

      
         

        
          	 	 	 	 	 	 
	 	 	 	 	 	 
	Dated: 	 	 	By:  	 	 
	 	 	 	
                  Name:

                	 	 
	 	 	 	
                  Title:

                	 	 

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        G

      

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

      

      

      ____________,
        20__

      

      

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT, dated ___________________, 20____ between
        _________________, a _________________ corporation having an office at
        _________________ ("Assignor") and _________________, having an office at
        _________________ ("Assignee"):

      

      For
        and
        in consideration of the sum of one dollar ($1.00) and other valuable
        consideration the receipt and sufficiency of which are hereby acknowledge,
        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, (the "Seller's Warranties and
        Servicing Agreement"), dated as of _________________, by and between
        _________________ (the "Purchaser"), and _________________ (the "Company"),
        and
        the Mortgage Loans delivered thereunder by the Company to the Assignor, and
        that
        certain Custodial Agreement, (the "Custodial Agreement"), dated as of
        _________________, by and among the Company, the Purchaser and _________________
        (the "Custodian").

      

      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 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. That
        Assignee warrants and represent to, and covenants with, the Assignor and
        the
        Company pursuant to Section 12.10 of the Seller's Warranties and Servicing
        Agreement 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 $250,000.00 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 to Mortgage Loans by means
        of any
        general advertising or general solicitation within the meaning of Rule 502(c)
        of
        US Securities and Exchange Commission Regulation D, promulgated under the
        Securities 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 Agreements
        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 is:

      
         

        
          	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
                  Attention:
                    _________________

                	 
	 

        

      

      
 

      4. From
        and
        after the date hereof, the Company shall note the transfer of the Mortgage
        Loans
        to the Assignee in its books and records, the Company shall recognize the
        Assignee as the owner of the Mortgage Loans and the Company shall service
        the
        Mortgage Loans for the benefit of the Assignee pursuant to the Seller’s
        Warranties and Servicing Agreement, the terms of which are incorporated herein
        by reference. It is the intention of the Assignor, the Company and the Assignee
        that the Seller’s Warranties and Servicing Agreement shall be binding upon and
        inure to the benefit of the Company and the Assignee and their respective
        successors and assigns.

      

      [Signatures
        Follow]

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      

      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:  	 	 
	 	 	 	 	 	 
	Name:	 	 	
                  Name:

                	 	 
	 	 	 	 	 	 
	Its:
                  	 	 	
                  Its:
                    

                	 	 
	 	 	 	 	 	 
	Tax Payer Identification
                  No.:	 	Tax Payer Identification
                  No.:	 
	 	 	
                	 

        

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

      

       

      EXHIBIT
        H

      

      ELECTRONIC
        DATA FILE

      

      
        	 	
                (1)

              	
                the
                  street address of the Mortgaged Property including the city, state,
                  county
                  and zip code;

              

      

      

      
        	 	
                (2)

              	
                a
                  code indicating whether the Mortgaged Property is a single family
                  residence, a 2-4 family dwelling, a PUD, a cooperative, a townhouse,
                  manufactured housing or a unit in a condominium
                  project;

              

      

      

      (3)           the
        Mortgage Interest Rate as of the Cut-off Date;

      

      (4)         
         the
        current Monthly Payment;

      

      (5)         
         loan
        term, number of months;

      

      (6)           the
        stated maturity date;

      

      
        	 	
                (7)

              	
                the
                  Stated 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;

              

      

      

      
        	 	
                (8)

              	
                the
                  Loan-to-Value Ratio;

              

      

      

      
        	 	
                (9)

              	
                a
                  code indicating whether the Mortgage Loan is an Interest Only Mortgage
                  Loan;

              

      

      

      
        	 	
                (10)

              	
                a
                  code indicating whether the Mortgage Loan is a temporary buydown
                  (Y or
                  N);

              

      

      

      
        	 	
                (11)

              	
                the
                  Servicing Fee Rate;

              

      

      

      
        	 	
                (12)

              	
                a
                  code indicating whether the Mortgage Loan is covered by lender-paid
                  mortgage insurance (Y or N);

              

      

      

      (13)         a
        code
        indicating whether the Mortgage Loan is a Time$aver® Mortgage Loan (Y or
        N);

      

      
        	 	
                (14)

              	
                the
                  Mortgagor's first and last name;

              

      

      

      
        	 	
                (15)

              	
                a
                  code indicating whether the Mortgaged Property is owner-occupied;
                  

              

      

      

      
        	 	
                (16)

              	
                the
                  remaining months to maturity from the Cut-off Date, based on the
                  original
                  amortization schedule; 

              

      

      

      
        	 	
                (17)

              	
                the
                  date on which the first Monthly Payment was due on the Mortgage
                  Loan;
                  

              

      

      

      
        	 	
                (18)

              	
                the
                  last Due Date on which a Monthly Payment was actually applied to
                  the
                  actual principal balance; 

              

      

      

      
        	 	
                (19)

              	
                the
                  original principal amount of the Mortgage Loan;

              

      

      

      
        	 	
                (20)

              	
                a
                  code indicating the purpose of the loan (i.e., purchase, financing,
                  rate/term refinancing, cash-out refinancing);

              

      

      

      
        	 	
                (21)

              	
                the
                  Mortgage Interest Rate at origination;

              

      

      

      
        	 	
                (22)

              	
                the
                  date on which the first Monthly Payment was due on the Mortgage
                  Loan;
                  

              

      

      

      
        	 	
                (23)

              	
                a
                  code indicating the documentation style (i.e., full (providing
                  two years
                  employment verification - 2 years W-2’s and current pay stub or 2 years
                  1040’s for self employed borrowers), alternative or
                  reduced);

              

      

      

      
        	 	
                (24)

              	
                a
                  code indicating if the Mortgage Loan is subject to a PMI
                  Policy;

              

      

      

      
        	 	
                (25)

              	
                the
                  Appraised Value of the Mortgage
                  Property;

              

      

      

      
        	 	
                (26)

              	
                the
                  sale price of the Mortgaged Property, if
                  applicable;

              

      

      

      (27)       
         the
        Mortgagor’s Underwriting FICO Score;

      

      (28)         term
        of
        prepayment penalty in years;

      

      (29)      
         a
        code
        indicating the product type;

      

      (30)      
         a
        code
        indicating the credit grade of the Mortgage Loan;

      

      
        	 	
                (31)

              	
                the
                  unpaid balance of the Mortgage Loan as of the close of business
                  on the
                  Cut-off Date, after deduction of all payments of
                  principal;

              

      

      

      (32)       
         the
        Note
        date of the Mortgage Loan;

      

      
        	 	
                (33)

              	
                the
                  mortgage insurance certificate number and percentage of coverage,
                  if
                  applicable;

              

      

      

      (34)       
         the
        Mortgagor’s date of birth;

      

      
        	 	
                (35)

              	
                the
                  MIN Number for each Mortgage Loan, if
                  applicable;

              

      

      

      (36)      
         employer
        name;

      

      (37)       
         subsidy
        program code;

      

      (38)      
         servicer
        name;

      

      (39)       
         the
        combined Loan-to-Value Ratio;

      

      (40)       
         the
        total
        Loan-to-Value Ratio;

      

      (41)       
         whether
        the Mortgage Loan is convertible (Y or N);

      

      (42)       
         a
        code
        indicating whether the Mortgage Loan is a relocation loan (Y or N);

      

      (43)       
         a
        code
        indicating whether the Mortgage Loan is a leasehold loan (Y or N);

      

      (44)       
         a
        code
        indicating whether the Mortgage Loan is an Alt A loan (Y or N);

      

      (45)       
         a
        code
        indicating whether the Mortgage Loan is a no ratio loan (Y or N); 

      

      
        	 	
                (46)

              	
                a
                  code indicating whether the Mortgage Loan is a Pledged Asset Mortgage
                  Loan
                  (Y or N);

              

      

      

      (47)         effective
        LTV percentage for Pledged Asset Mortgage Loans;

      

      (48)       
         citizenship
        type code;

      

      
        	 	
                (49)

              	
                a
                  code indicating whether the Mortgage Loan is a conforming or
                  non-conforming loan, based on the original loan
                  balance;

              

      

      

      (50)         the
        name
        of the client for which the Mortgage Loan was originated;

      

      (51)       
         the
        program code;

      

      (52)       
         the
        loan
        sub doc code;

      

      (53)       
         the
        remaining interest-only term for Interest Only Mortgage Loans;

      

      The
        Company shall provide the following

      For
        the Home Mortgage Disclosure Act (HMDA):

      

      (54)       
         the
        Mortgagor’s and co-Mortgagor’s (if applicable) ethnicity;

      

      (55)       
         the
        Mortgagor’s and co-Mortgagor’s (if applicable) race;

      

      (56)       
         lien
        status;

      

      (57)       
         for
        cash-out refinance loans, the cash purpose;

      

      (58)       
         the
        Mortgagor’s and co-Mortgagor’s (if applicable) gender;

      

      (59)       
         the
        Mortgagor’s and co-Mortgagor’s (if applicable) social security
        numbers;

      

      (60)       
         the
        number of units for the property;

      

      (61)       
         the
        year
        in which the property was built;

      

      (62)       
         the
        qualifying monthly income of the Mortgagor;

      

      (63)         the
        number of bedrooms contained in the property;

      

      (64)       
         a
        code
        indicating first time buyer (Y or N);

      

      (65)       
         the
        total
        rental income, if any;

      

      The
        Seller shall provide the following

      for
        the adjustable rate Mortgage Loans (if applicable):

      

      (66)       
         the
        maximum Mortgage Interest Rate under the terms of the Mortgage
        Note;

      

      (67)       
         the
        Periodic Interest Rate Cap;

      

      (68)       
         the
        Index;

      

      (69)       
         the
        next
        Adjustment Date;

      

      (70)       
         the
        Gross
        Margin; and

      

      (71)       
         the
        lifetime interest rate cap.

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      MASTER
        MORTGAGE LOAN PURCHASE AGREEMENT

      

      

      This
        is
        an Amended and Restated Master Mortgage Loan Purchase Agreement (the
        "Agreement"), dated as of November 1, 2004 by and between EMC Mortgage
        Corporation, having an office at 909 Hidden Ridge Drive, Suite 200, Irving,
        Texas 75038 (the "Purchaser") and Wells Fargo Bank, N.A., having an office
        at 1
        Home Campus, Des Moines, Iowa 50328-0001 (the "Seller").

      

      W I T N E&am
p;#1
        60;S S E T H

      

      WHEREAS,
        the Seller agrees to sell, and the Purchaser agrees to purchase, from time
        to
        time certain conventional residential mortgage loans (the "Mortgage Loans")
        on a
        servicing retained basis as described herein:

      

      WHEREAS,
        the Mortgage Loans shall be delivered as pools of whole loans (each a “Loan
        Package”) on various dates as provided herein (each a “Closing Date”);
        and

      

      WHEREAS,
        the parties intend hereby to set forth the terms and conditions upon which
        the
        proposed Transactions will be effected.

      

      NOW
        THEREFORE, in consideration of the promises and the mutual agreements set
        forth
        herein, the parties hereto agree as follows:

      

      SECTION
        1. 
        All
        capitalized terms not otherwise defined herein have the respective meanings
        set
        forth in the Amended and Restated Master Seller's Warranties and Servicing
        Agreement, dated as of the date herewith (the“Master Seller's Warranties and
        Servicing Agreement"). 

      

      SECTION
        2. Agreement
        to Purchase.
        The
        Seller agrees to sell, and the Purchaser agrees to purchase from time to
        time,
        Mortgage Loans having an aggregate principal balance on the applicable related
        Cut-off Date in an amount as set forth in the related Commitment Letters
        or in
        such other amount as agreed by the Purchaser and the Seller as evidenced
        by the
        actual aggregate principal balance of the Mortgage Loans in the related Loan
        Package accepted by the Purchaser on the related Closing Date. The Mortgage
        Loans will be delivered pursuant to the Master Seller's Warranties and Servicing
        Agreement.

      

      SECTION
        3.  Mortgage
        Schedules.
        The
        Seller will provide the Purchaser with certain information constituting a
        listing of the Mortgage Loans to be purchased under this Agreement for each
        Transaction (the "Mortgage Loan Schedule"). Each Mortgage Loan Schedule shall
        conform to the definition of "Mortgage Loan Schedule" under the Master Seller's
        Warranties and Servicing Agreement.

      

      SECTION
        4.  Purchase
        Price.
        The
        purchase price for each Loan Package (the "Purchase Price") shall be the
        percentage of par as stated in the related Commitment Letter, multiplied
        by the
        aggregate principal balance, as of the related Cut-off Date, of the Mortgage
        Loans listed in the related Loan Package, after application of scheduled
        payments of principal for such related Loan Package due on or before the
        related
        Cut-off Date whether or not collected. The purchase price for a Loan Package
        may
        be adjusted as stated in the related Commitment Letter.

      

      In
        addition to the Purchase Price, the Purchaser shall pay to the Seller, at
        closing, accrued interest on the initial principal amount of the Mortgage
        Loans
        at the weighted average Mortgage Loan Remittance Rate for each Loan Package
        from
        the related Cut-off Date through the day prior to the related Closing Date,
        inclusive.

      

      With
        respect to each Loan Package, the Purchaser shall be entitled to (1) all
        scheduled principal due after the related Cut-off Date, (2) all other recoveries
        of principal collected after the related Cut-off Date (provided, however,
        that
        all scheduled payments of principal due on or before the related Cut-off
        Date
        and collected by the Seller after the related Cut-off Date shall belong to
        the
        Seller), and (3) all payments of interest on the Mortgage Loans at the Mortgage
        Loan Remittance Rate (minus that portion of any such payment which is allocable
        to the period prior to the related Cut-off Date). The principal balance of
        each
        Mortgage Loan as of the related Cut-off Date is determined after application
        of
        payments of principal due on or before the related Cut-off Date whether or
        not
        collected. Therefore, payments of scheduled principal and interest prepaid
        for a
        due date beyond the related Cut-off Date shall not be applied to the principal
        balance as of the related Cut-off Date. Such prepaid amounts (minus interest
        at
        the Servicing Fee Rate) shall be the property of the Purchaser. The Seller
        shall
        deposit any such prepaid amounts into the Custodial Account, which account
        is
        established for the benefit of the Purchaser for subsequent remittance by
        the
        Seller to the Purchaser. 

      

      SECTION
        5.  Examination
        of Mortgage Files.
        Prior to
        each Closing Date, the Seller shall (a) deliver to the Purchaser in escrow,
        for
        examination, the Mortgage File for each Mortgage Loan, including a copy of
        the
        Assignment of Mortgage, pertaining to each Mortgage Loan, or (b) make the
        Mortgage Files available to the Purchaser for examination at the Seller's
        offices or such other location as shall otherwise be agreed upon by the
        Purchaser and the Seller. Such examination may be made by the Purchaser or
        by
        any prospective purchaser of the Mortgage Loans from the Purchaser, at any
        time
        before or after such related Closing Date, upon prior reasonable notice to
        the
        Seller. The fact that the Purchaser or any prospective purchaser of the Mortgage
        Loans has conducted or has failed to conduct any partial or complete examination
        of the Mortgage Files shall not affect the Purchaser's (or any of its
        successor's) rights to demand repurchase, substitution or other relief as
        provided under the Master Seller's Warranties and Servicing
        Agreement.

      

      Prior
        to
        Seller’s receipt of the Purchase Price, the Purchaser shall cause the Custodian
        to act as bailee for the sole and exclusive benefit of the Seller pursuant
        to
        the Custodial Agreement and act only in accordance with Seller’s instructions.
        Upon the Seller’s receipt of the Purchase Price, the Seller shall provide
        notification to the Custodian to release ownership of the Mortgage Loan
        Documents contained in the Custodial Mortgage File. Such notification shall
        be
        in a form of a written notice by facsimile or other electronic media, with
        a
        copy sent to the Purchaser. Subsequent to such release, such Mortgage Loan
        Documents shall be retained by the Custodian for the benefit of the Purchaser.
        All Mortgage Loan Documents related to Mortgage Loans not purchased by the
        Purchaser on the Closing Date, shall be maintained by the Custodian for the
        benefit of the Seller and shall be returned to the Seller within two (2)
        Business Days after the Closing Date.

      

      SECTION
        6.  Representations,
        Warranties and Agreements of Seller.
        The
        Seller agrees and acknowledges that it shall, as a condition to the consummation
        of the transactions contemplated hereby, make the representations and warranties
        specified in Section 3.01 and 3.02 of the Master Seller's Warranties and
        Servicing Agreement, as of each related Closing Date. The meaning of the
        term
        "Agreement" as used in Sections 3.01 and 3.02 of the Master Seller's Warranties
        and Servicing Agreement shall include this Agreement. The Seller, without
        conceding that the Mortgage Loans are securities, hereby makes the following
        additional representations, warranties and agreements which shall be deemed
        to
        have been made as of the related Closing Date:

      

      a) neither
        the Seller nor anyone acting on its behalf has offered, transferred, pledged,
        sold or otherwise disposed of any Mortgage Loans, any interest in any Mortgage
        Loans or any other similar security to, or solicited any offer to buy or
        accept
        a transfer, pledge or other disposition of any Mortgage Loans, any interest
        in
        any Mortgage Loans or any other similar security from, or otherwise approached
        or negotiated with respect to any Mortgage Loans, any interest in any 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 or which would render the disposition of any
        Mortgage Loans a violation of Section 5 of the Securities 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

      

      b) the
        Seller has not dealt with any broker or agent or anyone else who might be
        entitled to a fee or commission in connection with this transaction other
        than
        the Purchaser.

      

      SECTION
        7.  Representation,
        Warranties and Agreement of Purchaser.
        The
        Purchaser, without conceding that the Mortgage Loans are securities, hereby
        makes the following representations, warranties and agreements, which shall
        have
        been deemed to have been made as of the related Closing Date.

      

      a) the
        Purchaser understands that the Mortgage Loans have not been registered under
        the
        Securities Act or the securities laws of any state;

      

      b) the
        Purchaser is acquiring the Mortgage Loans for its own account only and not
        for
        any other person;

      

      c) the
        Purchaser 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;

      

      d) the
        Purchaser has been furnished with all information regarding the Mortgage
        Loans
        which it has requested from the Seller or the Company; and

      

      e) neither
        the Purchaser nor anyone acting on its behalf offered, transferred, pledged,
        sold or otherwise disposed of any Mortgage Loan, any interest in any Mortgage
        Loan or any other similar security to, or solicited any offer to buy or accept
        a
        transfer, pledge or other disposition of any Mortgage Loan, any interest
        in any
        Mortgage Loan or any other similar security from, or otherwise approached
        or
        negotiated with respect to any Mortgage Loan, any interest in any Mortgage
        Loan
        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 or which would render the disposition of any
        Mortgage Loan a violation of Section 5 of the Securities 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.

      

      SECTION
        8.  Closing.
        The
        closing for the purchase and sale of each Loan Package shall take place on
        the
        related Closing Date. At the Purchaser's option, the Closing shall be either:
        by
        telephone, confirmed by letter or wire as the parties shall agree; or conducted
        in person, at such place as the parties shall agree.

      

      The
        closing shall be subject to each of the following conditions:

      

      a) all
        of
        the representations and warranties of the Seller under this Agreement and
        under
        the Master Seller's Warranties and Servicing Agreement shall be true and
        correct
        as of such related Closing Date and no event shall have occurred which, with
        notice or the passage of time, would constitute a default under this Agreement
        or an Event of Default under the Master Seller's Warranties and Servicing
        Agreement;

      

      b) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all Closing Documents as specified in Section 9 of this Agreement,
        in
        such forms as are agreed upon and acceptable to the Purchaser, duly executed
        by
        all signatories other than the Purchaser as required pursuant to the respective
        terms thereof;

      

      c) the
        Seller shall have delivered and released to the Custodian under the Master
        Seller's Warranties and Servicing Agreement all documents required pursuant
        to
        the related Custodial Agreement, and

      

      d) all
        other
        terms and conditions of this Agreement shall have been complied
        with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Seller on such
        related Closing Date the applicable Purchase Price, plus accrued interest
        pursuant to Section 4 of this Agreement, by wire transfer of immediately
        available funds to the account designated by the Seller.

      

      SECTION
        9.  Closing
        Documents.
        With
        respect to the Mortgage Loans, the Closing Documents shall consist of the
        following documents:

      

      On
        the
        initial Closing Date:

      

      
        	 	
                1.

              	
                the
                  Master Seller's Warranties and Servicing Agreement, in three
                  counterparts;

              

      

      

      
        	 	
                2.

              	
                this
                  Agreement in two counterparts;

              

      

      

      
        	 	
                3.

              	
                the
                  Custodial Agreement, dated as November 30, 1999, by and between
                  EMC
                  Mortgage Corporation as Owner, and Wells Fargo Bank, N.A. (formerly
                  Wells
                  Fargo Bank Minnesota, N.A.) attached as an exhibit to the Master
                  Seller's
                  Warranties and Servicing Agreement;

              

      

      

      
        	 	
                4.

              	
                the
                  Mortgage Loan Schedule for the related Loan Package, one copy to
                  be
                  attached to each counterpart of the Master Seller's Warranties
                  and
                  Servicing Agreement, to each counterpart of this Agreement, and
                  to each
                  counterpart of the Custodial Agreement, as the Mortgage Loan Schedule
                  thereto;

              

      

      

      
        	 	
                5.

              	
                a
                  Receipt and Certification, as required under the Custodial
                  Agreement;

              

      

      

      6.           
         an
        Opinion of Counsel of the Seller, in the form of Exhibit 1 hereto;
        and

      

      7.          
         an
        Assignment and Conveyance Agreement for the related Mortgage Loans.

      

      On
        each
        subsequent Closing Date, the following documents:

      

      1.         
         the
        Mortgage Loan Schedule for the related Loan Package;

      

      2.        
         an
        Assignment and Conveyance Agreement for the related Mortgage Loans;
        and

      

      3.        
         a
        Receipt
        and Certification, as required under the Custodial Agreement.

      

      

      SECTION
        10.  Costs.
        The
        Purchaser shall pay any commissions due its salesmen, the legal fees and
        expenses of its attorneys and the costs and expenses associated with the
        Custodian. The Seller shall be responsible for reasonable costs and expenses
        associated with any preparation of the initial assignments of mortgage. All
        other costs and expenses incurred in connection with the transfer and delivery
        of the Mortgage Loans, including fees for title policy endorsements and
        continuations and the Seller's attorney fees, shall be paid by the
        Seller.

      

      SECTION
        11.  Servicing
        The
        Mortgage Loans shall be serviced by the Seller in accordance with the terms
        of
        the Master Seller's Warranties and Servicing Agreement. The Seller shall
        be
        entitled to servicing fees calculated as provided therein, at the Servicing
        Fee
        Rate.

      

      SECTION
        12.  Financial
        Statements.
        The
        Seller understands that in connection with the Purchaser's marketing of the
        Mortgage Loans, the Purchaser shall make available to prospective purchasers
        a
        Consolidated Statement of Operations of the Seller for the most recently
        completed two fiscal years respecting which such a statement is available,
        as
        well as a Consolidated Statement of Condition at the end of the last two
        (2)
        fiscal years covered by such Consolidated Statement of Operations. The Purchaser
        shall also make available any comparable interim statements to the extent
        any
        such statements have been prepared by the seller in a format intended or
        otherwise suitable for the public at large. The Seller, if it has not already
        done so, agrees to furnish promptly to the Purchaser copies of the statements
        specified above. The Seller shall also make available information on its
        servicing performance with respect to loans in its own portfolio and loans
        serviced for others (if any), including foreclosure and delinquency
        ratios.

      

      The
        Seller also agrees to allow access to a knowledgeable (as shall be determined
        by
        the Seller) financial or accounting officer for the purpose of answering
        questions asked by any prospective purchaser regarding recent developments
        affecting the Seller or the financial statements of the Seller.

      

      SECTION
        13.  Mandatory
        Delivery.
        The sale
        and delivery on each Closing Date of the related Mortgage Loans described
        on the
        respective Mortgage Loan Schedules is mandatory, it being specifically
        understood and agreed that each Mortgage Loan must be unique and identifiable
        on
        such related Closing Date and that an award of money damages would be
        insufficient to compensate the Purchaser for the losses and damages incurred
        by
        the Purchaser (including damages to prospective purchasers of the Mortgage
        Loans) in the event of the Seller's failure to deliver the Mortgage Loans
        on or
        before such related Closing Date. All rights and remedies of the Purchaser
        under
        this Agreement are distinct from, and cumulative with, any other rights or
        remedies under this Agreement or afforded by law or equity and all such rights
        and remedies may be exercised concurrently, independently or
        successively.

      

      SECTION
        14.  Notices.
        All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if mailed, by registered or certified mail,
        return receipt requested, or, if by other means, when received by the other
        party at the address shown on the first page hereof, or such other address
        as
        may hereafter be furnished to the other party by like notice. Any such demand,
        notice of communication hereunder shall be deemed to have been received on
        the
        date delivered to or 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).

      

      SECTION
        15.  Severability
        Clause.
        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 as close as possible to the economic effect of this Agreement
        without regard to such invalidity.

      

      SECTION
        16.  Counterparts.
        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.

      

      SECTION
        17.  Place
        of Delivery and Governing Law.
        This
        Agreement shall be deemed in effect when a fully executed counterpart thereof
        is
        received by the Purchaser in the State of New York and shall be deemed to
        have
        been made in State of New York. The 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 the laws
        of the
        State of New York, except to the extent preempted by Federal Law.

      

      Each
        of
        the Seller and the Purchaser hereby knowingly, voluntarily and intentionally
        waives any and all rights it may have to a trial by jury in respect of any
        litigation based on, or arising out of, under, or in connection with, this
        Agreement, or any other documents and instruments executed in connection
        herewith, or any course of conduct, course of dealing, statements (whether
        oral
        or written), or actions of the Seller or the Purchaser. This provision is
        a
        material inducement for the Purchaser to enter into this Agreement.

      

      SECTION
        18.  Further
        Agreements.
        The
        Purchaser and the Seller each agree to execute and deliver to the other such
        additional documents, instruments or agreements as may be necessary or
        appropriate to effectuate the purposes of this Agreement.

      

      Without
        limiting the generality of the foregoing, the Seller shall reasonably cooperate
        with the Purchaser in connection with the initial resales of the Mortgage
        Loans
        by the Purchaser. In that connection, the Seller shall provide to the Purchaser:
        (i) any and all information and appropriate verification of information,
        whether
        through letters of its auditors and counsel or otherwise, as the Purchaser
        shall
        reasonably request, and (ii) such additional representations, warranties,
        covenants, opinions of counsel, letters from auditors and certificates of
        public
        officials or officers of the Seller as are reasonably believed necessary
        by the
        Purchaser in connection with such resales. The requirement of the Seller
        pursuant to (ii) above shall terminate on the related Closing Date, except
        as
        provided pursuant to Article IX of the Master Seller’s Warranties and Servicing
        Agreement. Prior to incurring any out-of-pocket expenses pursuant to this
        paragraph, the Seller shall notify the Purchaser in writing of the estimated
        amount of such expense. The Purchaser shall reimburse the Seller for any
        such
        expense following its receipt of appropriate details thereof.

      

      SECTION
        19.  Intention
        of the Parties.
        It is
        the intention of the parties that the Purchaser is purchasing, and the Seller
        is
        selling, an undivided 100% ownership interest in the Mortgage Loans and not
        a
        debt instrument of the Seller or another security. Accordingly, the parties
        hereto each intend to treat the transaction for Federal income tax purposes
        as a
        sale by the Seller, and a purchase by the Purchaser, of the Mortgage Loans.
        The
        Purchaser shall have the right to review the Mortgage Loans and the related
        Mortgage Loan Files to determine the characteristics of the Mortgage Loans
        which
        shall affect the Federal income tax consequences of owning the Mortgage Loans
        and the Seller shall cooperate with all reasonable requests made by the
        Purchaser in the course of such review.

      

      SECTION
        20.  Successors
        and Assigns; Assignment of Purchase Agreement.
        This
        Agreement shall bind and inure to the benefit of and be enforceable by the
        Seller and the Purchaser and the respective successors and assigns of the
        Seller
        and the Purchaser. This Agreement shall not be assigned, pledged or hypothecated
        by the Seller to a third party without the consent of the
        Purchaser.

      

      SECTION
        21. Waivers;
        Other Agreements.
        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.

      

      SECTION
        22. Exhibits.
        The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      SECTION
        23. General
        Interpretive Principles.
        For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      a) 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;

      

      b) accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

      

      c) 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;

      

      d) 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;

      

      e) 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

      

      f) the
        term
        "include" or "including" shall mean without limitation by reason of
        enumeration.

      

      SECTION
        24. Reproduction
        of Documents.
        This
        Agreement and all documents relating thereto, including, without limitation,
        (a)
        consents, waivers and modifications which may hereafter be executed, (b)
        documents received by any party at the closing, and (c) 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.

      [Signatures
        Follow]

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      

      IN
        WITNESS WHEREOF, the Seller and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        date first above written.

       

      
         

        
          
            
              	 	 	 	
                      EMC
                        MORTGAGE CORPORATION

                    	 
	 	 	 	(Purchaser)	 
	 	 	 	 	 	 
	 	 	 	By:  	 	 
	 	 	 	
                      Name:

                    	 	 
	 	 	 	
                      Title:

                    	 	 

            

            
              
                 

                
                  
                    
                      	 	 	 	
                              WELLS
                                FARGO BANK, N.A.

                            	 
	 	 	 	(Seller)	 
	 	 	 	 	 	 
	 	 	 	By:  	 	 
	 	 	 	
                              Name:

                            	 	 
	 	 	 	
                              Title:

                            	 	 

                    

                    

                  

                

              

            

          

        

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        1

       

      FORM
        OF
        OPINION OF COUNSEL

      

      @

      @

      @

      @

      

      Re: Mortgage
        Loan Sale by Wells Fargo Bank, N.A. (the “Company”) to EMC Mortgage Corporation
        (the “Purchaser”) of first lien mortgage loans (the “Mortgage Loans”) pursuant
        to that certain Amended and Restated Master Seller’s Warranties and Servicing
        Agreement and Amended and Restated Master Mortgage Loan Purchase Agreement
        by
        and between the Company and the Purchaser, dated as of November 1,
        2005.

      

      Dear
        Sir/Madam:

      

      I
        am @ of
        Wells Fargo Bank, N.A. and have acted as counsel to Wells Fargo Bank, N.A.
        (the
“Company”), with respect to certain matters in connection with the sale by the
        Company of Mortgage Loans pursuant to that certain Amended and Restated Master
        Seller’s Warranties and Servicing Agreement and Amended and Restated Master
        Mortgage Loan Purchase Agreement by and between the Company and EMC Mortgage
        Corporation (the “Purchaser”), dated as of November 1, 2005, (the “Agreements”),
        which sale is in the form of whole Mortgage Loans. Capitalized terms not
        otherwise defined herein have the meanings set forth in the Amended and Restated
        Master Seller’s Warranties and Servicing Agreement.

      

      I
        have
        examined the following documents:

      

      
        	1.  	
                the
                  Amended and Restated Master Seller’s Warranties and Servicing
                  Agreement;

              

      

      

      
        	2.  	
                the
                  Amended and Restated Master Mortgage Loan Purchase
                  Agreement;

              

      

      

      
        	3.  	
                the
                  Custodial Agreement;

              

      

      

      
        	4.  	
                the
                  form of endorsement of the Mortgage Notes;
                  and

              

      

      

      
        	5.  	
                such
                  other documents, records and papers as I have deemed necessary
                  and
                  relevant as a basis for this
                  opinion.

              

      

      

      To
        the
        extent I have deemed necessary and proper, I have relied upon the
        representations and warranties of the Company contained in the Agreements.
        I
        have assumed the authenticity of all documents submitted to me as originals,
        the
        genuineness of all signatures, the legal capacity of natural persons and
        the
        conformity to the originals of all documents.

      

      Based
        upon the foregoing, it is my opinion that;

      

      
        	
                1.

              	
                The
                  Company is a national banking association duly organized, validly
                  existing
                  and in good standing under the laws of the United States.
                  

              

      

      

      
        	
                2.

              	
                The
                  Company has the power to engage in the transactions contemplated
                  by the
                  Agreements, the Custodial Agreement and all requisite power, authority
                  and
                  legal right to execute and deliver the Agreements, the Custodial
                  Agreement
                  and the Mortgage Loans, and to perform and observe the terms and
                  conditions of such instruments.

              

      

      

      
        	
                3.

              	
                Each
                  person who, as an officer or attorney-in-fact of the Company, signed
                  (a)
                  the Agreements, each dated as of November 1, 2005, by and between
                  the
                  Company and the Purchaser, and (b) any other document delivered
                  prior
                  hereto or on the date hereof in connection with the sale and servicing
                  of
                  the Mortgage Loans in accordance with the Agreements was, at the
                  respective times of such signing and delivery, and is, as of the
                  date
                  hereof, duly elected or appointed, qualified and acting as such
                  officer or
                  attorney-in-fact, and the signatures of such persons appearing
                  on such
                  documents are their genuine
                  signatures.

              

      

      

      
        	
                4.

              	
                Each
                  of the Agreements, the Custodial Agreement, and the Mortgage Loans,
                  has
                  been duly authorized, executed and delivered by the Company and
                  is a
                  legal, valid and binding agreement enforceable in accordance with
                  its
                  terms, subject to the effect of insolvency, liquidation, convervatorship
                  and other similar laws administered by the Federal Deposit Insurance
                  Corporation affecting the enforcement of contract obligations of
                  insured
                  banks and subject to the application of the rules of equity, including
                  those respecting the availability of specific performance, none
                  of which
                  will materially interfere with the realization of the benefits
                  provided
                  thereunder or with the Purchaser’s ownership of the Mortgage
                  Loans.

              

      

      

      
        	
                5.

              	
                The
                  Company has been duly authorized to allow any of its officers to
                  execute
                  any and all documents by original signature in order to complete
                  the
                  transactions contemplated by the Agreements and the Custodial Agreement,
                  and by original or facsimile signature in order to execute the
                  endorsements to the Mortgage Notes and the assignments of the Mortgages,
                  and the original or facsimile signature of the officer at the Company
                  executing the endorsements to the Mortgage Notes and the assignments
                  of
                  the Mortgages represents the legal and valid signature of said
                  officer of
                  the Company.

              

      

      

      
        	
                6.

              	
                Either
                  (i) 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
                  the
                  Agreements, the Custodial Agreement or the sale and delivery of
                  the
                  Mortgage Loans or the consummation of the transactions contemplated
                  by the
                  Agreements, and the Custodial Agreement; or (ii) any required consent,
                  approval, authorization or order has been obtained by the Company.
                  

              

      

      

      
        	
                7.

              	
                Neither
                  the consummation of the transactions contemplated by, nor the fulfillment
                  of the terms of the Agreements and the Custodial Agreement, will
                  conflict
                  with or results in or will result in a breach of or constitutes
                  or will
                  constitute a default under the charter or by-laws of the Company,
                  the
                  terms of any indenture or other agreement or instrument to which
                  the
                  Company is a party or by which it is bound or to which it is subject,
                  or
                  violates any statute or order, rule, regulations, writ, injunction
                  or
                  decree of any court, governmental authority or regulatory body
                  to which
                  the Company is subject or by which it is
                  bound.

              

      

      

      
        	
                8.

              	
                There
                  is no action, suit, proceeding or investigation pending or, to
                  the best of
                  my knowledge, threatened against the Company which, in my opinion,
                  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 the Agreements,
                  and the
                  Custodial Agreement, or of any action taken or to be taken in connection
                  with the transactions contemplated thereby, or which would be likely
                  to
                  impair materially the ability of the Company to perform under the
                  terms of
                  the Agreements and the Custodial
                  Agreement.

              

      

      

      
        	
                9.

              	
                For
                  purposes of the foregoing, I have not regarded any legal or governmental
                  actions, investigations or proceedings to be "threatened" unless
                  the
                  potential litigant or governmental authority has manifested to
                  the legal
                  department of the Company or an employee of the Company responsible
                  for
                  the receipt of process a present intention to initiate such proceedings;
                  nor have I regarded any legal or governmental actions, investigations
                  or
                  proceedings as including those that are conducted by state or federal
                  authorities in connection with their routine regulatory activities.
                  The
                  sale of each Mortgage Note and Mortgage as and in the manner contemplated
                  by the Agreements is sufficient fully to transfer all right, title
                  and
                  interest of the Company thereto as noteholder and mortgagee, apart
                  from
                  the rights to service the Mortgage Loans pursuant to the
                  Agreements.

              

      

      

      
        	
                10.

              	
                The
                  form of endorsement that is to be used with respect to the Mortgage
                  Loans
                  is legally valid and sufficient to duly endorse the Mortgage Notes
                  to the
                  Purchaser. Upon the completion of the endorsement of the Mortgage
                  Notes
                  and the completion of the assignments of the Mortgages, and the
                  recording
                  thereof, the endorsement of the Mortgage Notes, the delivery to
                  the
                  Custodian of the completed assignments of the Mortgages, and the
                  delivery
                  of the original endorsed Mortgage Notes to the Custodian would
                  be
                  sufficient to permit the entity to which such Mortgage Note is
                  initially
                  endorsed at the Purchaser’s direction, and to whom such assignment of
                  Mortgages is initially assigned at the Purchaser’s direction, to avail
                  itself of all protection available under applicable law against
                  the claims
                  of any present or future creditors of the Company, and would be
                  sufficient
                  to prevent any other sale, transfer, assignment, pledge or hypothecation
                  of the Mortgages and the Mortgage Notes by the Company from being
                  enforceable.

              

      

      

      This
        opinion is given to you for your sole benefit, and no other person or entity
        is
        entitled to rely hereon except that the purchaser or purchasers to which
        you
        initially and directly resell the Mortgage Loans may rely on this opinion
        as if
        it were addressed to them as of its date.

      

      Sincerely,

      @

      @

      

      @/@

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        ASSIGNMENT
          AND CONVEYANCE AGREEMENT

        

        On
          this
          24th
          day of
          October, 2006, Wells Fargo Bank, N.A. (the "Company") as the Seller under
          that
          certain Amended and Restated Master Mortgage Loan Purchase Agreement, (the
          "Purchase Agreement") and as the Company under that certain Amended and
          Restated
          Master Seller's Warranties and Servicing Agreement (the "Servicing Agreement")
          each dated as of November 1, 2005, (collectively, the "Agreements"),
          does
          hereby sell, transfer, assign, set over and convey to EMC Mortgage Corporation
          as the Purchaser (the "Purchaser")
          under
          the Agreements, and Purchaser hereby accepts from Company, without recourse,
          but
          subject to the terms of the Agreements, all right, title and interest of,
          in and
          to the Mortgage Loans listed on the Mortgage Loan Schedule attached hereto
          as
Exhibit
          A,
          together with the Custodial Mortgage Files and Retained Mortgage Files
          and all
          rights and obligations arising under the documents contained therein. Pursuant
          to Section 2.03 of the Servicing Agreement, the Company has delivered the
          Mortgage Loan Documents in the Custodial Mortgage File. The Servicing Files
          and
          the Retained Mortgage Files retained by the Company pursuant to Section
          2.01 of
          the Servicing Agreement shall be appropriately marked to clearly reflect
          the
          sale of the related Mortgage Loans to the Purchaser. 

        

        In
          connection with the execution of this Assignment and Conveyance Agreement,
          the
          Company and the Purchaser hereby agree that the following modifications
          to the
          Servicing Agreement shall apply only as to the Mortgage Loans listed on
          Exhibit
          A:

        

         

        
          	(a)  	
                  Article
                    I (Definitions) of the Servicing
                    Agreement is hereby amended by inserting the following new definitions,
                    in
                    alphabetical order:

                

        

        

        Balloon
          Loan:
          A
          Mortgage Loan for which the Monthly Payments will not fully amortize the
          loan by
          the end of the term, at which time the balance of the principal is due
          in a lump
          sum.

         

        LPMI
          Fee:
          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 shall be used to pay the premium due on the related LPMI Policy.
          

        

         

        Unverified
          Information:
          Pursuant to the attached Exhibit B and to the applicable Underwriting
          Guidelines, information regarding the Mortgagor’s income, source of income,
          and/or assets that is stated on the loan application by the Mortgagor but
          not
          verified in the origination process as described in the applicable Underwriting
          Guidelines, for the Mortgage Loans identified as having been originated
          with
          Unverified Information on the Mortgage Loan Schedule.

        

        
          	(b)  	
                  Article
                    I, (Definitions), of the Servicing Agreement is hereby amended
                    by deleting
                    the definition of “Mortgage Loan Remittance Rate” in its entirety and
                    replacing it with the following: 

                

        

        

        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 related Mortgage Interest Rate minus
          the
          sum of (a) the Servicing Fee Rate and (b) the LPMI Fee, if applicable.
          

         

        
          	(c)  	
                  Article
                    III (Representations and Warranties Remedies and Breach) of the
                    Servicing
                    Agreement is hereby amended by deleting Section 3.02(a) in its
                    entirety
                    and replacing it with the
                    following:

                

        

        

        
          	(a)  	
                  Mortgage
                    Loans as Described.

                

        

        

        The
          information set forth in the Mortgage Loan Schedule and Exhibit B and the
          information contained on the electronic Data File delivered to the Purchaser
          is
          true and correct; provided that the Company makes no representation or
          warranty
          as to the accuracy of Unverified Information;

         

        
          	(d)  	
                  Article
                    III, (Representations
                    and Warranties Remedies and Breach), of the Servicing Agreement
                    is hereby
                    amended by deleting Section 3.02(h) in its entirety and replacing
                    it with
                    the following:

                

        

        

        
          	(h)  	
                  No
                    Fraud. 

                

        

         

        No
          error,
          omission, misrepresentation, negligence, fraud or similar occurrence with
          respect to a Mortgage Loan has taken place on the part of the Company,
          the
          Mortgagor (except with respect to the accuracy of Unverified Information)
          or, to
          the best of the Company’s knowledge, any appraiser, any builder, or any
          developer, or any other party involved in the origination of the Mortgage
          Loan
          or in the application of any insurance in relation to such Mortgage Loan;
          

        

        
          	(e)  	
                  Article
                    III, Section 3.02(u), of the Servicing Agreement is hereby modified
                    by
                    deleting Section 3.02 (u) in its entirety and replacing it with
                    the
                    following:

                

        

        

        
          	(u)  	
                  Payment
                    Terms. 

                

        

        

        Except
          with respect to the Interest Only Mortgage Loans, principal payments commenced
          no more than 60 days after the funds were disbursed to the Mortgagor in
          connection with the Mortgage Loan. Each Mortgage Loan is payable in equal
          monthly installments of principal and interest, with interest calculated
          and
          payable in arrears, sufficient (except with respect to Balloon Loans) to
          amortize the Mortgage Loan fully by the stated maturity date set for in
          the
          Mortgage Note over an original term to maturity of not more than thirty
          (30)
          years. With respect to each Balloon Loan, the Mortgage Loan is payable
          in equal
          monthly installments of principal and interest based on a fifteen (15),
          thirty
          (30) or forty (40) year amortization schedule, as set forth in the related
          Mortgage Note, and a final lump sum payment substantially greater than
          the
          preceding Monthly Payment is required which is sufficient to amortize the
          remaining principal balance of the Balloon Loan. No Balloon Loan has an
          original
          stated maturity of less than seven (7) years. As to each adjustable rate
          Mortgage Loan on each applicable Adjustment Date, the Mortgage Interest
          Rate
          will be adjusted to equal the sum of the Index plus the applicable Gross
          Margin,
          rounded up or down to the nearest multiple of 0.125% indicated by the Mortgage
          Note; provided that the Mortgage Interest Rate will not increase or decrease
          by
          more than the Periodic Interest Rate Cap on any Adjustment Date, and will
          in no
          event exceed the maximum Mortgage Interest Rate or be lower than the minimum
          Mortgage Interest Rate listed on the Mortgage Note for such Mortgage Loan.
          Each
          adjustable rate Mortgage Note requires a monthly payment which is sufficient,
          during the period prior to the first adjustment to the Mortgage Interest
          Rate,
          to fully amortize the outstanding principal balance as of the first day
          of such
          period over the then remaining term of such Mortgage Note and to pay interest
          at
          the related Mortgage Interest Rate; provided however, with respect to any
          Interest Only Mortgage Loans, the Mortgage Note allows a Monthly Payment
          of
          interest only during the period prior to the first Adjustment Date and
          upon the
          first adjustment to the Mortgage Interest Rate, the Mortgage Note requires
          a
          Monthly Payment of principal and interest, sufficient to fully amortize
          the
          outstanding principal balance
          over the then remaining term of such Mortgage Loan. As to each adjustable
          rate
          Mortgage Loan, if the related Mortgage Interest Rate changes on an adjustment
          date, the then outstanding principal balance will be reamortized over the
          remaining life of such Mortgage Loan. No Mortgage Loan contains terms or
          provisions which would result in negative amortization; 

        

        
          	 	
                  (f)

                	
                  Article
                    IV, Section 4.02, of the Servicing Agreement is hereby modified
                    by
                    deleting from the first paragraph the phrase "of the Company's
                    intention
                    to do so, and the Company shall not commence foreclosure proceedings
                    if
                    the Purchaser objects to such action within three (3) Business
                    Days of
                    receiving such notice."

                

        

        

        (g)         
           Article
          IV, Section 4.04, of the Servicing Agreement is hereby modified by deleting
          from
          the second paragraph the phrase “within one (1) Business Day of Company’s
          receipt” and replacing it with the phrase “within two (2) Business Days of the
          Company’s receipt”.

        

        (h)        
           Article
          IV, Section 4.06, of the Servicing Agreement is hereby modified by deleting
          from
          the second paragraph the phrase “within one (1) Business Days of Company’s
          receipt” and replacing it with the phrase “within two (2) Business Days of the
          Company’s receipt”.

        

        (i)          
           Article
          V, Section 5.03, of the Servicing Agreement is hereby modified by adding
          as the
          last sentence to the paragraph “The Company shall not have an obligation to
          advance amounts in respect to shortfalls in excess of what is required
          under the
          Servicemembers Civil Relief Act or similar state and local laws for all
          applicable Mortgage Loans.”

        

        (j)      
               Article
          VI, Section 6.02, of the Servicing Agreement is hereby modified by adding
          to the
          second line of the second paragraph the phrase “(other
          than as a result of a modification of the Mortgage pursuant to this Agreement
          or
          a liquidation of the Mortgaged Property pursuant to the terms of this
          Agreement)” after the phrase “secured by the Mortgage”.

        

        (k)         
           Article
          VI, Section
          6.05, of the Servicing Agreement is hereby modified by deleting it in its
          entirety and replacing it with “RESERVED”.

        

        (l)         
           Article
          XII, Section 12.05, of the Servicing Agreement is hereby modified by amending
          the following address:

        

        Wells
          Fargo Bank, N.A.

        1
          Home
          Campus

        Des
          Moines IA 50328-0001

        

        Attention:
          John B. Brown, MAC X2302-033

        Fax
          number: 515-324-3118

        

         

        Capitalized
          terms used herein and not otherwise defined shall have the meanings set
          forth in
          the Agreements. 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

         

        IN
          WITNESS WHEREOF, the parties hereto, by the hands of their duly authorized
          officers, execute this Assignment and Conveyance Agreement as of the date
          first
          set forth above.

         

        

        
          	
                  EMC
                    MORTGAGE CORPORATION

                  Purchaser

                	 	
                  WELLS
                    FARGO BANK, N.A.

                  Company

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                  By:

                	 	 	
                  By:

                	 
	
                  Name:

                	 	 	
                  Name:

                	 
	
                  Title:

                	 	 	
                  Title:

                	 

        

         

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        EXHIBIT
          A

        

        MORTGAGE
          LOAN SCHEDULE

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B

        

        

          
            	
                    Loan
                      Number

                  	
                    Documentation
                      Level

                  
	
                    0058117706

                  	
                    FULL

                  
	
                    0060475696

                  	
                    FULL

                  
	
                    0060613007

                  	
                    FULL

                  
	
                    0061143467

                  	
                    FULL

                  
	
                    0061670113

                  	
                    FULL

                  
	
                    0061874194

                  	
                    SIVA

                  
	
                    0062008164

                  	
                    NODOC

                  
	
                    0062320932

                  	
                    FULL

                  
	
                    0062767025

                  	
                    FULL

                  
	
                    0062847702

                  	
                    NODOC

                  
	
                    0062931167

                  	
                    FULL

                  
	
                    0063029987

                  	
                    FULL

                  
	
                    0063060305

                  	
                    FULL

                  
	
                    0063344071

                  	
                    FULL

                  
	
                    0063629976

                  	
                    FULL

                  
	
                    0063701502

                  	
                    FULL

                  
	
                    0063781991

                  	
                    FULL

                  
	
                    0063809735

                  	
                    FULL

                  
	
                    0063866693

                  	
                    FULL

                  
	
                    0064013188

                  	
                    FULL

                  
	
                    0064197726

                  	
                    SISA

                  
	
                    0064253727

                  	
                    FULL

                  
	
                    0064419468

                  	
                    FULL

                  
	
                    0064576143

                  	
                    FULL

                  
	
                    0064576705

                  	
                    SISA

                  
	
                    0064587397

                  	
                    SIVA

                  
	
                    0064588635

                  	
                    SIVA

                  
	
                    0064659584

                  	
                    SIVA

                  
	
                    0064671852

                  	
                    NODOC

                  
	
                    0064697337

                  	
                    FULL

                  
	
                    0064705411

                  	
                    FULL

                  
	
                    0064734445

                  	
                    FULL

                  
	
                    0064802853

                  	
                    FULL

                  
	
                    0064803612

                  	
                    FULL

                  
	
                    0064852981

                  	
                    FULL

                  
	
                    0064860042

                  	
                    SIVA

                  
	
                    0064882616

                  	
                    FULL

                  
	
                    0064956329

                  	
                    FULL

                  
	
                    0064972508

                  	
                    FULL

                  
	
                    0065079618

                  	
                    FULL

                  
	
                    0065088932

                  	
                    FULL

                  
	
                    0065102717

                  	
                    NODOC

                  
	
                    0065115438

                  	
                    FULL

                  
	
                    0065170383

                  	
                    FULL

                  
	
                    0065180663

                  	
                    NODOC

                  
	
                    0065230237

                  	
                    FULL

                  
	
                    0065232316

                  	
                    FULL

                  
	
                    0065257669

                  	
                    FULL

                  
	
                    0065264269

                  	
                    FULL

                  
	
                    0065265837

                  	
                    FULL

                  
	
                    0065278079

                  	
                    FULL

                  
	
                    0065293029

                  	
                    FULL

                  
	
                    0065319451

                  	
                    FULL

                  
	
                    0065339996

                  	
                    NODOC

                  
	
                    0065387722

                  	
                    FULL

                  
	
                    0065425498

                  	
                    SISA

                  
	
                    0065432114

                  	
                    FULL

                  
	
                    0065462905

                  	
                    FULL

                  
	
                    0065516056

                  	
                    FULL

                  
	
                    0065530602

                  	
                    FULL

                  
	
                    0065608242

                  	
                    FULL

                  
	
                    0065617631

                  	
                    FULL

                  
	
                    0065661407

                  	
                    FULL

                  
	
                    0065693699

                  	
                    FULL

                  
	
                    0065734022

                  	
                    FULL

                  
	
                    0065752388

                  	
                    FULL

                  
	
                    0065773095

                  	
                    NODOC

                  
	
                    0065793861

                  	
                    NODOC

                  
	
                    0065819922

                  	
                    FULL

                  
	
                    0065821423

                  	
                    SIVA

                  
	
                    0065825721

                  	
                    FULL

                  
	
                    0065858193

                  	
                    SIVA

                  
	
                    0065869786

                  	
                    FULL

                  
	
                    0065903668

                  	
                    FULL

                  
	
                    0065916389

                  	
                    NODOC

                  
	
                    0065930612

                  	
                    FULL

                  
	
                    0065940447

                  	
                    FULL

                  
	
                    0065997389

                  	
                    FULL

                  
	
                    0065998924

                  	
                    SIVA

                  
	
                    0066020405

                  	
                    FULL

                  
	
                    0066029422

                  	
                    FULL

                  
	
                    0066029935

                  	
                    FULL

                  
	
                    0066031444

                  	
                    FULL

                  
	
                    0066048729

                  	
                    FULL

                  
	
                    0066099854

                  	
                    NODOC

                  
	
                    0066101288

                  	
                    FULL

                  
	
                    0066110875

                  	
                    NODOC

                  
	
                    0066133083

                  	
                    FULL

                  
	
                    0066146481

                  	
                    FULL

                  
	
                    0066171711

                  	
                    FULL

                  
	
                    0066201062

                  	
                    FULL

                  
	
                    0066205915

                  	
                    FULL

                  
	
                    0066208588

                  	
                    FULL

                  
	
                    0066212655

                  	
                    NODOC

                  
	
                    0066230608

                  	
                    FULL

                  
	
                    0066242934

                  	
                    SIVA

                  
	
                    0066243999

                  	
                    NODOC

                  
	
                    0066287202

                  	
                    FULL

                  
	
                    0066332768

                  	
                    FULL

                  
	
                    0066340159

                  	
                    FULL

                  
	
                    0066342437

                  	
                    FULL

                  
	
                    0066345406

                  	
                    FULL

                  
	
                    0066348301

                  	
                    FULL

                  
	
                    0066349499

                  	
                    FULL

                  
	
                    0066358698

                  	
                    NODOC

                  
	
                    0066358854

                  	
                    FULL

                  
	
                    0066367764

                  	
                    NODOC

                  
	
                    0066375775

                  	
                    FULL

                  
	
                    0066384769

                  	
                    FULL

                  
	
                    0066400987

                  	
                    FULL

                  
	
                    0066404203

                  	
                    SIVA

                  
	
                    0066435157

                  	
                    FULL

                  
	
                    0066453374

                  	
                    SIVA

                  
	
                    0066457615

                  	
                    FULL

                  
	
                    0066475187

                  	
                    FULL

                  
	
                    0066484924

                  	
                    SIVA

                  
	
                    0066485053

                  	
                    SISA

                  
	
                    0066491994

                  	
                    FULL

                  
	
                    0066506023

                  	
                    FULL

                  
	
                    0066514886

                  	
                    SIVA

                  
	
                    0066531229

                  	
                    FULL

                  
	
                    0066532094

                  	
                    NODOC

                  
	
                    0066537754

                  	
                    FULL

                  
	
                    0066537861

                  	
                    FULL

                  
	
                    0066557083

                  	
                    FULL

                  
	
                    0066557125

                  	
                    FULL

                  
	
                    0066567314

                  	
                    FULL

                  
	
                    0066570268

                  	
                    SIVA

                  
	
                    0066591983

                  	
                    FULL

                  
	
                    0066603069

                  	
                    FULL

                  
	
                    0066605338

                  	
                    FULL

                  
	
                    0066646282

                  	
                    FULL

                  
	
                    0066646555

                  	
                    FULL

                  
	
                    0066654708

                  	
                    FULL

                  
	
                    0066673302

                  	
                    FULL

                  
	
                    0066679218

                  	
                    FULL

                  
	
                    0066682329

                  	
                    FULL

                  
	
                    0066682899

                  	
                    FULL

                  
	
                    0066696865

                  	
                    SIVA

                  
	
                    0066705534

                  	
                    FULL

                  
	
                    0066726548

                  	
                    FULL

                  
	
                    0066746256

                  	
                    FULL

                  
	
                    0066773383

                  	
                    SISA

                  
	
                    0066778267

                  	
                    FULL

                  
	
                    0066781956

                  	
                    FULL

                  
	
                    0066788688

                  	
                    FULL

                  
	
                    0066808734

                  	
                    FULL

                  
	
                    0066812041

                  	
                    FULL

                  
	
                    0066818048

                  	
                    FULL

                  
	
                    0066828278

                  	
                    NODOC

                  
	
                    0066828302

                  	
                    SISA

                  
	
                    0066841776

                  	
                    FULL

                  
	
                    0066844101

                  	
                    FULL

                  
	
                    0066871039

                  	
                    SIVA

                  
	
                    0066874678

                  	
                    FULL

                  
	
                    0066880469

                  	
                    FULL

                  
	
                    0066900176

                  	
                    SIVA

                  
	
                    0066905894

                  	
                    FULL

                  
	
                    0066911744

                  	
                    FULL

                  
	
                    0066917147

                  	
                    FULL

                  
	
                    0066917956

                  	
                    SIVA

                  
	
                    0066921941

                  	
                    SISA

                  
	
                    0066928177

                  	
                    FULL

                  
	
                    0066939695

                  	
                    FULL

                  
	
                    0066940545

                  	
                    SIVA

                  
	
                    0066941774

                  	
                    NODOC

                  
	
                    0066944604

                  	
                    NODOC

                  
	
                    0066976358

                  	
                    FULL

                  
	
                    0066976481

                  	
                    FULL

                  
	
                    0066985987

                  	
                    FULL

                  
	
                    0066988916

                  	
                    FULL

                  
	
                    0066993601

                  	
                    FULL

                  
	
                    0067001354

                  	
                    FULL

                  
	
                    0067005975

                  	
                    SISA

                  
	
                    0067020545

                  	
                    FULL

                  
	
                    0067023911

                  	
                    NODOC

                  
	
                    0067031195

                  	
                    FULL

                  
	
                    0067034363

                  	
                    FULL

                  
	
                    0067039065

                  	
                    SIVA

                  
	
                    0067041004

                  	
                    NODOC

                  
	
                    0067049759

                  	
                    SISA

                  
	
                    0067056598

                  	
                    NODOC

                  
	
                    0067058925

                  	
                    NODOC

                  
	
                    0067066449

                  	
                    FULL

                  
	
                    0067073007

                  	
                    SIVA

                  
	
                    0067091033

                  	
                    FULL

                  
	
                    0067096214

                  	
                    SIVA

                  
	
                    0067104356

                  	
                    FULL

                  
	
                    0067111039

                  	
                    FULL

                  
	
                    0067115253

                  	
                    FULL

                  
	
                    0067134783

                  	
                    SIVA

                  
	
                    0067148999

                  	
                    FULL

                  
	
                    0067183251

                  	
                    SIVA

                  
	
                    0067184374

                  	
                    NODOC

                  
	
                    0067196493

                  	
                    FULL

                  
	
                    0067210146

                  	
                    FULL

                  
	
                    0067222885

                  	
                    NODOC

                  
	
                    0067225755

                  	
                    FULL

                  
	
                    0067226035

                  	
                    SISA

                  
	
                    0067249839

                  	
                    FULL

                  
	
                    0067254623

                  	
                    SIVA

                  
	
                    0067277277

                  	
                    FULL

                  
	
                    0067280594

                  	
                    FULL

                  
	
                    0067281048

                  	
                    SIVA

                  
	
                    0067306217

                  	
                    FULL

                  
	
                    0067308718

                  	
                    SIVA

                  
	
                    0067309831

                  	
                    FULL

                  
	
                    0067309955

                  	
                    SISA

                  
	
                    0067312611

                  	
                    FULL

                  
	
                    0067360701

                  	
                    FULL

                  
	
                    0067361451

                  	
                    NODOC

                  
	
                    0067367979

                  	
                    FULL

                  
	
                    0067369793

                  	
                    SISA

                  
	
                    0067374272

                  	
                    SISA

                  
	
                    0067380683

                  	
                    NODOC

                  
	
                    0067383612

                  	
                    FULL

                  
	
                    0067386045

                  	
                    FULL

                  
	
                    0067386474

                  	
                    FULL

                  
	
                    0067396366

                  	
                    FULL

                  
	
                    0067409276

                  	
                    SISA

                  
	
                    0067410829

                  	
                    SISA

                  
	
                    0067413625

                  	
                    NODOC

                  
	
                    0067414516

                  	
                    NODOC

                  
	
                    0067416388

                  	
                    SIVA

                  
	
                    0067417766

                  	
                    NODOC

                  
	
                    0067418152

                  	
                    NRSA

                  
	
                    0067420703

                  	
                    NODOC

                  
	
                    0067420745

                  	
                    SISA

                  
	
                    0067423384

                  	
                    SISA

                  
	
                    0067425702

                  	
                    NODOC

                  
	
                    0067427054

                  	
                    SISA

                  
	
                    0067432757

                  	
                    FULL

                  
	
                    0067433482

                  	
                    FULL

                  
	
                    0067439588

                  	
                    SIVA

                  
	
                    0067448639

                  	
                    SISA

                  
	
                    0067459917

                  	
                    NRSA

                  
	
                    0067462861

                  	
                    FULL

                  
	
                    0067463349

                  	
                    NODOC

                  
	
                    0067463505

                  	
                    NRSA

                  
	
                    0067464776

                  	
                    SISA

                  
	
                    0067465567

                  	
                    FULL

                  
	
                    0067468389

                  	
                    NODOC

                  
	
                    0067473744

                  	
                    SISA

                  
	
                    0067473785

                  	
                    NODOC

                  
	
                    0067474916

                  	
                    SIVA

                  
	
                    0067481143

                  	
                    SISA

                  
	
                    0067485482

                  	
                    SISA

                  
	
                    0067489575

                  	
                    NODOC

                  
	
                    0067493676

                  	
                    NODOC

                  
	
                    0067494062

                  	
                    NODOC

                  
	
                    0067501148

                  	
                    NODOC

                  
	
                    0067503482

                  	
                    NODOC

                  
	
                    0067507459

                  	
                    FULL

                  
	
                    0067510503

                  	
                    NODOC

                  
	
                    0067513994

                  	
                    FULL

                  
	
                    0067522136

                  	
                    SISA

                  
	
                    0067524231

                  	
                    NODOC

                  
	
                    0067541532

                  	
                    FULL

                  
	
                    0067542381

                  	
                    NODOC

                  
	
                    0067542415

                  	
                    FULL

                  
	
                    0067553503

                  	
                    SISA

                  
	
                    0067553545

                  	
                    SISA

                  
	
                    0067553792

                  	
                    NODOC

                  
	
                    0067562579

                  	
                    NODOC

                  
	
                    0067567818

                  	
                    NRVA

                  
	
                    0067568196

                  	
                    SISA

                  
	
                    0067568634

                  	
                    NRSA

                  
	
                    0067571737

                  	
                    SISA

                  
	
                    0067574749

                  	
                    NODOC

                  
	
                    0067580951

                  	
                    SIVA

                  
	
                    0067607424

                  	
                    SIVA

                  
	
                    0067629691

                  	
                    NODOC

                  
	
                    0067630491

                  	
                    NRSA

                  
	
                    0067635904

                  	
                    SIVA

                  
	
                    0067636233

                  	
                    SISA

                  
	
                    0067638155

                  	
                    FULL

                  
	
                    0067639724

                  	
                    SISA

                  
	
                    0067645697

                  	
                    SISA

                  
	
                    0067646752

                  	
                    SIVA

                  
	
                    0067673228

                  	
                    SISA

                  
	
                    0067673533

                  	
                    SISA

                  
	
                    0067676445

                  	
                    SISA

                  
	
                    0067678474

                  	
                    NRSA

                  
	
                    0067681122

                  	
                    SISA

                  
	
                    0067681619

                  	
                    FULL

                  
	
                    0067687699

                  	
                    FULL

                  
	
                    0067692202

                  	
                    NODOC

                  
	
                    0067705855

                  	
                    SISA

                  
	
                    0067708792

                  	
                    SISA

                  
	
                    0067725036

                  	
                    FULL

                  
	
                    0067735647

                  	
                    FULL

                  
	
                    0067771907

                  	
                    SIVA

                  
	
                    0067774273

                  	
                    FULL

                  
	
                    0067776617

                  	
                    NODOC

                  
	
                    0067791376

                  	
                    FULL

                  
	
                    0067796607

                  	
                    NODOC

                  
	
                    0067823328

                  	
                    NODOC

                  
	
                    0067831842

                  	
                    SIVA

                  
	
                    0067839233

                  	
                    SISA

                  
	
                    0067858183

                  	
                    NRVA

                  
	
                    0067864751

                  	
                    NRSA

                  
	
                    0067864918

                  	
                    SIVA

                  
	
                    0067907543

                  	
                    NODOC

                  
	
                    0067907717

                  	
                    SISA

                  
	
                    0067926451

                  	
                    SISA

                  
	
                    0067929612

                  	
                    SISA

                  
	
                    0067937391

                  	
                    SIVA

                  
	
                    0067952416

                  	
                    SISA

                  
	
                    0067983015

                  	
                    FULL

                  
	
                    0067992701

                  	
                    SIVA

                  
	
                    0068014786

                  	
                    SIVA

                  
	
                    0068022664

                  	
                    SISA

                  
	
                    0068071497

                  	
                    FULL

                  
	
                    0068073212

                  	
                    SISA

                  
	
                    0068085612

                  	
                    NRSA

                  
	
                    0068099217

                  	
                    NRVA

                  
	
                    0068100569

                  	
                    SIVA

                  
	
                    0068115047

                  	
                    NODOC

                  
	
                    0068155167

                  	
                    NODOC

                  
	
                    0068162684

                  	
                    NODOC

                  
	
                    0068163278

                  	
                    SISA

                  
	
                    0068183938

                  	
                    SISA

                  
	
                    0134929488

                  	
                    SIVA

                  
	
                    0141504183

                  	
                    NRVA

                  
	
                    0142639756

                  	
                    FULL

                  
	
                    0143199412

                  	
                    NRSA

                  
	
                    0143261121

                  	
                    NRSA

                  
	
                    0144037389

                  	
                    NRSA

                  
	
                    0144037983

                  	
                    NRSA

                  
	
                    0144076536

                  	
                    NRSA

                  
	
                    0144089711

                  	
                    NRVA

                  
	
                    0144090776

                  	
                    NRVA

                  
	
                    0144184322

                  	
                    NRSA

                  
	
                    0144213659

                  	
                    NRSA

                  
	
                    0144289501

                  	
                    SISA

                  
	
                    0144427192

                  	
                    SISA

                  
	
                    0144981867

                  	
                    SISA

                  
	
                    0146005228

                  	
                    NODOC

                  
	
                    0147711105

                  	
                    FULL

                  
	
                    0148448467

                  	
                    SIVA

                  
	
                    0149473696

                  	
                    FULL

                  
	
                    0150375228

                  	
                    SIVA

                  
	
                    0150980407

                  	
                    SIVA

                  
	
                    0151122132

                  	
                    FULL

                  
	
                    0151135217

                  	
                    FULL

                  
	
                    0151246253

                  	
                    FULL

                  
	
                    0151419017

                  	
                    SIVA

                  
	
                    0151485299

                  	
                    FULL

                  
	
                    0151658325

                  	
                    NODOC

                  
	
                    0151721172

                  	
                    FULL

                  
	
                    0151739224

                  	
                    FULL

                  
	
                    0151756962

                  	
                    FULL

                  
	
                    0151808698

                  	
                    NODOC

                  
	
                    0151809316

                  	
                    NODOC

                  
	
                    0151855657

                  	
                    SIVA

                  
	
                    0151897758

                  	
                    FULL

                  
	
                    0151931169

                  	
                    NODOC

                  
	
                    0151960051

                  	
                    FULL

                  
	
                    0152006177

                  	
                    FULL

                  
	
                    0152009999

                  	
                    NODOC

                  
	
                    0152038303

                  	
                    NODOC

                  
	
                    0152148862

                  	
                    SISA

                  
	
                    0152165841

                  	
                    FULL

                  
	
                    0152196721

                  	
                    SIVA

                  
	
                    0152197364

                  	
                    NODOC

                  
	
                    0152231254

                  	
                    NODOC

                  
	
                    0152283594

                  	
                    NODOC

                  
	
                    0152327649

                  	
                    FULL

                  
	
                    0152345427

                  	
                    FULL

                  
	
                    0152356754

                  	
                    NODOC

                  
	
                    0152374641

                  	
                    NODOC

                  
	
                    0152395828

                  	
                    SIVA

                  
	
                    0152403317

                  	
                    FULL

                  
	
                    0152403556

                  	
                    FULL

                  
	
                    0152404927

                  	
                    FULL

                  
	
                    0152405247

                  	
                    FULL

                  
	
                    0152449526

                  	
                    NODOC

                  
	
                    0152461737

                  	
                    NODOC

                  
	
                    0152477097

                  	
                    NODOC

                  
	
                    0152481313

                  	
                    FULL

                  
	
                    0152490538

                  	
                    NODOC

                  
	
                    0152494241

                  	
                    FULL

                  
	
                    0152495438

                  	
                    FULL

                  
	
                    0152514568

                  	
                    NODOC

                  
	
                    0152524948

                  	
                    FULL

                  
	
                    0152531554

                  	
                    FULL

                  
	
                    0152533063

                  	
                    SIVA

                  
	
                    0152553814

                  	
                    FULL

                  
	
                    0152560686

                  	
                    FULL

                  
	
                    0152576906

                  	
                    FULL

                  
	
                    0152577177

                  	
                    FULL

                  
	
                    0152581609

                  	
                    FULL

                  
	
                    0152602421

                  	
                    FULL

                  
	
                    0152606455

                  	
                    NODOC

                  
	
                    0152626321

                  	
                    FULL

                  
	
                    0152630604

                  	
                    FULL

                  
	
                    0152637757

                  	
                    NODOC

                  
	
                    0152643631

                  	
                    NODOC

                  
	
                    0152654752

                  	
                    FULL

                  
	
                    0152664199

                  	
                    SISA

                  
	
                    0152669164

                  	
                    FULL

                  
	
                    0152677233

                  	
                    NODOC

                  
	
                    0152678082

                  	
                    FULL

                  
	
                    0152691168

                  	
                    NODOC

                  
	
                    0152715595

                  	
                    NODOC

                  
	
                    0152718888

                  	
                    FULL

                  
	
                    0152719498

                  	
                    SIVA

                  
	
                    0152724423

                  	
                    FULL

                  
	
                    0152724944

                  	
                    SIVA

                  
	
                    0152741906

                  	
                    NODOC

                  
	
                    0152743159

                  	
                    FULL

                  
	
                    0152745923

                  	
                    FULL

                  
	
                    0152770749

                  	
                    NODOC

                  
	
                    0152819918

                  	
                    FULL

                  
	
                    0152828307

                  	
                    FULL

                  
	
                    0152844361

                  	
                    FULL

                  
	
                    0152856282

                  	
                    FULL

                  
	
                    0152859146

                  	
                    FULL

                  
	
                    0152873139

                  	
                    NODOC

                  
	
                    0152879169

                  	
                    FULL

                  
	
                    0152879763

                  	
                    FULL

                  
	
                    0152888228

                  	
                    NODOC

                  
	
                    0152889663

                  	
                    NODOC

                  
	
                    0152890034

                  	
                    FULL

                  
	
                    0152892055

                  	
                    FULL

                  
	
                    0152895314

                  	
                    FULL

                  
	
                    0152895595

                  	
                    NODOC

                  
	
                    0152896684

                  	
                    NODOC

                  
	
                    0152897435

                  	
                    SIVA

                  
	
                    0152902805

                  	
                    SIVA

                  
	
                    0152913919

                  	
                    NODOC

                  
	
                    0152918298

                  	
                    FULL

                  
	
                    0152923538

                  	
                    NODOC

                  
	
                    0152925012

                  	
                    FULL

                  
	
                    0152934022

                  	
                    FULL

                  
	
                    0152949608

                  	
                    NODOC

                  
	
                    0152950259

                  	
                    FULL

                  
	
                    0152962825

                  	
                    NODOC

                  
	
                    0152965547

                  	
                    FULL

                  
	
                    0152982146

                  	
                    NODOC

                  
	
                    0152988309

                  	
                    NODOC

                  
	
                    0152989273

                  	
                    FULL

                  
	
                    0152989422

                  	
                    FULL

                  
	
                    0152991352

                  	
                    FULL

                  
	
                    0152993846

                  	
                    NODOC

                  
	
                    0152994398

                  	
                    FULL

                  
	
                    0152999405

                  	
                    SIVA

                  
	
                    0153009725

                  	
                    FULL

                  
	
                    0153013693

                  	
                    NODOC

                  
	
                    0153016522

                  	
                    FULL

                  
	
                    0153017983

                  	
                    NODOC

                  
	
                    0153018163

                  	
                    SIVA

                  
	
                    0153019716

                  	
                    FULL

                  
	
                    0153021449

                  	
                    FULL

                  
	
                    0153025465

                  	
                    SIVA

                  
	
                    0153025887

                  	
                    SIVA

                  
	
                    0153027172

                  	
                    FULL

                  
	
                    0153027982

                  	
                    FULL

                  
	
                    0153036223

                  	
                    NODOC

                  
	
                    0153037221

                  	
                    FULL

                  
	
                    0153037957

                  	
                    FULL

                  
	
                    0153049887

                  	
                    FULL

                  
	
                    0153053129

                  	
                    NODOC

                  
	
                    0153060447

                  	
                    NODOC

                  
	
                    0153064134

                  	
                    FULL

                  
	
                    0153071329

                  	
                    SIVA

                  
	
                    0153092929

                  	
                    FULL

                  
	
                    0153095633

                  	
                    FULL

                  
	
                    0153100342

                  	
                    FULL

                  
	
                    0153106547

                  	
                    FULL

                  
	
                    0153109244

                  	
                    NODOC

                  
	
                    0153110853

                  	
                    FULL

                  
	
                    0153117809

                  	
                    FULL

                  
	
                    0153121322

                  	
                    SIVA

                  
	
                    0153125646

                  	
                    FULL

                  
	
                    0153137054

                  	
                    FULL

                  
	
                    0153142799

                  	
                    SIVA

                  
	
                    0153153762

                  	
                    FULL

                  
	
                    0153155338

                  	
                    FULL

                  
	
                    0153156237

                  	
                    NRVA

                  
	
                    0153157052

                  	
                    FULL

                  
	
                    0153158043

                  	
                    NODOC

                  
	
                    0153158902

                  	
                    FULL

                  
	
                    0153161963

                  	
                    FULL

                  
	
                    0153164017

                  	
                    FULL

                  
	
                    0153169156

                  	
                    NODOC

                  
	
                    0153176334

                  	
                    SISA

                  
	
                    0153176482

                  	
                    FULL

                  
	
                    0153185822

                  	
                    NODOC

                  
	
                    0153193123

                  	
                    FULL

                  
	
                    0153195383

                  	
                    FULL

                  
	
                    0153196498

                  	
                    FULL

                  
	
                    0153202189

                  	
                    SIVA

                  
	
                    0153212782

                  	
                    SIVA

                  
	
                    0153214077

                  	
                    FULL

                  
	
                    0153214929

                  	
                    FULL

                  
	
                    0153216338

                  	
                    FULL

                  
	
                    0153217765

                  	
                    FULL

                  
	
                    0153221932

                  	
                    FULL

                  
	
                    0153225255

                  	
                    NODOC

                  
	
                    0153228945

                  	
                    NODOC

                  
	
                    0153229273

                  	
                    NODOC

                  
	
                    0153235106

                  	
                    NODOC

                  
	
                    0153243431

                  	
                    SIVA

                  
	
                    0153248299

                  	
                    FULL

                  
	
                    0153261722

                  	
                    FULL

                  
	
                    0153262324

                  	
                    NODOC

                  
	
                    0153275797

                  	
                    NODOC

                  
	
                    0153295761

                  	
                    SISA

                  
	
                    0153296181

                  	
                    SISA

                  
	
                    0153299789

                  	
                    NODOC

                  
	
                    0153302674

                  	
                    FULL

                  
	
                    0153304894

                  	
                    FULL

                  
	
                    0153307681

                  	
                    FULL

                  
	
                    0153314315

                  	
                    NODOC

                  
	
                    0153318266

                  	
                    SIVA

                  
	
                    0153329453

                  	
                    FULL

                  
	
                    0153329495

                  	
                    FULL

                  
	
                    0153332911

                  	
                    NODOC

                  
	
                    0153336458

                  	
                    NODOC

                  
	
                    0153343041

                  	
                    SIVA

                  
	
                    0153343892

                  	
                    NODOC

                  
	
                    0153344429

                  	
                    SIVA

                  
	
                    0153372834

                  	
                    FULL

                  
	
                    0153376314

                  	
                    NODOC

                  
	
                    0153382585

                  	
                    NRSA

                  
	
                    0153388061

                  	
                    FULL

                  
	
                    0153399514

                  	
                    FULL

                  
	
                    0153402342

                  	
                    FULL

                  
	
                    0153411814

                  	
                    NODOC

                  
	
                    0153414792

                  	
                    FULL

                  
	
                    0153420849

                  	
                    NODOC

                  
	
                    0153423397

                  	
                    NODOC

                  
	
                    0153426358

                  	
                    FULL

                  
	
                    0153429998

                  	
                    FULL

                  
	
                    0153439088

                  	
                    FULL

                  
	
                    0153447248

                  	
                    FULL

                  
	
                    0153447933

                  	
                    NODOC

                  
	
                    0153454392

                  	
                    SIVA

                  
	
                    0153464342

                  	
                    SIVA

                  
	
                    0153464672

                  	
                    FULL

                  
	
                    0153475918

                  	
                    FULL

                  
	
                    0153475934

                  	
                    FULL

                  
	
                    0153484589

                  	
                    NODOC

                  
	
                    0153486154

                  	
                    FULL

                  
	
                    0153493333

                  	
                    SIVA

                  
	
                    0153506506

                  	
                    FULL

                  
	
                    0153512439

                  	
                    FULL

                  
	
                    0153513379

                  	
                    NODOC

                  
	
                    0153521612

                  	
                    FULL

                  
	
                    0153521976

                  	
                    FULL

                  
	
                    0153522024

                  	
                    FULL

                  
	
                    0153530076

                  	
                    NRSA

                  
	
                    0153542311

                  	
                    FULL

                  
	
                    0153545025

                  	
                    FULL

                  
	
                    0153545363

                  	
                    FULL

                  
	
                    0153545504

                  	
                    SIVA

                  
	
                    0153552633

                  	
                    SISA

                  
	
                    0153556741

                  	
                    FULL

                  
	
                    0153559703

                  	
                    SIVA

                  
	
                    0153566716

                  	
                    FULL

                  
	
                    0153566781

                  	
                    NODOC

                  
	
                    0153568563

                  	
                    FULL

                  
	
                    0153578034

                  	
                    FULL

                  
	
                    0153585674

                  	
                    FULL

                  
	
                    0153588538

                  	
                    FULL

                  
	
                    0153596028

                  	
                    NODOC

                  
	
                    0153598446

                  	
                    FULL

                  
	
                    0153602404

                  	
                    SIVA

                  
	
                    0153610258

                  	
                    FULL

                  
	
                    0153612395

                  	
                    SIVA

                  
	
                    0153612593

                  	
                    SIVA

                  
	
                    0153614474

                  	
                    SIVA

                  
	
                    0153616313

                  	
                    NRSA

                  
	
                    0153619671

                  	
                    SIVA

                  
	
                    0153621354

                  	
                    FULL

                  
	
                    0153628482

                  	
                    SIVA

                  
	
                    0153636634

                  	
                    NODOC

                  
	
                    0153641345

                  	
                    FULL

                  
	
                    0153645726

                  	
                    FULL

                  
	
                    0153652136

                  	
                    SIVA

                  
	
                    0153656863

                  	
                    NODOC

                  
	
                    0153672019

                  	
                    SISA

                  
	
                    0153672571

                  	
                    FULL

                  
	
                    0153673496

                  	
                    NODOC

                  
	
                    0153673538

                  	
                    NODOC

                  
	
                    0153682489

                  	
                    NODOC

                  
	
                    0153686613

                  	
                    SISA

                  
	
                    0153695275

                  	
                    FULL

                  
	
                    0153696794

                  	
                    FULL

                  
	
                    0153699798

                  	
                    SIVA

                  
	
                    0153709548

                  	
                    SISA

                  
	
                    0153713052

                  	
                    FULL

                  
	
                    0153715628

                  	
                    SISA

                  
	
                    0153717756

                  	
                    NODOC

                  
	
                    0153718978

                  	
                    SIVA

                  
	
                    0153719588

                  	
                    NODOC

                  
	
                    0153725981

                  	
                    FULL

                  
	
                    0153731849

                  	
                    SISA

                  
	
                    0153733787

                  	
                    FULL

                  
	
                    0153736749

                  	
                    SISA

                  
	
                    0153743224

                  	
                    FULL

                  
	
                    0153749395

                  	
                    FULL

                  
	
                    0153752175

                  	
                    FULL

                  
	
                    0153758255

                  	
                    NODOC

                  
	
                    0153760889

                  	
                    SIVA

                  
	
                    0153761101

                  	
                    SIVA

                  
	
                    0153762992

                  	
                    SIVA

                  
	
                    0153765888

                  	
                    FULL

                  
	
                    0153776745

                  	
                    SIVA

                  
	
                    0153787106

                  	
                    SIVA

                  
	
                    0153794698

                  	
                    FULL

                  
	
                    0153795661

                  	
                    FULL

                  
	
                    0153798103

                  	
                    SIVA

                  
	
                    0153798533

                  	
                    FULL

                  
	
                    0153799739

                  	
                    NODOC

                  
	
                    0153802012

                  	
                    FULL

                  
	
                    0153806674

                  	
                    SISA

                  
	
                    0153809876

                  	
                    SIVA

                  
	
                    0153811799

                  	
                    FULL

                  
	
                    0153812334

                  	
                    SIVA

                  
	
                    0153814371

                  	
                    SISA

                  
	
                    0153819552

                  	
                    SIVA

                  
	
                    0153821848

                  	
                    SISA

                  
	
                    0153825617

                  	
                    FULL

                  
	
                    0153830781

                  	
                    FULL

                  
	
                    0153846845

                  	
                    SISA

                  
	
                    0153851191

                  	
                    FULL

                  
	
                    0153853585

                  	
                    SIVA

                  
	
                    0153854344

                  	
                    FULL

                  
	
                    0153862263

                  	
                    FULL

                  
	
                    0153862289

                  	
                    SISA

                  
	
                    0153863139

                  	
                    SISA

                  
	
                    0153865498

                  	
                    FULL

                  
	
                    0153872916

                  	
                    NODOC

                  
	
                    0153872957

                  	
                    FULL

                  
	
                    0153876016

                  	
                    SISA

                  
	
                    0153885538

                  	
                    FULL

                  
	
                    0153893425

                  	
                    SIVA

                  
	
                    0153897954

                  	
                    FULL

                  
	
                    0153899372

                  	
                    SIVA

                  
	
                    0153927736

                  	
                    FULL

                  
	
                    0153929187

                  	
                    FULL

                  
	
                    0153944996

                  	
                    FULL

                  
	
                    0153949979

                  	
                    FULL

                  
	
                    0153956313

                  	
                    SISA

                  
	
                    0153964309

                  	
                    FULL

                  
	
                    0153970223

                  	
                    SIVA

                  
	
                    0153975404

                  	
                    SISA

                  
	
                    0153979778

                  	
                    NODOC

                  
	
                    0153982509

                  	
                    SIVA

                  
	
                    0153984018

                  	
                    FULL

                  
	
                    0153985288

                  	
                    SISA

                  
	
                    0153987631

                  	
                    FULL

                  
	
                    0153991278

                  	
                    NODOC

                  
	
                    0153993159

                  	
                    FULL

                  
	
                    0153995881

                  	
                    FULL

                  
	
                    0153996004

                  	
                    SIVA

                  
	
                    0154011274

                  	
                    NRSA

                  
	
                    0154020044

                  	
                    SIVA

                  
	
                    0154028203

                  	
                    SISA

                  
	
                    0154033294

                  	
                    SISA

                  
	
                    0154039069

                  	
                    FULL

                  
	
                    0154039671

                  	
                    FULL

                  
	
                    0154041255

                  	
                    NRVA

                  
	
                    0154044606

                  	
                    SISA

                  
	
                    0154050017

                  	
                    SIVA

                  
	
                    0154052393

                  	
                    FULL

                  
	
                    0154052476

                  	
                    SIVA

                  
	
                    0154054167

                  	
                    FULL

                  
	
                    0154055073

                  	
                    SIVA

                  
	
                    0154059133

                  	
                    FULL

                  
	
                    0154059414

                  	
                    SISA

                  
	
                    0154064604

                  	
                    FULL

                  
	
                    0154064869

                  	
                    SIVA

                  
	
                    0154065221

                  	
                    FULL

                  
	
                    0154067656

                  	
                    FULL

                  
	
                    0154075477

                  	
                    NODOC

                  
	
                    0154078232

                  	
                    FULL

                  
	
                    0154081756

                  	
                    SIVA

                  
	
                    0154084909

                  	
                    NODOC

                  
	
                    0154088249

                  	
                    NRSA

                  
	
                    0154089452

                  	
                    NRSA

                  
	
                    0154091342

                  	
                    FULL

                  
	
                    0154092662

                  	
                    SISA

                  
	
                    0154094296

                  	
                    FULL

                  
	
                    0154095657

                  	
                    SISA

                  
	
                    0154100929

                  	
                    NODOC

                  
	
                    0154103923

                  	
                    NODOC

                  
	
                    0154104566

                  	
                    FULL

                  
	
                    0154108112

                  	
                    SISA

                  
	
                    0154110597

                  	
                    SIVA

                  
	
                    0154120174

                  	
                    SISA

                  
	
                    0154128508

                  	
                    FULL

                  
	
                    0154135008

                  	
                    FULL

                  
	
                    0154139489

                  	
                    SISA

                  
	
                    0154150494

                  	
                    SISA

                  
	
                    0154154223

                  	
                    FULL

                  
	
                    0154160659

                  	
                    FULL

                  
	
                    0154173447

                  	
                    SIVA

                  
	
                    0154174221

                  	
                    NODOC

                  
	
                    0154175681

                  	
                    SIVA

                  
	
                    0154176119

                  	
                    FULL

                  
	
                    0154176416

                  	
                    FULL

                  
	
                    0154176671

                  	
                    NODOC

                  
	
                    0154176804

                  	
                    FULL

                  
	
                    0154184592

                  	
                    SIVA

                  
	
                    0154184873

                  	
                    SISA

                  
	
                    0154185912

                  	
                    NODOC

                  
	
                    0154186019

                  	
                    SISA

                  
	
                    0154186134

                  	
                    FULL

                  
	
                    0154189328

                  	
                    FULL

                  
	
                    0154191266

                  	
                    NRSA

                  
	
                    0154192702

                  	
                    SISA

                  
	
                    0154195077

                  	
                    SIVA

                  
	
                    0154201792

                  	
                    SISA

                  
	
                    0154203046

                  	
                    FULL

                  
	
                    0154203251

                  	
                    SIVA

                  
	
                    0154204655

                  	
                    FULL

                  
	
                    0154204705

                  	
                    SIVA

                  
	
                    0154206205

                  	
                    FULL

                  
	
                    0154206916

                  	
                    SIVA

                  
	
                    0154210173

                  	
                    SIVA

                  
	
                    0154218309

                  	
                    SISA

                  
	
                    0154220453

                  	
                    SIVA

                  
	
                    0154226674

                  	
                    NRSA

                  
	
                    0154230718

                  	
                    SISA

                  
	
                    0154233746

                  	
                    NRSA

                  
	
                    0154235758

                  	
                    NODOC

                  
	
                    0154236632

                  	
                    FULL

                  
	
                    0154237614

                  	
                    SISA

                  
	
                    0154244446

                  	
                    SIVA

                  
	
                    0154244545

                  	
                    SIVA

                  
	
                    0154246318

                  	
                    SISA

                  
	
                    0154246664

                  	
                    SISA

                  
	
                    0154247985

                  	
                    SISA

                  
	
                    0154247993

                  	
                    SIVA

                  
	
                    0154248637

                  	
                    NODOC

                  
	
                    0154249809

                  	
                    FULL

                  
	
                    0154250401

                  	
                    SIVA

                  
	
                    0154253595

                  	
                    FULL

                  
	
                    0154255046

                  	
                    SIVA

                  
	
                    0154255467

                  	
                    SIVA

                  
	
                    0154256044

                  	
                    SISA

                  
	
                    0154256408

                  	
                    FULL

                  
	
                    0154256549

                  	
                    NRVA

                  
	
                    0154257547

                  	
                    NODOC

                  
	
                    0154258503

                  	
                    SISA

                  
	
                    0154259923

                  	
                    SIVA

                  
	
                    0154260343

                  	
                    NODOC

                  
	
                    0154263537

                  	
                    SIVA

                  
	
                    0154263834

                  	
                    SISA

                  
	
                    0154266811

                  	
                    FULL

                  
	
                    0154268189

                  	
                    SISA

                  
	
                    0154269039

                  	
                    FULL

                  
	
                    0154269179

                  	
                    SIVA

                  
	
                    0154272439

                  	
                    SIVA

                  
	
                    0154274369

                  	
                    SISA

                  
	
                    0154277958

                  	
                    SIVA

                  
	
                    0154284715

                  	
                    FULL

                  
	
                    0154287007

                  	
                    FULL

                  
	
                    0154287791

                  	
                    NRVA

                  
	
                    0154290647

                  	
                    SISA

                  
	
                    0154293708

                  	
                    SISA

                  
	
                    0154296974

                  	
                    SISA

                  
	
                    0154300354

                  	
                    SIVA

                  
	
                    0154305494

                  	
                    SIVA

                  
	
                    0154306013

                  	
                    FULL

                  
	
                    0154308712

                  	
                    SISA

                  
	
                    0154309009

                  	
                    SIVA

                  
	
                    0154311344

                  	
                    FULL

                  
	
                    0154316343

                  	
                    SISA

                  
	
                    0154321657

                  	
                    FULL

                  
	
                    0154322663

                  	
                    SIVA

                  
	
                    0154323844

                  	
                    SIVA

                  
	
                    0154331177

                  	
                    SISA

                  
	
                    0154331698

                  	
                    FULL

                  
	
                    0154332316

                  	
                    SISA

                  
	
                    0154333538

                  	
                    SIVA

                  
	
                    0154338107

                  	
                    SISA

                  
	
                    0154340681

                  	
                    SIVA

                  
	
                    0154341325

                  	
                    SIVA

                  
	
                    0154341622

                  	
                    FULL

                  
	
                    0154345763

                  	
                    SISA

                  
	
                    0154349625

                  	
                    FULL

                  
	
                    0154353544

                  	
                    NRSA

                  
	
                    0154355507

                  	
                    SISA

                  
	
                    0154359103

                  	
                    FULL

                  
	
                    0154361679

                  	
                    NODOC

                  
	
                    0154364004

                  	
                    SIVA

                  
	
                    0154365514

                  	
                    SIVA

                  
	
                    0154366405

                  	
                    NODOC

                  
	
                    0154367031

                  	
                    NRSA

                  
	
                    0154367114

                  	
                    FULL

                  
	
                    0154369771

                  	
                    SIVA

                  
	
                    0154371991

                  	
                    SISA

                  
	
                    0154374664

                  	
                    SIVA

                  
	
                    0154376347

                  	
                    NODOC

                  
	
                    0154379929

                  	
                    FULL

                  
	
                    0154381073

                  	
                    SIVA

                  
	
                    0154381164

                  	
                    FULL

                  
	
                    0154384366

                  	
                    SISA

                  
	
                    0154386973

                  	
                    FULL

                  
	
                    0154387476

                  	
                    SISA

                  
	
                    0154390827

                  	
                    SISA

                  
	
                    0154393219

                  	
                    FULL

                  
	
                    0154396261

                  	
                    SIVA

                  
	
                    0154397848

                  	
                    SISA

                  
	
                    0154403703

                  	
                    FULL

                  
	
                    0154405658

                  	
                    FULL

                  
	
                    0154407449

                  	
                    SIVA

                  
	
                    0154411961

                  	
                    SISA

                  
	
                    0154417448

                  	
                    FULL

                  
	
                    0154419097

                  	
                    SISA

                  
	
                    0154425631

                  	
                    SIVA

                  
	
                    0154426027

                  	
                    SIVA

                  
	
                    0154426837

                  	
                    SISA

                  
	
                    0154429864

                  	
                    SISA

                  
	
                    0154431845

                  	
                    SIVA

                  
	
                    0154439558

                  	
                    SIVA

                  
	
                    0154440101

                  	
                    FULL

                  
	
                    0154443329

                  	
                    SIVA

                  
	
                    0154443741

                  	
                    FULL

                  
	
                    0154448542

                  	
                    SIVA

                  
	
                    0154450514

                  	
                    FULL

                  
	
                    0154453815

                  	
                    SISA

                  
	
                    0154453963

                  	
                    SIVA

                  
	
                    0154454037

                  	
                    NODOC

                  
	
                    0154454128

                  	
                    FULL

                  
	
                    0154455646

                  	
                    FULL

                  
	
                    0154456206

                  	
                    FULL

                  
	
                    0154456842

                  	
                    FULL

                  
	
                    0154458384

                  	
                    SISA

                  
	
                    0154459325

                  	
                    SIVA

                  
	
                    0154464739

                  	
                    SISA

                  
	
                    0154468011

                  	
                    FULL

                  
	
                    0154469357

                  	
                    SIVA

                  
	
                    0154471403

                  	
                    SIVA

                  
	
                    0154481279

                  	
                    SISA

                  
	
                    0154486823

                  	
                    FULL

                  
	
                    0154488217

                  	
                    NRSA

                  
	
                    0154488993

                  	
                    FULL

                  
	
                    0154492623

                  	
                    SISA

                  
	
                    0154492995

                  	
                    SISA

                  
	
                    0154493779

                  	
                    SISA

                  
	
                    0154495683

                  	
                    SIVA

                  
	
                    0154497812

                  	
                    FULL

                  
	
                    0154501928

                  	
                    NRSA

                  
	
                    0154505366

                  	
                    SISA

                  
	
                    0154509061

                  	
                    SISA

                  
	
                    0154509277

                  	
                    SISA

                  
	
                    0154509434

                  	
                    SISA

                  
	
                    0154509707

                  	
                    FULL

                  
	
                    0154509798

                  	
                    SISA

                  
	
                    0154510036

                  	
                    SISA

                  
	
                    0154515795

                  	
                    SIVA

                  
	
                    0154520282

                  	
                    NRSA

                  
	
                    0154530117

                  	
                    SISA

                  
	
                    0154530174

                  	
                    SIVA

                  
	
                    0154531099

                  	
                    SIVA

                  
	
                    0154531628

                  	
                    FULL

                  
	
                    0154534093

                  	
                    FULL

                  
	
                    0154535033

                  	
                    NODOC

                  
	
                    0154538128

                  	
                    SISA

                  
	
                    0154545263

                  	
                    FULL

                  
	
                    0154548879

                  	
                    NODOC

                  
	
                    0154548937

                  	
                    FULL

                  
	
                    0154550867

                  	
                    NODOC

                  
	
                    0154554091

                  	
                    SIVA

                  
	
                    0154554174

                  	
                    FULL

                  
	
                    0154556823

                  	
                    FULL

                  
	
                    0154560403

                  	
                    SIVA

                  
	
                    0154563159

                  	
                    NODOC

                  
	
                    0154571608

                  	
                    SISA

                  
	
                    0154572119

                  	
                    SISA

                  
	
                    0154576268

                  	
                    FULL

                  
	
                    0154577142

                  	
                    FULL

                  
	
                    0154577423

                  	
                    FULL

                  
	
                    0154579338

                  	
                    SIVA

                  
	
                    0154583132

                  	
                    FULL

                  
	
                    0154583751

                  	
                    NODOC

                  
	
                    0154585772

                  	
                    SISA

                  
	
                    0154588339

                  	
                    SIVA

                  
	
                    0154590483

                  	
                    NODOC

                  
	
                    0154598916

                  	
                    FULL

                  
	
                    0154605471

                  	
                    SIVA

                  
	
                    0154606222

                  	
                    SIVA

                  
	
                    0154606958

                  	
                    FULL

                  
	
                    0154609838

                  	
                    FULL

                  
	
                    0154620355

                  	
                    FULL

                  
	
                    0154622187

                  	
                    FULL

                  
	
                    0154625305

                  	
                    SIVA

                  
	
                    0154632947

                  	
                    FULL

                  
	
                    0154633804

                  	
                    FULL

                  
	
                    0154635197

                  	
                    NODOC

                  
	
                    0154636542

                  	
                    SISA

                  
	
                    0154639074

                  	
                    FULL

                  
	
                    0154641583

                  	
                    SIVA

                  
	
                    0154648174

                  	
                    FULL

                  
	
                    0154648521

                  	
                    FULL

                  
	
                    0154653596

                  	
                    NODOC

                  
	
                    0154654248

                  	
                    FULL

                  
	
                    0154655559

                  	
                    FULL

                  
	
                    0154655807

                  	
                    SISA

                  
	
                    0154657753

                  	
                    SISA

                  
	
                    0154663405

                  	
                    SISA

                  
	
                    0154664775

                  	
                    SISA

                  
	
                    0154671358

                  	
                    SISA

                  
	
                    0154683668

                  	
                    NRVA

                  
	
                    0154683684

                  	
                    NODOC

                  
	
                    0154687701

                  	
                    SIVA

                  
	
                    0154689848

                  	
                    SIVA

                  
	
                    0154690689

                  	
                    SIVA

                  
	
                    0154694335

                  	
                    SISA

                  
	
                    0154699292

                  	
                    NODOC

                  
	
                    0154703086

                  	
                    SIVA

                  
	
                    0154705065

                  	
                    SIVA

                  
	
                    0154710032

                  	
                    SISA

                  
	
                    0154714059

                  	
                    SISA

                  
	
                    0154715742

                  	
                    SIVA

                  
	
                    0154721039

                  	
                    NODOC

                  
	
                    0154730618

                  	
                    SISA

                  
	
                    0154743066

                  	
                    SISA

                  
	
                    0154745475

                  	
                    SISA

                  
	
                    0154752018

                  	
                    FULL

                  
	
                    0154757512

                  	
                    SIVA

                  
	
                    0154759377

                  	
                    SISA

                  
	
                    0154759435

                  	
                    SISA

                  
	
                    0154763411

                  	
                    SIVA

                  
	
                    0154766141

                  	
                    SIVA

                  
	
                    0154768055

                  	
                    SISA

                  
	
                    0154771968

                  	
                    SIVA

                  
	
                    0154794382

                  	
                    SISA

                  
	
                    0154794598

                  	
                    NRVA

                  
	
                    0154820658

                  	
                    SISA

                  
	
                    0154843874

                  	
                    NRSA

                  
	
                    0154844179

                  	
                    SISA

                  
	
                    0154856504

                  	
                    SISA

                  
	
                    0154859433

                  	
                    SISA

                  
	
                    0154870299

                  	
                    SISA

                  
	
                    0154870745

                  	
                    SISA

                  
	
                    0154887079

                  	
                    SISA

                  
	
                    0154893648

                  	
                    SISA

                  
	
                    0154909766

                  	
                    SISA

                  
	
                    0154910822

                  	
                    SISA

                  
	
                    0154926687

                  	
                    SISA

                  
	
                    0154979447

                  	
                    FULL

                  
	
                    0154994537

                  	
                    FULL

                  
	
                    0154996896

                  	
                    FULL

                  
	
                    0155025026

                  	
                    SIVA

                  
	
                    0155036106

                  	
                    FULL

                  

          

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        R-1

      

      FORM
        OF
        AMERICAN HOME ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      
         

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

         

        This
          is
          an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
          as of January 30, 2007, among EMC Mortgage Corporation (the “Assignor”),
U.S.
          Bank, National Association, not individually but solely as trustee for
          the
          holders of Bear Stearns Asset Backed Securities I Trust 2007-AC1, Asset-Backed
          Certificates, Series 2007-AC1 (the “Assignee”),
          American Home Mortgage Corp. (the “Company”) and American Home Mortgage
          Servicing, Inc. (together, the “Servicer”).

         

        In
          consideration of the mutual promises contained herein the parties hereto
          agree
          that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
          1 annexed hereto purchased by the Assignor from the Company and now serviced
          by
          Servicer for Assignor and its successors and assigns pursuant to the Purchase,
          Warranties and Servicing Agreement, dated as of March 1, 2006, between
          Assignor,
          Company and the Servicer, (together with that certain term sheet dated
          as of
          March 30, 2006 among the Assignor, Company and the Servicer, the “Purchase
          Agreement”) shall be subject to the terms of this AAR Agreement. Capitalized
          terms used herein but not defined shall have the meanings ascribed to them
          in
          the Purchase Agreement.

         

         

          Assignment
            and Assumption

           

        

        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
          (a) the
          Assigned Loans and (b) the Purchase Agreement with respect to the Assigned
          Loans; provided, however, that the Assignor is not assigning to the Assignee
          any
          of its right, title or interest, in, to and under the Purchase Agreement
          with
          respect to any mortgage loan other than the Assigned Loans listed on Attachment
          1. Notwithstanding anything to the contrary contained herein, the Assignor
          specifically reserves and does not assign to the Assignee any right, title
          and
          interest in, to or under the representations and warranties contained in
          Section
          3.01 and Section 3.02 of the Purchase Agreement, and any obligation of
          the
          Company or the Servicer, as applicable, to cure, repurchase or substitute
          for a
          mortgage loan and to indemnify the Assignor with respect to a breach of
          such
          representations and warranties pursuant to Section 3.03 and Section 8.01
          of the
          Purchase Agreement, and the Assignor is retaining the right to enforce
          the
          representations and warranties and the obligations of the Company or the
          Servicer, as applicable, set forth in those sections against the Company
          or the
          Servicer, as applicable. In addition, the Assignor specifically reserves
          and
          does not assign to the Assignee any right, title and interest in, to or
          under
          (a) Section 2.09 of the Purchase Agreement, (b) Section 4.03 and Section
          4.13 of
          the Purchase Agreement (but
          only
          insofar as such Sections grant to the Purchaser the right to terminate
          the
          servicing of defaulted Mortgage Loans and/or REO Properties by the Servicer)
          and
          (c) Section 10.01 of the Purchase Agreement, and the Assignor is retaining
          the
          right to enforce such sections against the Company or the Servicer, as
          applicable.
          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 Purchase Agreement or otherwise relating to the transaction
          contemplated herein (including, but not limited to, any obligation to indemnify
          the Assignee).

         

         

          Representations,
            Warranties and Covenants

        

         

        1.
            Assignor
          warrants and represents to Assignee, the Company and the Servicer as of
          the date
          hereof:

         

        (a)  Attached
          hereto as Attachment 2 is a true and accurate copy of the Purchase 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)  Assignor
          is 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 Purchase Agreement as 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 Assignee as contemplated herein, Assignee shall have good title to each
          and
          every Assigned Loan, as well as any and all of Assignor’s interests, rights and
          obligations under the Purchase 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 or
          the
          Servicer with respect to the Assigned Loans or the Purchase
          Agreement;

         

        (d)  Assignor
          has no knowledge of, and has not received notice of, any waivers under,
          or any
          modification of, any Assigned Loan;

         

        (e)  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)  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 Assignor’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignor’s charter or by-laws or any legal restriction, or any material
          agreement or instrument to which 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 Assignor or its property is subject. The execution,
          delivery
          and performance by 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 the part of Assignor. This AAR Agreement has been duly
          executed and delivered by Assignor and, upon the due authorization, execution
          and delivery by Assignee, the Company and the Servicer, will constitute
          the
          valid and legally binding obligation of Assignor enforceable against 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
          Assignor in connection with the execution, delivery or performance by Assignor
          of this AAR Agreement, or the consummation by it of the transactions
          contemplated hereby; 

         

        (h)  Neither
          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;

         

        (i)  The
          Assignor has received from the Company, and has delivered to the Assignee,
          all
          documents required to be delivered to Assignor by the Company prior to
          the date
          hereof pursuant to the Purchase Agreement with respect to the Assigned
          Loans and
          has not received, and has not requested from the Company, any additional
          documents; and 

         

        (j)  There
          is
          no action, suit, proceeding, investigation or litigation pending or, to
          Assignor's knowledge, threatened, which either in any instance or in the
          aggregate, if determined adversely to Assignor, would adversely affect
          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.

         

        2.
            Assignee
          warrants and represents to, and covenants with, Assignor, the Company and
          the
          Servicer as of the date hereof:

         

        (a)  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 the Bear
          Stearns
          Asset Backed Securities I Trust 2007-AC1, Asset-Backed Certificates, Series
          2007-AC1;

         

        (b)  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 Assignee’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignee’s charter or by-laws or any legal restriction, or any material
          agreement or instrument to which 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 Assignee or its property is subject. The execution,
          delivery
          and performance by 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 Assignee. This AAR Agreement has been duly
          executed
          and delivered by Assignee and, upon the due authorization, execution and
          delivery by Assignor, the Company and the Servicer, will constitute the
          valid
          and legally binding obligation of Assignee enforceable against 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
          Assignee in connection with the execution, delivery or performance by 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
          Assignee's knowledge, threatened, which either in any instance or in the
          aggregate, if determined adversely to Assignee, would adversely affect
          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)  Assignee
          assumes for the benefit of each of the Assignor, the Company and the Servicer
          all of the rights and obligations of the Purchaser under the Purchase Agreement
          with respect to the Assigned Loans.

         

        3.
            Each
          of
          the Company and the Servicer (but with respect to the Servicer, only to
          the
          extent expressly set forth in this Section 3), warrants and represents
          to, and
          covenant with, Assignor and Assignee as of the date hereof:

         

        (a)  Attached
          hereto as Attachment 2 is a true and accurate copy of the Purchase 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)  Each
          of
          the Company and the Servicer is duly organized, validly existing and in
          good
          standing under the laws of the jurisdiction of its incorporation, and has
          all
          requisite corporate power and authority to perform its obligations under
          the
          Purchase Agreement;

         

        (c)  The
          Servicer has all requisite corporate power and authority to service the
          Assigned
          Loans;

         

        (d)  Each
          of
          the Company and the Servicer 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
          and the Servicer’s respective businesses and will not conflict with, or result
          in a breach of, any of the terms, conditions or provisions of Company’s and the
          Servicer’s respective charter or by-laws or any legal restriction, or any
          material agreement or instrument to which the Company or the Servicer 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 the Servicer
          or
          their respective property is subject. The execution, delivery and performance
          by
          each of the Company and the Servicer of this AAR 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 Company or the Servicer.
          This AAR
          Agreement has been duly executed and delivered by the Company and the Servicer,
          and, upon the due authorization, execution and delivery by Assignor and
          Assignee, will constitute the valid and legally binding obligation of the
          Company and the Servicer, enforceable against the Company and the Servicer
          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;

         

        (e)  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 or the Servicer in connection with the execution, delivery
          or
          performance by the Company or the Servicer of this AAR Agreement, or the
          consummation by them of the transactions contemplated hereby; 

         

        (f)  The
          Company shall establish a Custodial Account and an Escrow Account under
          the
          Purchase Agreement in favor of the Assignee with respect to the Assigned
          Loans
          separate from the Custodial Account and Escrow Account previously established
          under the Purchase Agreement in favor of Assignor;

         

        (g)  No
          event
          has occurred from the Closing Date to the date hereof which would render
          the
          representations and warranties as to the related Assigned Loans made by
          the
          Company or the Servicer, as applicable, in Sections 3.01 and 3.02 of the
          Purchase Agreement to be untrue in any material respect; and

         

        (h)  Neither
          this AAR Agreement nor any certification, statement, report or other agreement,
          document or instrument furnished or to be furnished by the Company or the
          Servicer 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.

         

        4.
            Each
          of
          the Company and the Servicer warrants and represents to, and covenants
          with,
          Assignor and Bear Stearns Asset Backed Securities I LLC (“BSABS I”) as of the
          date hereof:

         

        (a)  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 or the Servicer;

         

        (b)  No
          material noncompliance with the applicable servicing criteria with respect
          to
          other securitizations of residential mortgage loans involving the Servicer
          as
          servicer has been disclosed or reported by the Servicer;

         

        (c)  Servicer
          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 Servicer’s policies or procedures with respect to the
          servicing function it will perform under the Purchase 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 Servicer’s financial condition that could have a material
          adverse effect on the performance by the Servicer of its servicing obligations
          under the Purchase Agreement and this AAR Agreement;

         

        (f)  There
          are
          no material legal or governmental proceedings pending (or known to be
          contemplated) against the Company, the Servicer, 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 Purchase
          Agreement, the Company or the Servicer shall (or shall cause any Third-Party
          Originator to) (i) immediately notify Assignor and BSABS I in writing of
          (A)
          legal proceedings pending against the Company or the Servicer, or proceedings
          known by the Company or the Servicer to be contemplated by governmental
          authorities against the Company or the Servicer which in the judgment of
          the
          Company or the Servicer 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, the Servicer and any of the above
          listed
          parties or other parties identified in writing by the Assignor or BSABS
          I with
          respect to this Securitization Transaction and (ii) provide to the Assignor
          and
          BSABS I a description of such proceedings, affiliations or
          relationships.

        

        Each
          such
          notice/update should be sent by e-mail to regABnotifications@bear.com.
          Additionally, all such notifications, other than those pursuant to (i)(A)
          above,
          should be sent to:

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Michelle Viner

        Facsimile:
          (214) 626-4889

        

        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

        

        Notifications
          pursuant to (i)(A) above should be sent to: 

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067

        Attention:
          General Counsel

        Facsimile:
          (469) 759-4714

        

        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:
          Michelle Viner

        Facsimile:
          (214) 626-4889

        

        5.
            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 Assignee (and its successors and assigns) may sustain
          in any
          way related to any breach of the representations or warranties of Assignor
          set
          forth in this AAR Agreement or the breach of any covenant or condition
          contained
          herein.

         

         

          Recognition
            of Assignee

           

        

        6.
            From
          and
          after the date hereof, the Company and the Servicer shall recognize Assignee
          as
          owner of the Assigned Loans, and acknowledges that the Assigned Loans will
          be
          part of a REMIC, and the Servicer will service the Assigned Loans in accordance
          with the Purchase Agreement (as modified by this AAR 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 Assignor, the Company, the Servicer and 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,
          the Servicer nor Assignor shall amend or agree to amend, modify, waive,
          or
          otherwise alter any of the terms or provisions of the Purchase Agreement
          which
          amendment, modification, waiver or other alteration would in any way affect
          the
          Assigned Loans without the prior written consent of Assignee.

         

        The
          Company shall prepare for and deliver to the Master Servicer for the benefit
          of
          the Assignee a statement
          with respect to each mortgaged property acquired through foreclosure or
          deed-in-lieu of foreclosure in connection with a defaulted Mortgage 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 Asset Backed Securities I Trust, Asset-Backed
          Certificates, Series 2007-AC1 acquires any REO Property as aforesaid or
          otherwise in connection with a default or default becoming reasonably
          foreseeable on an Mortgage Loan, the Company shall cause such REO Property
          to be
          disposed prior to three years after its acquisition by Bear Stearns Asset
          Backed
          Securities I Trust, Asset-Backed Certificates, Series 2007-AC1 or, at the
          expense of Bear Stearns Asset Backed Securities I Trust, Asset-Backed
          Certificates, Series 2007-AC1, 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 Asset Backed
          Securities I Trust, Asset-Backed Certificates, Series 2007-AC1 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 Asset Backed Securities I Trust, Asset-Backed Certificates, Series
          2007-AC1 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 Asset
          Backed
          Securities I Trust, Asset-Backed Certificates, Series 2007-AC1 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 Asset Backed Securities I Trust,
          Asset-Backed Certificates, Series 2007-AC1 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 Asset Backed Securities I Trust, Asset-Backed Certificates, Series
          2007-AC1 with respect to the imposition of any such taxes.

         

        7.
            Notwithstanding
          any term hereof to the contrary, the execution and delivery of the AAR
          Agreement
          by the Assignee is solely in its capacity as trustee for Bear Stearns Asset
          Backed Securities I Trust 2007-AC1 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 Asset Backed Securities I Trust
          2007-AC1.

         

        Servicer
          shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
          Bear Stearns Asset Backed Securities I LLC (“BSABS I”), the Assignee, Bear,
          Stearns & Co. Inc. (the “Underwriter”), each affiliate of the Underwriter,
          each Person (including, but not limited to, the Master Servicer) responsible
          for
          the preparation, execution or filing of any report required to be filed
          with the
          Commission, or for execution of a certification pursuant to Rule 13a-14(d)
          or
          Rule 15d-14(d) under the Exchange Act, each Person who controls the Assignor,
          BSABS I, the Assignee or the Underwriter (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 (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 Section 11.18 of the Purchase Agreement
                    by
                    or on behalf of the Servicer, or provided under Section 11.18
                    of the
                    Purchase Agreement by or on behalf of any Subservicer, Subcontractor
                    or
                    Third-Party Originator (collectively, the “Company Information”), or (B)
                    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 (B) 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;

                

        

         

        
          	(ii)  	
                  any
                    breach by the Servicer of its obligations under Section 11.18
                    of Purchase
                    Agreement, including particularly any failure by the Servicer,
                    any
                    Subservicer, any Subcontractor or any Third-Party Originator
                    to deliver
                    any information, report, certification, accountants’ letter or other
                    material when and as required under Section 11.18 of the Purchase
                    Agreement, including any failure by the Company to identify 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 3.01 of the Purchase Agreement or in a writing furnished
                    pursuant
                    to Section 3.01(q) of the Purchase Agreement and made as of a
                    date prior
                    to the date hereof, to the extent that such breach is not cured
                    by the
                    date hereof, or any breach by the Servicer of a representation
                    or warranty
                    in a writing furnished pursuant to Section 3.01(q) of the Purchase
                    Agreement to the extent made as of a date subsequent to the date
                    hereof;
                    or

                

        

         

        
          	(iv)  	
                  the
                    negligence, bad faith or willful misconduct of the Servicer in
                    connection
                    with its performance under Section 11.18 of the Purchase
                    Agreement.

                

        

         

        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 in Section 11.18 of the Purchase
          Agreement, the Servicer shall promptly reimburse the Assignor, BSABS I
          and each
          Person responsible for the preparation, execution or filing of any report
          required to be filed with the Commission, or for execution of a certification
          pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, 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 Servicer, any Subservicer, any Subcontractor or any Third-Party
          Originator.

         

         

          Modification
            of Purchase Agreement

           

        

        8.
            The
          Company, the Servicer and Assignor hereby amend the Purchase Agreement
          as
          follows:

         

        (a)  The
          following definitions are added to Article I of the Purchase
          Agreement:

         

        Master
          Servicer:
          EMC
          Mortgage Corporation, or its successors in interest who meet the qualifications
          of the Pooling and Servicing Agreement and this Agreement.

         

        Pooling
          and Servicing Agreement:
          That
          certain pooling and servicing agreement, dated as of January 1, 2007, among
          Bear
          Stearns Asset Backed Securities I LLC, the Trustee, Wells Fargo Bank, N.A.,
          as
          Securities Administrator and EMC Mortgage Corporation, as master servicer,
          a
          seller and company.

         

        Servicing
          Fee Rate:
          A per
          annum rate equal to 0.250%.

         

        Trustee:
          U.S.
          Bank National Association, or its successor in interest, or any successor
          trustee appointed as provided in the Pooling and Servicing
          Agreement.

         

        (b)  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, Maryland, Minnesota or Texas, or (iii) a day on which banks in
          the
          States of New York, Maryland, Minnesota or Texas are authorized or obligated
          by
          law or executive order to be closed.

         

        (c)  Section
          3.01(s) is hereby amended effective by replacing the reference from “15 calendar
          days” to “30 calendar days”.

         

        (d)  The
          second paragraph of Section 4.02 of the Purchase Agreement is deleted in
          its
          entirety and replaced with the following:

         

        The Servicer
          may waive the collection of any otherwise applicable Prepayment Charge
          or reduce
          the amount thereof actually collected, but only if: (i) the enforceability
          thereof will 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 Charge 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. If a Prepayment Charge is waived, but does not
          meet
          the standards described above, then the Servicer is required to pay the
          amount
          of such waived Prepayment Charge by remitting such amount to the Owner
          by the
          Remittance Date.

         

        (e)  Section
          4.03 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 nonrecoverable and submits
          an
          officer’s certificate in accordance with Section 5.03.

         

        (f)  Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          adding
“and Prepayment Penalties” after “including all Principal Prepayments;” in
          Section 4.04(i).

         

        (g)  Section
          4.05(iii) is hereby amended by deleting “Liquidation Proceeds,” after “limited
          to related” in Subsection 4.05(iii).

         

        (h)  Section
          4.05(vii) is hereby deleted in its entirety and replaced with the following:
          

         

        “(vii) to
          reimburse itself for Nonrecoverable Advances, 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 Section 4.13A of the Purchase Agreement:

         

        Section
          4.13A REMIC
          Administration of REO Property.

         

        The
          Company shall prepare for and deliver to the Assignee and the Master Servicer
          (and the securities administrator, if any) 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 (or the securities administrator,
          if any) 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 caused 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 the Bear Stearns
          Asset Backed Securities I Trust 2007-AC1, Asset-Backed Certificates, Series
          2007-AC1 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 the Bear Stearns Asset Backed Securities I Trust 2007-AC1,
          Asset-Backed Certificates, Series 2007-AC1 or, at the expense of the Bear
          Stearns Asset Backed Securities I Trust 2007-AC1, Asset-Backed Certificates,
          Series 2007-AC1, 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 (or the securities administrator, if any) shall
          have
          been supplied with an opinion of counsel addressed to the Assignee (and
          the
          securities administrator, if any) rendered by nationally recognized tax
          counsel
          specializing in such matters (such opinion not to be an expense of the
          Trustee
          or the Securities Administrator) to the effect that the holding by the
          Bear
          Stearns Asset Backed Securities I Trust 2007-AC1, Asset-Backed Certificates,
          Series 2007-AC1 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 the Bear Stearns Asset Backed Securities I Trust
          2007-AC1, Asset-Backed Certificates, Series 2007-AC1 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 the Bear Stearns Asset Backed Securities I Trust 2007-AC1,
          Asset-Backed Certificates, Series 2007-AC1 shall be rented (or allowed
          to
          continue to be rented) or otherwise used for the production of income by
          or on
          behalf of the Bear Stearns Asset Backed Securities I Trust 2007-AC1,
          Asset-Backed Certificates, Series 2007-AC1 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
          the Bear
          Stearns Asset Backed Securities I Trust 2007-AC1, Asset-Backed Certificates,
          Series 2007-AC1 with respect to the imposition of any such taxes. 

         

        (j)  Section
          6.04 is hereby amended effective as of the date hereof by adding the following
          paragraph at the end of the section:

         

        In
          the
          event the Company 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.

         

        (k)  Section
          6.06 is hereby amended by adding the following paragraph at the end of
          the
          section:

         

        In
          the
          event the Company 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 6.06 or to the related section of such other applicable
          agreement, as the case may be, notwithstanding any such termination, assignment
          or resignation.

         

        (l)  Section
          11.04 of the Purchase Agreement is deleted in its entirety and replaced
          with the
          following:

         

        Section
          11.04  Governing
          Law.

         

        This
          Agreement and the related Term Sheet 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 (other than Section 5-1401 of the New York
          General Obligations Law) and except to the extent preempted by Federal
          law. The
          obligations, rights and remedies of the parties hereunder shall be determined
          in
          accordance with such laws.

         

        (m)  Exhibit
          E
          of the Purchase Agreement is hereby amended as of the date hereof by deleting
          in
          its entirety and inserting a new Exhibit E, a copy of which is annexed
          hereto as
          Exhibit 1.

         

        (n)  Exhibit
          F
          of the Purchase Agreement is hereby amended as of the date hereof by deleting
          in
          its entirety and inserting a new Exhibit F, a copy of which is annexed
          hereto as
          Exhibit 2.

         

        (o)  Exhibit
          K
          of the Purchase Agreement is hereby amended as of the date hereof by replacing
          the reference to “10th
          calendar
          day” in the first paragraph with “5th
          Business
          Day”.

         

        (p)  Exhibit
          P
          of the Purchase Agreement is hereby amended as of the date hereof by deleting
          in
          its entirety and inserting a new Exhibit P, a copy of which is annexed
          hereto as
          Exhibit 3.

         

        (q)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit R, a copy of which is annexed hereto as Exhibit 3.

         

        (r)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit Q, a copy of which is annexed hereto as Exhibit 4.

         

        (s)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit R, a copy of which is annexed hereto as Exhibit 5.

         

        (t)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit S, a copy of which is annexed hereto as Exhibit 6.

         

         

          Miscellaneous

           

        

        9.
            All
          demands, notices and communications related to the Assigned Loans, the
          Purchase
          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:
           

        

        American
          Home Mortgage Corporation 

        538
          Broadhollow Road

        Melville,
          New York 11747

        Attention:
          Robert F. Johnson, Jr.

        Telecopier
          No.: (866) 822-3288

        

        with
          a
          copy to:

        Alan
          B.
          Horn, General Counsel

        American
          Home Mortgage Corp.

        538
          Broadhollow Road

        Melville,
          New York 11747

        Telecopier
          No.: (800) 209-7276

         

        (b)   In
          case
          of the Servicer:
           

        

        American
          Home Mortgage Servicing, Inc. 

        4600
          Regent Boulevard, Suite 200

        Irving,
          Texas 75063

        Attention:
          David Friedman

        

        with
          a
          copy to:

        Alan
          B.
          Horn, General Counsel

        American
          Home Mortgage Corp.

        538
          Broadhollow Road

        Melville,
          New York 11747

        Telecopier
          No.: (800) 209-7276 

        

        (c)  In
          the
          case of Assignor:

         

        EMC
          Mortgage Corporation 

        2780
          Lake
          Vista Drive

        Lewisville,
          Texas 75067

        Attention:
          General Counsel

        Telecopier
          No.: (469) 759-4714

         

        with
          a
          copy to:

         

        Bear
          Stearns Mortgage Capital Corporation

        383
          Madison Avenue

        New
          York,
          New York 10179

        Attention:
          Robert Durden

        Telecopier
          No.: (212) 272-5591

         

        (d)  In
          the
          case of Assignee:

         

        U.S.
          Bank
          National Association,

        as
          Trustee

        One
          Federal Street, 3rd
          Floor

        Boston,
          Massachusetts 02110

        Attention:
          Corporate Trust Services - BSABS I 2007-AC1

        Telecopier
          No.: (617) 603-6638 

         

        10.
            The
          Servicer hereby acknowledges that EMC Mortgage Corporation (the “Master
          Servicer”) has been appointed as the master servicer of the Assigned Loans
          pursuant to the Pooling and Servicing Agreement, dated as of January 1,
          2007,
          among the Assignor, the Assignee, Bear Stearns Asset Backed Securities
          I LLC,
          the Master Servicer and U.S. Bank National Association. as trustee, and
          therefore has the right to enforce all obligations of the Servicer, as
          they
          relate to the Assigned Loans, under the Purchase Agreement. Such right
          will
          include, without limitation, the right to terminate the Servicer under
          the
          Purchase Agreement upon the occurrence of an event of default thereunder,
          the
          right to receive all remittances required to be made by the Servicer under
          the
          Purchase Agreement, the right to receive all monthly reports and other
          data
          required to be delivered by the Servicer under the Purchase Agreement,
          the right
          to examine the books and records of the Servicer, indemnification rights,
          and
          the right to exercise certain rights of consent and approval relating to
          actions
          taken by the Servicer. The Servicer shall make all distributions under
          the
          Purchase Agreement, as they relate to the Assigned Loans, 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 January 1, 2007 Remit for American Home Mortgage
          Corp.

        Attention:
          LSBO Group-MS

         

        and
          the
          Servicer shall deliver all reports required to be delivered under the Purchase
          Agreement, as they relate to the Assigned Loans, to the Assignee at the
          address
          set forth in Section 8 herein and to the Master Servicer at:

         

        EMC
          Mortgage Corporation 

        2780
          Lake
          Vista Drive

        Lewisville,
          Texas 75067 

        Attention:
          Michelle Viner

        Facsimile:
          (214)
          626-4889

         

        11.
            A
          copy of
          all assessments, attestations, reports and certificates required to be
          delivered
          by the Servicer under this AAR Agreement and the Purchase Agreement shall
          be
          delivered to the Master Servicer by the date(s) specified herein or therein,
          and
          where such documents are required to be addressed to any party, such addresses
          shall include the Master Servicer and the Master Servicer shall be entitled
          to
          rely on such documents.

         

        12.
            Each
          party will pay any commissions it has incurred and the fees of its attorneys
          in
          connection with the negotiations for, documenting of and closing of the
          transactions contemplated by this AAR Agreement.

         

        13.
            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.

         

        14.
            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.

         

        15.
            This
          AAR
          Agreement shall inure to the benefit of the successors and assigns of the
          parties hereto. Any entity into which Assignor, Assignee or Company may
          be
          merged or consolidated shall, without the requirement for any further writing,
          be deemed Assignor, Assignee or Company, respectively, hereunder.

         

        16.
            This
          AAR
          Agreement shall survive the conveyance of the Assigned Loans, the assignment
          of
          the Purchase Agreement to the extent of the Assigned Loans by Assignor
          to
          Assignee and the termination of the Purchase Agreement.

         

        17.
            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.

         

        18.
            In
          the
          event that any provision of this AAR Agreement conflicts with any provision
          of
          the Purchase Agreement with respect to the Assigned Loans, the terms of
          this AAR
          Agreement shall control. 

         

        19. Notwithstanding
          anything herein or in the Purchase Agreement to the contrary, Assignor
          hereby
          acknowledges and agrees that it will not exercise any rights to terminate
          the
          servicing of any defaulted Assigned Loans and/or REO Properties by the
          Servicer
          pursuant to Section 4.03 or Section 4.13 of the Purchase Agreement for
          so long
          as the Assigned Loans are held by the Assignee.

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as
          of the
          day and year first above written.

         

        
          	 	 	 
	 	EMC
                  MORTGAGE
                  CORPORATION,
	 	as Assignor
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 
	 	 	 
	 	
                

        

        

        
           

          
            	 	 	 
	 	U.S.
                    BANK NATIONAL
                    ASSOCIATION, 
	 	
                    not
                      individually but solely as Trustee for the
                      Bear Stearns Asset Backed Securities I Trust 2007-AC1, Asset-Backed
                      Certificates, Series 2007-AC1 Assignee

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:   

                  	 
	 	Title:	 
	 	 	 
	 	
                  

          

        

         

        
           

          
            	 	 	 
	 	
                    AMERICAN
                      HOME MORTGAGE CORP.

                  
	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:   

                  	 
	 	Title:	 
	 	 	 
	 	
                  

          

          

        

         
           

          
            	 	 	 
	 	
                    AMERICAN
                      HOME MORTGAGE SERVICING, INC.

                  
	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:   

                  	 
	 	Title:	 
	 	 	 
	 	
                  

          

          

             

            
              	 	
                      Acknowledged
                        and Agreed:

                    
	 	 	 
	 	EMC
                      MORTGAGE
                      CORPORATION,
	 	
                      as
                        Master Servicer

                    
	 
 	 
 	 
 
	 	By:  	 
	 	
                      Name:   

                    	 
	 	Title:	 
	 	 	 

            

          

        

        
          
            
              	 	 	 
	 	BEAR
                      STEARNS ASSET
                      BACKED SECURITIES I LLC
	 	
                       

                    
	 
 	 
 	 
 
	 	By:  	 
	 	
                      Name:   

                    	 Joseph
                      T. Jurkowski, Jr.
	 	Title:	Vice
                      President
	 	 	 
	 	
                    

            

          

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
 

         

        ATTACHMENT
          1

         

         

        ASSIGNED
          LOAN SCHEDULE

         

        (Available
          upon request)

         

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        ATTACHMENT
          2

         

         

         

        PURCHASE
          AGREEMENT

         

         

        (Available
          upon request)

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        

        Exhibit
          1

        EXHIBIT
          E

        

        AM
          HOME
          REMITTANCE OVERVIEW

        

        
          	
                  LOAN
                    NUMBER

                	
                  Pool

                	
                  SCH
                    P&I 

                	
                  NOTE
                    RATE

                	
                  SF
                    RATE

                	
                  ACT
                    END BAL

                	
                  Deal
                    Due Date

                	
                  NEXT
                    DUE DATE

                	
                  CURTS

                	
                  PIF
                    AMT 

                	
                  ACTION
                    CODE

                	
                  SCH
                    PRIN AMT

                	
                  SCH
                    GR INT

                	
                  SCH
                    NET INT 

                	
                  SCH
                    SF 

                	
                  TOT
                    REMIT 

                	
                  SCH
                    BEG BAL 

                	
                  SCH
                    END BAL 

                	
                  ACTION
                    DATE

                	
                  PPP's
                    

                	
                  DELINQUENT
                    P&I ADVANCE 

                	
                  Int
                    on Curt/Pool To Sec 

                	
                  Roll

                	
                  y=int
                    only

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          2

        EXHIBIT
          F

        

        AM
          HOME
          DELINQUENCY FILE

        

          
            	
                    SERVICER
                      LOAN NBR

                  	
                    LOAN
                      NBR

                  	
                    CLIENT
                      NBR

                  	
                    SERV

                    INVESTOR
                      NBR

                  	
                    BORROWER
                      FIRST NAME

                  	
                    BORROWER
                      LAST NAME

                  	
                    PROP
                      ADDRESS

                  	
                    PROPERTY
                      STATE

                  	
                    PROPERTY
                      ZIP

                  	
                    BORR
                      NEXT PAY DUE DATE

                  	
                    LOAN
                      TYPE

                  	
                    BANKRUPTCY
                      FILED DATE

                  	
                    BANKRUPTCY
                      CHAPTER CODE

                  	
                    POST
                      PETITION DUE DATE

                  	
                    BANKRUPTCY
                      DCHRG DISM DATE

                  	
                    Comments

                  	
                    LOSS
                      MIT APPR DATE

                  	
                    LOSS
                      MIT TYPE

                  	
                    LOSS
                      MIT EST COMP DATE

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

          

        

         

         

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

          
            	
                    LOSS
                      MIT ACT COMP DATE

                  	
                    FRCLSR
                      APPROVED DATE

                  	
                    ATTORNEY
                      REFERRAL DATE

                  	
                    FIRST
                      LEGAL DATE

                  	
                    FRCLSR
                      SALE EXPECTED DATE

                  	
                    FRCLSR
                      SALE DATE

                  	
                    FRCLSR
                      SALE AMT

                  	
                    EVICTION
                      START DATE

                  	
                    EVICTION
                      COMPLETED DATE

                  	
                    LIST
                      PRICE

                  	
                    LIST
                      DATE

                  	
                    OFFER
                      AMT

                  	
                    OFFER
                      DATE TIME

                  	
                    REO
                      CLOSING DATE

                  	
                    REO
                      ACTUAL CLOSING DATE

                  	
                    OCCUPANT
                      CODE

                  	
                    PROP
                      CONDITION CODE

                  	
                    PROP
                      INSPECTION DATE

                  	
                    APPRAISAL
                      DATE

                  	
                    CURR
                      PROP VAL

                  	
                    REPAIRED
                      PROP VAL

                  	
                    DELINQ
                      STATUS CODE

                  	
                    DELINQ
                      REASON CODE

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

          

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

          
            	
                    MI
                      CLAIM FILED DATE

                  	
                    MI
                      CLAIM AMT

                  	
                    MI
                      CLAIM PAID DATE

                  	
                    MI
                      CLAIM AMT PAID

                  	
                    POOL
                      CLAIM FILED DATE

                  	
                    POOL
                      CLAIM AMT

                  	
                    POOL
                      CLAIM PAID DATE

                  	
                    POOL
                      CLAIM AMT PAID

                  	
                    FHA
                      PART A CLAIM FILED DATE

                  	
                    FHA
                      PART A CLAIM AMT

                  	
                    FHA
                      PART A CLAIM PAID DATE

                  	
                    FHA
                      PART A CLAIM PAID AMT

                  	
                    FHA
                      PART B CLAIM FILED DATE

                  	
                    FHA
                      PART B CLAIM AMT

                  	
                    FHA
                      PART B CLAIM PAID DATE

                  	
                    FHA
                      PART B CLAIM PAID AMT

                  	
                    VA
                      CLAIM FILED DATE

                  	
                    VA
                      CLAIM PAID DATE

                  	
                    VA
                      CLAIM PAID AMT

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

          

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          3

        EXHIBIT
          P

         

        REPORTING
          DATA FOR REALIZED LOSSES AND GAINS

         

        

         

        Calculation
          of Realized Loss/Gain Form 332- Instruction Sheet

         

        

         

        NOTE:
          Do not net or combine items. Show all expenses individually and all credits
          as
          separate line items. Claim packages are due on the remittance report date.
          Late
          submissions may result in claims not being passed until the following month.
          The
          Servicer is responsible to remit all funds pending loss approval and /or
          resolution of any disputed items. 

         

         

        The
          numbers on the 332 form correspond with the numbers listed
          below.

         

        Liquidation
          and Acquisition Expenses:

         

        1.          
           The
          Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        1.                 
               2.The
          Total
          Interest Due less the aggregate amount of servicing fee that would have
          been
          earned if all delinquent payments had been made as agreed. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        2.                     
           3.
          Accrued
          Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
          Loan
          as calculated on a monthly basis. For documentation, an Amortization Schedule
          from date of default through liquidation breaking out the net interest
          and
          servicing fees advanced is required.

         

        3.              
                4-12.  
          Complete
          as applicable. Required documentation:

         

        4.  *
          For
          taxes and insurance advances - see page 2 of 332 form - breakdown required
          showing period

         

        5.  of
          coverage, base tax, interest, penalty. Advances prior to default require
          evidence of servicer efforts to recover advances.

         

        6.  
          * For
          escrow advances - complete payment history 

         

        7.  
          (to
          calculate advances from last positive escrow balance forward)

         

        8.  *
          Other
          expenses -  copies of corporate advance history showing all payments

         

        9.  *
          REO
          repairs > $1500 require explanation

         

        10.  *
          REO
          repairs >$3000 require evidence of at least 2 bids.

         

        11.  *
          Short
          Sale or Charge Off require P&L supporting the decision and approved
          Servicing Officer certification 

         

        12.  *
          Unusual
          or extraordinary items may require further documentation. 

         

        13.                
           13.      
           The
          total
          of lines 1 through 12.

         

        Credits:
          

         

        14.        
          14-21.Complete
          as applicable. Required documentation:

         

        15.  *
          Copy of
          the HUD 1 from the REO sale. If a 3rd
          Party
          Sale, bid instructions and Escrow Agent / Attorney

         

        16.   
             Letter of Proceeds Breakdown.

         

        17.  *
          Copy of
          EOB for any MI or gov't guarantee 

         

        18.  *
          All
          other credits need to be clearly defined on the 332
          form      
     

         

         

        
          
            22.           
              The
              total
              of lines 14 through 21.

          

        

         

        Please
          Note:    For
          HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
          for Part
          B/Supplemental proceeds.

         

        Total
          Realized Loss (or Amount of Any Gain)

         

        23.         
           The
          total
          derived from subtracting line 22 from 13. If the amount represents a realized
          gain, show
          the
          amount in parenthesis ( ). 

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          
            

              Calculation
                of Realized Loss/Gain Form 332

               

              

               

              Prepared
                by: __________________   Date:
                _______________

               

              Phone:
                ______________________ Email Address:_____________________

               

               

              
                	
                        Servicer
                          Loan No.

                      	 	
                        Servicer
                          Name

                      	 	
                        Servicer
                          Address 

                         

                      

              

               

              

              Loan
                No._____________________________

               

              Borrower's
                Name: _________________________________________________________

              Property
                Address: _________________________________________________________

               

              Liquidation
                Type: REO Sale  
                3rd
                Party Sale  Short
                Sale Charge
                Off 

               

              Was
                this loan granted a Bankruptcy deficiency or cramdown  Yes 
                No

              If
“Yes”,
                provide deficiency or cramdown amount
                _______________________________

               

            

             

            

               

              Liquidation
                and Acquisition Expenses:

              
                	
                        (1)

                      	
                        Actual
                          Unpaid Principal Balance of Mortgage Loan

                      	
                         

                      	$	 	
                        (1)

                      
	
                        (2)

                      	
                        Interest
                          accrued at Net Rate

                      	 	
                         

                      	 	
                        (2)

                      
	
                        (3)

                      	
                        Accrued
                          Servicing Fees

                      	 	
                         

                      	 	
                        (3)

                      
	
                        (4)

                      	
                        Attorney's
                          Fees

                      	 	
                         

                      	 	
                        (4)

                      
	
                        (5)

                      	
                        Taxes
                          (see page 2)

                      	 	
                         

                      	 	
                        (5)

                      
	
                        (6)

                      	
                        Property
                          Maintenance

                      	 	 	 	
                         

                      	 	
                        (6)

                      
	
                        (7)

                      	
                        MI/Hazard
                          Insurance Premiums (see page 2)

                      	
                         

                      	 	 	
                        (7)

                      
	
                        (8)

                      	
                        Utility
                          Expenses

                      	 	 	 	
                         

                      	 	
                        (8)

                      
	
                        (9)

                      	
                        Appraisal/BPO

                      	 	 	 	
                         

                      	 	
                        (9)

                      
	
                        (10)

                      	
                        Property
                          Inspections

                      	 	 	 	
                         

                      	 	
                        (10)

                      
	
                        (11)

                      	
                        FC
                          Costs/Other Legal Expenses

                      	 	 	 	
                        (11)

                      
	
                        (12)

                      	
                        Other
                          (itemize)

                      	 	 	 	
                         

                      	 	
                        (12)

                      
	 	 	
                        Cash
                          for Keys

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	
                        HOA/Condo
                          Fees

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	
                         

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	 	 	 	 	 	 
	 	 	
                        Total
                          Expenses

                      	 	 	$	 	
                        
                          (13)

                        

                      
	
                        Credits:

                      	 	 	 	 	 	 	 
	
                        (14)

                      	
                        Escrow
                          Balance

                      	 	 	 	
                        $
                          

                      	 	
                        (14)

                      
	
                        (15)

                      	
                        HIP
                          Refund

                      	 	 	 	 	 	
                        
                          (15)

                        

                      
	
                        (16)

                      	
                        Rental
                          Receipts

                      	 	 	 	
                         

                      	 	
                        (16)

                      
	
                        (17)

                      	
                        Hazard
                          Loss Proceeds

                      	 	 	 	
                         

                      	 	
                        (17)

                      
	
                        (18)

                      	
                        Primary
                          Mortgage Insurance / Gov’t Insurance

                      	
                         

                      	 	 	(18a)

	
                        HUD
                          Part A

                      	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                        HUD
                          Part B

                      	 	 	 	 	 	(18b)
	
                        (19)

                      	
                        Pool
                          Insurance Proceeds

                      	 	 	 	
                         

                      	 	
                        (19)

                      
	
                        (20)

                      	
                        Proceeds
                          from Sale of Acquired Property

                      	
                         

                      	 	 	
                        (20)

                      
	
                        (21)

                      	
                        Other
                          (itemize)

                      	 	 	 	
                         

                      	 	
                        (21)

                      
	 	
                         

                      	 	
                         

                      	
                         

                      	 	 	
                        (21)

                      
	 	 	 	 	 	 	 	 
	 	
                        Total
                          Credits

                      	 	 	 	
                        $

                      	 	
                        (22)

                      
	
                        Total
                          Realized Loss (or Amount of Gain)

                      	
                         

                      	
                         

                      	
                        $

                      	 	
                        (23)

                      

              

            

          

        

         

        
          
 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Escrow
          Disbursement Detail

         

        
          	
                  Type

                  (Tax
                    /Ins.)

                	
                  Date
                    Paid

                	
                  Period
                    of Coverage

                	
                  Total
                    Paid

                	
                  Base
                    Amount

                	
                  Penalties

                	
                  Interest

                
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          4

        EXHIBIT
          S

        

        MODIFIED
          LOANS REPORT

         

        

          
            	
                    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)

                  

          

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          5

        EXHIBIT
          T

        

        AM
          HOME
          REMITTANCE SUMMARY

         

        
          	
                  DEAL
                    NAME

                	 	 	 
	
                  Remittance
                    Inv 

                	
                  Reporting
                    Month

                	 	 
	
                  Summary
                    Information

                	 	 
	 	 	 	 
	
                  Scheduled
                    Beginning Balance:

                	
                  0.00
                    

                	 
	
                  Sch
                    Principal

                	 	
                  0.00
                    

                	 
	
                  Curtailment
                    Amount

                	 	
                  0.00
                    

                	 
	
                  Paid
                    in Full Amount

                	 	
                  0.00
                    

                	 
	
                  Int
                    on Curt/Pool to Sec

                	
                  0.00
                    

                	 
	
                  Scheduled
                    Ending Balance:

                	
                  0.00
                    

                	
                  -
                    

                
	 	 	 	 
	
                  Total
                    Principal:

                	 	
                  0.00
                    

                	 
	 	 	 	 
	
                  Gross
                    Interest:

                	 	
                  0.00
                    

                	 
	
                  Servicing
                    Fee Amount:

                	
                  0.00
                    

                	 
	
                  Net
                    Interest:

                	 	
                  0.00
                    

                	
                  -
                    

                
	 	 	 	 
	
                  Total
                    Remittance Expected:

                	
                  0.00
                    

                	 
	 	 	
                   

                	 
	
                  Adjustments:

                	 	 	 
	 	 	 	 
	
                  Prepayment
                    penalty

                	
                  0.00
                    

                	 	 
	
                  Loss

                	 	 	 
	
                  Recovery

                	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
                  Total
                    Adjustments:

                	 	
                  0.00
                    

                	 
	 	 	 	 
	 	 	 	 
	 	
                  Sub-total

                	
                  0.00
                    

                	 
	 	 	 	 
	 	
                  Total
                    Wire

                	
                  0.00
                    

                	 
	 	 	 	 

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          6

        EXHIBIT
          U

        

        

        
          	
                   

                  All
                    asset management decisions and claim submissions for both standard
                    and
                    delegated authority levels require the servicer to comply with
                    

                  all
                    agency (ie: FNMA, FHLMC, HUD and VA) and insuring company requirements.
                    

                
	
                  TASK

                	
                  STANDARD
                    AUTHORITY LEVEL

                	
                  DELEGATED
                    AUTHORITY LEVEL

                
	 	
                  APPROVAL
                    NEEDED? 

                	
                  APPROVAL
                    NEEDED IF....

                	
                  APPROVAL
                    NEEDED? 

                	
                  APPROVAL
                    NEEDED IF....

                
	
                  Partial
                    Releases1 

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Assumptions1

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Relief
                    Provisions1

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Forbearance
                    Plans1

                	
                  Yes

                	
                  ·  Plan
                    exceeds 6 months or

                  ·  Proposes
                    to suspend payments

                	
                  Yes

                	
                  ·  Plan
                    exceeds 12 months or

                  ·  Plan
                    proposes to suspend payments

                
	
                  Modifications1,
                    2, 3, 4 

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  Only
                    if the terms of the proposed modification exceed the parameters
                    of the
                    governing agreements or the loan is changed from an ARM to fixed
                    rate or
                    the rate is reduced by more than 2%

                
	
                  Pre-Foreclosure
                    (short sales)1,
                    6

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  The
                    loss severity experienced is expected to be greater than
                    20%

                
	
                  Foreclosure
                    Referral (1st
                    liens)1

                	
                  Yes

                	
                   ·  The
                    UPB is less than $30k or greater than $400k or

                  ·  The
                    mortgagor has paid less than 6 installments

                	
                  Yes

                	
                  ·  The
                    UPB is less than$50k or greater than$750k or

                  ·  The
                    mortgagor has paid less than 6 installments

                
	
                  Foreclosure
                    Referral (2nd
                    liens)1,7

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Charge
                    Offs

                	 	
                  ·  In
                    all instances

                	 	
                  ·  If
                    combined LTV is less than 80%

                
	
                  Buyout
                    of 1st
                    lien1,
                    4 ,6

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Foreclosure
                    Bid1,
                    6

                	
                  Yes

                	
                  ·  The
                    UPB is less than $30k or greater than $400k or

                  ·  The
                    mortgagor has paid less than 6 installments

                	
                  Yes

                	
                  ·  The
                    UPB is less than $50k or greater than $750k or

                  ·  The
                    mortgagor has paid less than 6 installments

                
	
                  Third
                    Party Sales1,
                    6

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Note
                    Sales1,
                    6

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Deed-in-Lieu
                    1,
                    6

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  REO
                    Listing Price1,
                    5

                	
                  Yes

                	
                  ·  The
                    UPB was less than $50k or greater than $400k or

                  ·  The
                    mortgagor has paid less than 6 installments

                	
                  Yes

                	
                  ·  The
                    UPB was less than $50k or greater than $750k or

                  ·  The
                    mortgagor has paid less than 6 installments

                
	
                  REO
                    Repairs (excluding property preservation)1

                	
                  Yes

                	
                  ·  The
                    necessary repairs total more than 1% of the UPB and an estimated
                    return of
                    less than 15% of cost

                	
                  Yes

                	
                  ·  The
                    necessary repairs total more than 2% of the UPB 

                
	
                  REO
                    Offers
                    1, 6

                	
                  Yes

                	
                  ·  The
                    loss severity of accepting the offer exceeds 25%

                	
                  Yes

                	
                  ·  The
                    loss severity of accepting the offer exceeds
                    25%

                

        

        

        FOOT
          NOTES: 

        1.  To
          request approval, the servicer may be required to submit the following
          documentation to the Master Servicer: property appraisals, BPOs, equity
          analysis
          documentation, correspondence from/to title insurance companies, copies
          of
          insurer approval, loss mitigation documents and agreements with mortgagors,
          hardship documentation, closing/settlement documents, value reconciliations
          and
          repair estimates. Although master servicer approval may have been obtained
          as
          outlined above, the master servicer reserves the right to approve or deny
          losses
          at the time of claim submission due to servicer performance related
          issues.

        2.  The
          Servicer agrees to provide to the Master Servicer copies of executed
          modifications within 10 days of execution.

        3.  The
          Owner
          / Master Servicer reserve the right to remove all authority to complete
          loan
          modifications to ensure compliance with limitations outlined in governing
          agreements. 

        4.  The
          Servicer is to ensure that lien position is maintained in completing
          alternatives to foreclosure.

        5.  The
          Servicer agrees to provide to the Master Servicer copies of marketing plans
          for
          all REO loans. Although the servicer may have asset authority as outlined
          above,
          the Master Servicer reserves the right to modify anticipated courses of
          action.

        6.  Special
          notice of the task is required to be provided to the Master
          Servicer.

        7.  The
          Servicer assumes all
          risks in
          addition to financial liability for amounts beyond 100% severity of the
          Owner /
          Master Servicer’s original position.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        R-2

      

      FORM
        OF
        GREENPOINT ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      

         

        ASSIGNMENT,
          ASSUMPTION AND RECOGNITION AGREEMENT

         

        This
          is
          an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
          as of January 30, 2007 (the “Closing Date”), among EMC Mortgage Corporation (the
“Assignor”), U.S. Bank National Association, not individually but solely as
          trustee for the holders of the Bear Stearns Asset Backed Securities I Trust
          2007-AC1, Asset-Backed Certificates, Series 2007-AC1 (the “Assignee”) and
          GreenPoint Mortgage Funding, Inc. (the “Company”).

         

        In
          consideration of the mutual promises contained herein the parties hereto
          agree
          that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
          1 annexed hereto (the "Assigned Loan Schedule") purchased by the Assignor
          from
          the Company and now serviced by Company for Assignor and its successors
          and
          assigns pursuant to (a) the Purchase, Warranties and Servicing Agreement,
          dated
          as of September 1, 2003, between Assignor and Company, as amended by Amendment
          Number One, dated as of January 1, 2006 (the “Purchase Agreement”) and (b) the
          term sheet dated March 14, 2006, between Assignor and Company, the term
          sheet
          dated July 25, 2006, between Assignor and Company and the term sheet dated
          October 11, 2006 between Assignor and Company (collectively, the “Term Sheets”
and together with the Purchase Agreement, the “Agreements”) shall be subject to
          the terms of this AAR Agreement. Capitalized terms used herein but not
          defined
          shall have the meanings ascribed to them in the Purchase Agreement.

         

          Assignment
          and Assumption

         

        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
          (a) the
          Assigned Loans and (b) the Purchase Agreement with respect to the Assigned
          Loans; provided, however, that the Assignor is not assigning to the Assignee
          any
          of its right, title or interest, in, to and under the Purchase Agreement
          with
          respect to any mortgage loan other than the Assigned Loans listed on Exhibit
          A.
          Notwithstanding anything to the contrary contained herein, the Assignor
          specifically reserves and does not assign to the Assignee any right, title
          and
          interest in, to or under the representations and warranties contained in
          Section
          3.01 and Section 3.02 of the Purchase Agreement and in the Term Sheets,
          and any
          obligation of the Company to cure, repurchase or substitute for a mortgage
          loan
          and to indemnify the Assignor with respect to a breach of such representations
          and warranties pursuant to Section 3.03 and Section 8.01 of the Purchase
          Agreement and the Assignor is retaining the right to enforce the representations
          and warranties and the obligations of the Company set forth in those sections
          against the Company. In addition, the Assignor specifically reserves and
          does
          not assign to the Assignee any right, title and interest in, to or under
          Section
          2.09 of the Purchase Agreement and Section 4.03 and Section 4.13 of the
          Purchase
          Agreement (but only insofar as such Sections grant to the Purchaser the
          right to
          terminate the servicing of defaulted Assigned Loans and/or REO Properties
          by the
          Company). 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 Purchase Agreement or otherwise relating to the transaction
          contemplated herein (including, but not limited to, any obligation to indemnify
          the Assignee).

         

          Representations,
          Warranties and Covenants

         

        1.
            Assignor
          warrants and represents to Assignee and Company as of the date
          hereof:

         

        (a)  Attached
          hereto as Attachment 2 are true and accurate copies of the Purchase Agreement
          and the Term Sheets which agreements are 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)  Assignor
          is 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 Purchase Agreement as 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 Assignee as contemplated herein, Assignee shall have good title to each
          and
          every Assigned Loan, as well as any and all of Assignee’s interests, rights and
          obligations under the Purchase 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 Company with respect
          to
          the Assigned Loans or the Purchase Agreement;

         

        (d)  Assignor
          has no knowledge of, and has not received notice of, any waivers under,
          or any
          modification of, any Assigned Loan;

         

        (e)  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)  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 Assignor’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignor’s charter or by-laws or any legal restriction, or any material
          agreement or instrument to which 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 Assignor or its property is subject. The execution,
          delivery
          and performance by 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 the part of Assignor. This AAR Agreement has been duly
          executed and delivered by Assignor and, upon the due authorization, execution
          and delivery by Assignee and Company, will constitute the valid and legally
          binding obligation of Assignor enforceable against 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
          Assignor in connection with the execution, delivery or performance by Assignor
          of this AAR Agreement, or the consummation by it of the transactions
          contemplated hereby; 

         

        (h)  Neither
          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;

         

        (i)  The
          Assignor has received from Company, and has delivered to the Assignee,
          all
          documents required to be delivered to Assignor by the Company prior to
          the date
          hereof pursuant to the Purchase Agreement with respect to the Assigned
          Loans and
          has not received, and has not requested from the Company, any additional
          documents; and 

         

        (j)  There
          is
          no action, suit, proceeding, investigation or litigation pending or, to
          Assignor's knowledge, threatened, which either in any instance or in the
          aggregate, if determined adversely to Assignor, would adversely affect
          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.

         

        2.
            Assignee
          warrants and represents to, and covenants with, Assignor and Company as
          of the
          date hereof:

         

        (a)  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 the Bear
          Stearns
          Asset Backed Securities I Trust 2007-AC1, Asset-Backed Certificates, Series
          2007-AC1;

         

        (b)  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 Assignee’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignee’s charter or by-laws or any legal restriction, or any material
          agreement or instrument to which 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 Assignee or its property is subject. The execution,
          delivery
          and performance by 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 Assignee. This AAR Agreement has been duly
          executed
          and delivered by Assignee and, upon the due authorization, execution and
          delivery by Assignor and Company, will constitute the valid and legally
          binding
          obligation of Assignee enforceable against 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
          Assignee in connection with the execution, delivery or performance by 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
          Assignee's knowledge, threatened, which either in any instance or in the
          aggregate, if determined adversely to Assignee, would adversely affect
          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)  Assignee
          assumes for the benefit of each of the Assignor and the Company all of
          the
          rights of the Purchaser under the Purchase Agreement with respect to the
          Assigned Loans.

         

        3.
            Company
          warrants and represents to, and covenant with, Assignor and Assignee as
          of the
          date hereof:

         

        (a)  Attached
          hereto as Attachment 2 are true and accurate copies of the Purchase Agreement
          and the Term Sheets which agreements are 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)  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
          Purchase Agreement;

         

        (c)  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 Company’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Company’s charter or by-laws or any legal restriction, or any material agreement
          or instrument to which 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 Company or its property is subject. The execution, delivery and
          performance by 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 the part of Company. This AAR Agreement has been duly
          executed and delivered by Company, and, upon the due authorization, execution
          and delivery by Assignor and Assignee, will constitute the valid and legally
          binding obligation of Company, enforceable against 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
          Company in connection with the execution, delivery or performance by 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
          Purchase Agreement in favor of the Assignee with respect to the Assigned
          Loans
          separate from the Custodial Account and Escrow Account previously established
          under the Purchase Agreement in favor of Assignor;

         

        (f)  No
          event
          has occurred from the date of either Term Sheet to the date hereof which
          would
          render the representations and warranties as to the related Assigned Loans
          made
          by the Company in Sections 3.01 and 3.02 of the Purchase Agreement or in
          the
          Term Sheets to be untrue in any material respect; 

         

        (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 material fact necessary to make the
          statements contained therein not misleading; and

         

        (h)  Pursuant
          to Section 11.18 of the Purchase Agreement, the Company hereby restates
          the
          representations and warranties set forth in Article III of the Purchase
          Agreement and in the Term Sheet with respect to the Company and the Assigned
          Loans as of the Closing Date.

         

        4.
            Company
          warrants and represents to, and covenants with, Assignor and Bear Stearns
          Asset
          Backed Securities I LLC (“BSABS I”) as of the date hereof:

         

        (a)  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)  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 Purchase 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 Purchase 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 Assignor and BSABS I
          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 BSABS I with respect to
          the
          Securitization Transaction and (ii) provide to the Assignor and BSABS I
          a
          description of such proceedings, affiliations or relationships.

        

        Each
          such
          notice/update should be sent to the Assignor by e-mail to
          regABnotifications@bear.com. Additionally, all such notifications, other
          than
          those pursuant to (i)(A) above, should be sent to:

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067

        Attention:
          Michelle Viner

        Facsimile:
          (214) 626-4889

        

        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

        

        Notifications
          pursuant to (i)(A) above should be sent to: 

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          General Counsel

        Facsimile:
          (469) 759-4714

        

        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:
          Michelle Viner

        Facsimile:
          (214) 626-4889

        

        

        5.
            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 Assignee (and its successors and assigns) may sustain
          in any
          way related to any breach of the representations or warranties of Assignor
          set
          forth in this AAR Agreement or the breach of any covenant or condition
          contained
          herein.

         

          Recognition
          of Assignee

         

        6.
            From
          and
          after the date hereof, Company shall recognize 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 Purchase Agreement
          (as
          modified by this AAR 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 Assignor, Company and Assignee that this AAR Agreement shall
          be
          binding upon and for the benefit of the respective successors and assigns
          of the
          parties hereto. Neither Company nor Assignor shall amend or agree to amend,
          modify, waive, or otherwise alter any of the terms or provisions of the
          Purchase
          Agreement which amendment, modification, waiver or other alteration would
          in any
          way affect the Assigned Loans without the prior written consent of
          Assignee.

         

        The
          Company shall prepare for and deliver to the Master Servicer for the benefit
          of
          the Assignee 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
          Asset Backed Securities I Trust, Asset-Backed Certificates, Series 2007-AC1
          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 Asset Backed Securities I Trust, Asset-Backed
          Certificates, Series 2007-AC1 or, at the expense of Bear Stearns Asset
          Backed
          Securities I Trust, Asset-Backed Certificates, Series 2007-AC1, 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 Asset Backed Securities I Trust, Asset-Backed Certificates, Series
          2007-AC1 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 Asset Backed Securities I Trust, Asset-Backed
          Certificates, Series 2007-AC1 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
          Asset Backed Securities I Trust, Asset-Backed Certificates, Series 2007-AC1
          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 Asset Backed Securities
          I
          Trust, Asset-Backed Certificates, Series 2007-AC1 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 Asset Backed Securities I Trust, Asset-Backed Certificates,
          Series
          2007-AC1 with respect to the imposition of any such taxes.

         

        7.
            Notwithstanding
          any term hereof to the contrary, the execution and delivery of the AAR
          Agreement
          by the Assignee is solely in its capacity as trustee for Bear Stearns Asset
          Backed Securities I Trust 2007-AC1 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 Asset Backed Securities I Trust
          2007-AC1.

         

        Company
          shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
          BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
          affiliate of the Underwriter, each Person (including , but not limited
          to, the
          Master Servicer) responsible for the preparation, execution or filing of
          any
          report required to be filed with the Commission, or for execution of a
          certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
          Act, each Person who controls the Assignor, BSABS I, the Assignee or the
          Underwriter (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 (each,
          an
“Indemnified Party”), and shall hold each of them harmless from and against any
          losses, claims, 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 written information, written report, certification, data,
                    accountants’ letter or other material provided under Section 11.18 of the
                    Purchase Agreement by or on behalf of the Assignor, or provided
                    under
                    Section 11.18 of the Purchase Agreement by or on behalf of any
                    Subservicer, Subcontractor or Third-Party Originator (collectively,
                    the
                    “Company Information”), or (B) 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 (B) 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;

                

        

         

        
          	(ii)  	
                  any
                    breach by the Company of its obligations under this section,
                    including
                    particularly any failure by the Company, any Subservicer, any
                    Subcontractor or any Third-Party Originator to deliver any information,
                    report, certification, accountants’ letter or other material when and as
                    required under Section 11.18, including any failure by the Company
                    to
                    identify any Subcontractor “participating in the servicing function”
                    within the meaning of Item 1122 of Regulation AB;
                    

                

        

         

        
          	(iii)  	
                  any
                    breach by the Company of a representation or warranty set forth
                    in Section
                    3.01 of the Purchase Agreement or in a writing furnished pursuant
                    to
                    Section 3.01(q) of the Purchase Agreement and made as of a date
                    prior to
                    the date hereof, to the extent that such breach is not cured
                    by the date
                    hereof, or any breach by the Company of a representation or warranty
                    in a
                    writing furnished pursuant to Section 3.01(q) of the Purchaser
                    Agreement
                    to the extent made as of a date subsequent to the date hereof;
                    or

                

        

         

        
          	(iv)  	
                  the
                    negligence bad faith or willful misconduct of the Company in
                    connection
                    with its performance under this
                    Section.

                

        

         

        If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Company 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 Company on the other.

         

        In
          the
          case of any failure of performance described in Section 11.18 of the Purchase
          Agreement, the Company shall promptly reimburse the Assignor, BSABS I and
          each
          Person responsible for the preparation, execution or filing of any report
          required to be filed with the Commission, or for execution of a certification
          pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, 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 Subcontractor or any Third-Party
          Originator. \

         

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

         

          Modification
          of Purchase Agreement

         

        8.
            The
          Company and Assignor hereby amend the Purchase Agreement as
          follows:

         

        (a)  The
          following definitions are added to Article I of the Purchase
          Agreement:

         

        Assignee:
          U.S.
          Bank National Association, as trustee for the holders of the Bear Stearns
          Asset
          Backed Securities I Trust 2007-AC1, Asset-Backed Certificates, Series
          2007-AC1.

         

        BSABS:
          Bear
          Stearns Asset Backed Securities I LLC.

         

        Pooling
          and Servicing Agreement:
          That
          certain pooling and servicing agreement, dated as of January 1, 2007, among
          BSABS I, the Trustee, EMC Mortgage Corporation, as the master servicer,
          the
          seller and the company.

         

        Trustee:
          U.S.
          Bank National Association, or its successor in interest, or any successor
          trustee appointed as provided in the Pooling and Servicing
          Agreement.

         

        (b)  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
          California, New York, Maryland or Minnesota, or (iii) a day on which banks
          in
          the States of California, New York, Maryland or Minnesota are authorized
          or
          obligated by law or executive order to be closed.

         

        (c)  The
          definition of Servicing Fee Rate is deleted in its entirety and replaced
          with
          the following:

         

        Servicing
          Fee Rate:
          A per
          annum rate equal to 0.250%.

         

        (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)  Section
          3.01(s) of the Purchase Agreement is hereby amended by changing the reference
          in
          Section 3.01(s) of the Purchase Agreement from “15 calendar days” to “30
          calendar days”.

         

        (f)  Section
          4.01 of the Purchase Agreement is hereby amended by changing the first
          sentence
          of the second paragraph to the following:

         

        Consistent
          with the terms of this Agreement and the related Term Sheet, and in accordance
          with the guidelines of EMC’s Master Servicing Asset Authority Levels, attached
          hereto as Exhibit X, the Company may waive, modify or vary any term of
          any
          Mortgage Loan or consent to the postponement of 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 Purchaser, provided, however, that unless the
          Company
          has obtained the prior written consent of the Purchaser, the Company shall
          not
          permit any modification with respect to any Mortgage Loan that would change
          the
          Mortgage Interest Rate, defer for more than ninety days or forgive any
          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.

         

        (g)  Section
          4.03 of the Purchase 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 J 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 nonrecoverable and submits
          an
          officer’s certificate in accordance with Section 5.03.

         

        (h)  Section
          4.05(iii) of the Purchase Agreement is hereby amended by deleting “Liquidation
          Proceeds,” after “limited to related” in Subsection 4.05(iii).

         

        (i)  Section
          4.05(vii) of the Purchase Agreement is hereby deleted in its entirety and
          replaced with the following: 

         

        “(vii) to
          reimburse
          itself for Nonrecoverable Advances, 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.”

         

        (j)  The
          following is added to the first sentence of the fourth paragraph of Section
          4.13
          of the Purchase Agreement:

         

        “;
          provided, however, that any REO property shall be disposed of by the Company
          before the close of the third taxable year following the taxable year in
          which
          the Mortgage Loan became an REO property, unless the Company is otherwise
          directed by the Assignee.”

         

        (k)  The
          following is added as Section 4.13A of the Purchase Agreement:

         

        Section
          4.13A REMIC
          Administration of REO Property.

         

        The
          Company shall prepare for and deliver to the Assignee and the Master Servicer
          (and the securities administrator, if any) 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 (or the securities administrator,
          if any) 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 caused 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 the Bear Stearns
          Asset Backed Securities I Trust 2007-AC1, Asset-Backed Certificates, Series
          2007-AC1 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 the Bear Stearns Asset Backed Securities I Trust 2007-AC1,
          Asset-Backed Certificates, Series 2007-AC1 or, at the expense of the Bear
          Stearns Asset Backed Securities I Trust 2007-AC1, Asset-Backed Certificates,
          Series 2007-AC1, 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 (or the securities administrator, if any) shall
          have
          been supplied with an opinion of counsel addressed to the Assignee (and
          the
          securities administrator, if any) rendered by nationally recognized tax
          counsel
          specializing in such matters (such opinion not to be an expense of the
          Trustee)
          to the effect that the holding by the Bear Stearns Asset Backed Securities
          I
          Trust 2007-AC1, Asset-Backed Certificates, Series 2007-AC1 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 the Bear
          Stearns
          Asset Backed Securities I Trust 2007-AC1, Asset-Backed Certificates, Series
          2007-AC1 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 the Bear Stearns Asset
          Backed Securities I Trust 2007-AC1, Asset-Backed Certificates, Series 2007-AC1
          shall be rented (or allowed to continue to be rented) or otherwise used
          for the
          production of income by or on behalf of the Bear Stearns Asset Backed Securities
          I Trust 2007-AC1, Asset-Backed Certificates, Series 2007-AC1 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 the Bear Stearns Asset Backed Securities I Trust 2007-AC1, Asset-Backed
          Certificates, Series 2007-AC1 with respect to the imposition of any such
          taxes.

         

        (l)  Section
          5.01 of the Purchase Agreement is hereby amended by adding the following
          at the
          end of the first sentence of the first paragraph:

         

        “and
          (v)
          any amount attributable to Primary Mortgage Insurance Policy proceeds unless
          the
          related REO Property has been sold during the month preceding the month
          in which
          such Distribution Date occurs”.

         

        (m)  Section
          5.02 of the Purchase Agreement is hereby amended by deleting “no later than the
          fifth Business Day of the following month in hard copy, and” after “mutually
          agreed upon by both Purchaser and Company, and” in the first
          paragraph.

         

        (n)  The
          second sentence of the second paragraph of Section 5.02 of the Purchase
          Agreement is hereby deleted and replaced with the following:

         

        The
          Company shall also provide a monthly report in the form of Exhibit
          Q
          and
Exhibit
          R,
          with
          respect to remittances, Exhibit
          J,
          with
          respect to realized losses and gains, Exhibit
          S and Exhibit T,
          with
          respect to defaulted mortgage loans, Exhibit
          U,
          with
          respect to modified mortgage loans, Exhibit
          V,
          with
          respect to claims submitted and Exhibit
          W,
          with
          respect to loss severity, with each such report.

         

        (o)  Section
          6.04 of the Purchase Agreement is hereby amended by adding the following
          paragraph to the end of the section:

         

        In
          the
          event the Company 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.

         

        (p)  Section
          6.05 of the Purchase Agreement is hereby amended by adding the following
          paragraph to the end of the section:

         

        In
          the
          event the Company 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 6.05 or to the related section of such other applicable
          agreement, as the case may be, notwithstanding any such termination, assignment
          or resignation.

         

        (q)  Section
          11.04 of the Purchase Agreement is deleted in its entirety and replaced
          with the
          following:

         

        Section
          11.04  Governing
          Law.

         

        This
          Agreement and the related Term Sheets 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 (other than Section 5-1401 of the New York
          General Obligations Law) 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.

         

        (r)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit J to the Purchase Agreement, a copy of which is annexed hereto
          as
          Exhibit 1.

         

        (s)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit Q to the Purchase Agreement, a copy of which is annexed hereto
          as
          Exhibit 2.

         

        (t)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit R to the Purchase Agreement, a copy of which is annexed hereto
          as
          Exhibit 3.

         

        (u)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit S to the Purchase Agreement, a copy of which is annexed hereto
          as
          Exhibit 4.

         

        (v)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit T to the Purchase Agreement, a copy of which is annexed hereto
          as
          Exhibit 5.

         

        (w)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit U to the Purchase Agreement, a copy of which is annexed hereto
          as
          Exhibit 6.

         

        (x)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit V to the Purchase Agreement, a copy of which is annexed hereto
          as
          Exhibit 7.

         

        (y)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit W to the Purchase Agreement, a copy of which is annexed hereto
          as
          Exhibit 8.

         

        (z)  Exhibit
          O
          to the Purchase Agreement is hereby amended as of the date hereof by deleting
          in
          its entirety and inserting a new Exhibit O to the Purchase Agreement, a
          copy of
          which is annexed hereto as Exhibit 9.

         

        (aa)  The
          Purchase Agreement is hereby amended as of the date hereof by inserting
          a new
          Exhibit X to the Purchase Agreement, a copy of which is annexed hereto
          as
          Exhibit 10.

         

          Miscellaneous

         

        9.
            All
          demands, notices and communications related to the Assigned Loans, the
          Purchase
          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 Company:

                

        

         

        GreenPoint
          Mortgage Funding, Inc.

        100
          Wood
          Hollow Drive 

        Novato,
          California 94945

        Attention:
          Susan Davia

         

        With
          a
          copy to:

         

        
          	(b)  	
                  In
                    the case of Assignor:

                

        

         

        EMC
          Mortgage Corporation 

        2780
          Lake
          Vista Drive

        Lewisville,
          Texas 75067

        Attention:
          Michelle Viner

        Facsimile:
          (214) 626-4889

         

        with
          a
          copy to:

         

        Bear
          Stearns & Co. Inc.

        383
          Madison Avenue

        New
          York,
          New York 10179

        Attention:
          Robert Durden

        Telecopier
          No.: (212) 272-5591

         

        
          	(c)  	
                  In
                    the case of Assignee:

                

        

         

        U.S.
          Bank
          National Association,

        as
          Trustee

        One
          Federal Street, 3rd
          Floor

        Boston,
          MA 02110

        Attention:
          Corporate Trust Services

        BSABS
          I
          2007-AC1

        Telecopier
          No.: (617) 603-6638 

         

        10.
            The
          Company hereby acknowledges that EMC Mortgage Corporation (the “Master
          Servicer”) has been appointed as the master servicer of the Assigned Loans
          pursuant to the Pooling and Servicing Agreement, dated as of January 1,
          2007,
          among the Assignor, the Assignee, BSABS I, the Master Servicer and U.S.
          Bank
          National Association as trustee, and therefor has the right to enforce
          all
          obligations of the Company, as they relate to the Assigned Loans, under
          the
          Purchase Agreement. Such right will include, without limitation, the right
          to
          terminate the Company under the Purchase 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 Purchase Agreement, the right to receive
          all
          monthly reports and other data required to be delivered by the Company
          under the
          Purchase 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 Purchase 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 January 1, 2007 Remit for GreenPoint Mortgage Funding,
          Inc.

        Attention:
          LSBO Group-MS

        

        and
          the
          Company shall deliver all reports required to be delivered under the Purchase
          Agreement, as they relate to the Assigned Loans, to the Assignee at the
          address
          set forth in Section 9 herein and 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

         

        11.
            A
          copy of
          all assessments, attestations, reports and certificates required to be
          delivered
          by the Servicer under this AAR Agreement and the Purchase Agreement shall
          be
          delivered to the Master Servicer by the date(s) specified herein or therein,
          and
          where such documents are required to be addressed to any party, such addresses
          shall include the Master Servicer and the Master Servicer shall be entitled
          to
          rely on such documents.

         

        12.
            Each
          party will pay any commissions it has incurred and the fees of its attorneys
          in
          connection with the negotiations for, documenting of and closing of the
          transactions contemplated by this AAR Agreement.

         

        13.
            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.

         

        14.
            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.

         

        15.
            This
          AAR
          Agreement shall inure to the benefit of the successors and assigns of the
          parties hereto. Any entity into which Assignor, Assignee or Company may
          be
          merged or consolidated shall, without the requirement for any further writing,
          be deemed Assignor, Assignee or Company, respectively, hereunder.

         

        16.
            This
          AAR
          Agreement shall survive the conveyance of the Assigned Loans, the assignment
          of
          the Agreements to the extent of the Assigned Loans by Assignor to Assignee
          and
          the termination of the Agreements.

         

        17.
            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.

         

        18.
            In
          the
          event that any provision of this AAR Agreement conflicts with any provision
          of
          the Agreements 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 as
          of the
          day and year first above written.

        

        EMC
          MORTGAGE CORPORATION,

        as
          Assignor

         

        By:
          _____________________________

        Name:
          ___________________________

        Title:
          ____________________________

         

        U.S.
          BANK
          NATIONAL ASSOCIATION, not individually but 

        solely
          as
          Trustee for the Bear Stearns Asset Backed Securities I 

        Trust
          2007-AC1, Asset-Backed Certificates, Series 2007-AC1,

        as
          Assignee

        
           

          By:
            _____________________________

          Name:
            ___________________________

          Title:
            ____________________________

        

        

         

        GREENPOINT
          MORTGAGE FUNDING, INC.,

        as
          Company

        
           

          By:
            _____________________________

          Name:
            ___________________________

          Title:
            ____________________________

        

        Acknowledged
          and Agreed:

         

        EMC
          MORTGAGE CORPORATION,

        as
          Master
          Servicer

        
           

          By:
            _____________________________

          Name:
            ___________________________

          Title:
            ____________________________

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        ATTACHMENT
          1

         

         

        ASSIGNED
          LOAN SCHEDULE

         

        (Available
          upon request)

         

         

        

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        ATTACHMENT
          2

         

         

        PURCHASE
          AGREEMENT

         

        TERM
          SHEETS

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          1

        EXHIBIT
          J to the Purchase Agreement

         

        EMC
          FORM
          - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

        

        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. 

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          2

        EXHIBIT
          Q to the Purchase Agreement

        

        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
          3

        EXHIBIT
          R to the Purchase Agreement

        

        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
          4

        EXHIBIT
          S to the Purchase Agreement

        

        EMC
          FORM
          - DEFAULT OVERVIEW REPORT

        

        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)

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          5

        EXHIBIT
          T to the Purchase Agreement

        

        EMC
          FORM
          - DELINQUENCY SUMMARY REPORT

        

        Delinquency
          Summary Report:
          Provides summary data at the servicer investor level regarding loan performance
          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)

                
	
                  Mortgage
                    Group

                	
                  VARCHAR
                    (1)

                
	
                  Performance
                    type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                    or
                    PIF)

                	
                  VARCHAR
                    (6)

                
	
                  Count
                    of Loans

                	
                  NUMERIC
                    (10,0)

                
	
                  Percent
                    of Investor Number

                	
                  NUMERIC
                    (7,7)

                
	
                  Deal
                    UPB

                	
                  NUMERIC
                    (14,2)

                
	
                  Percent
                    of Deal UPB

                	
                  NUMERIC
                    (7,7)

                
	
                  Arrears
                    Balance

                	
                  NUMERIC
                    (14,2)

                
	
                  Percent
                    of Arrears Balance

                	
                  NUMERIC
                    (7,7)

                
	
                  Foreclosure
                    Quick Sale

                	
                  NUMERIC
                    (12,2)

                
	
                  REO
                    Book Value

                	
                  NUMERIC
                    (12,2)

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          6

        EXHIBIT
          U to the Purchase Agreement

        

        EMC
          FORM
          - MODIFIED LOANS REPORT

        

        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)

                

        

        

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          7

        EXHIBIT
          V 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
          8

        EXHIBIT
          W to the Purchase Agreement

        

        EMC
          FORM
          - LOSS SEVERITY SUMMARY REPORT

        

        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)

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          9

        EXHIBIT
          O to the Purchase Agreement

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

        

        The
          assessment of compliance to be delivered by [the Servicer] [Name of Subservicer]
          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.

                	
                  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.

                	 
	
                   

                	
                   

                	
                   

                

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          10

        EXHIBIT
          X to the Purchase Agreement

        

        EMC
          FORM
          - DELEGATED AUTHORITY LEVELS

        

        
          	
                  EMC
                    MASTER SERVICING ASSET AUTHORITY LEVELS 

                  All
                    asset management decisions and claim submissions for both standard
                    and
                    delegated authority levels require the servicer to comply with
                    all agency
                    

                  (ie:
                    FNMA, FHLMC, HUD and VA) and insuring company requirements.
                    

                
	
                  TASK

                	
                  STANDARD
                    AUTHORITY LEVEL

                	
                  DELEGATED
                    AUTHORITY LEVEL

                
	 	
                  APPROVAL
                    NEEDED? 

                	
                  APPROVAL
                    NEEDED IF....

                	
                  APPROVAL
                    NEEDED? 

                	
                  APPROVAL
                    NEEDED IF....

                
	
                  Partial
                    Releases1 

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Assumptions1

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Relief
                    Provisions1

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Forbearance
                    Plans1

                	
                  Yes

                	
                  ·  Plan
                    exceeds 6 months or

                  ·  Proposes
                    to suspend payments

                	
                  Yes

                	
                  ·  Plan
                    exceeds 12 months or

                  ·  Plan
                    proposes to suspend payments

                
	
                  Modifications1,
                    2, 3, 4 

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  Only
                    if the terms of the proposed modification exceed the parameters
                    of the
                    governing agreements or the loan is changed from an ARM to fixed
                    rate or
                    the rate is reduced by more than 2%

                
	
                  Pre-Foreclosure
                    (short sales)1,
                    6

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  The
                    loss severity experienced is expected to be greater than
                    20%

                
	
                  Foreclosure
                    Referral (1st
                    liens)1

                	
                  Yes

                	
                  ·  

                  ·  The
                    UPB is less than $30k or greater than $400k or

                  ·  The
                    mortgagor has paid less than 6 installments

                	
                  Yes

                	
                  ·  The
                    UPB is less than$50k or greater than$750k or

                  ·  The
                    mortgagor has paid less than 6 installments

                
	
                  Foreclosure
                    Referral (2nd
                    liens)1,7

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Charge
                    Offs

                	 	
                  ·  In
                    all instances

                	 	
                  ·  If
                    combined LTV is less than 80%

                
	
                  Buyout
                    of 1st
                    lien1,
                    4 ,6

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Foreclosure
                    Bid1,
                    6

                	
                  Yes

                	
                  ·  The
                    UPB is less than $30k or greater than $400k or

                  ·  The
                    mortgagor has paid less than 6 installments

                	
                  Yes

                	
                  ·  The
                    UPB is less than $50k or greater than $750k or

                  ·  The
                    mortgagor has paid less than 6 installments

                
	
                  Third
                    Party Sales1,
                    6

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Note
                    Sales1,
                    6

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  Deed-in-Lieu
                    1,
                    6

                	
                  Yes

                	
                  ·  In
                    all instances

                	
                  Yes

                	
                  ·  In
                    all instances

                
	
                  REO
                    Listing Price1,
                    5

                	
                  Yes

                	
                  ·  The
                    UPB was less than $50k or greater than $400k or

                  ·  The
                    mortgagor has paid less than 6 installments

                	
                  Yes

                	
                  ·  The
                    UPB was less than $50k or greater than $750k or

                  ·  The
                    mortgagor has paid less than 6 installments

                
	
                  REO
                    Repairs (excluding property preservation)1

                	
                  Yes

                	
                  ·  The
                    necessary repairs total more than 1% of the UPB and an estimated
                    return of
                    less than 15% of cost

                	
                  Yes

                	
                  ·  The
                    necessary repairs total more than 2% of the UPB 

                
	
                  REO
                    Offers
                    1, 6

                	
                  Yes

                	
                  ·  The
                    loss severity of accepting the offer exceeds 25%

                	
                  Yes

                	
                  ·  The
                    loss severity of accepting the offer exceeds
                    25%

                

        

         

        FOOT
          NOTES: 

        1. 
            To
          request approval, the servicer may be required to submit the following
          documentation to the Master Servicer: property appraisals, BPOs, equity
          analysis
          documentation, correspondence from/to title insurance companies, copies
          of
          insurer approval, loss mitigation documents and agreements with mortgagors,
          hardship documentation, closing/settlement documents, value reconciliations
          and
          repair estimates. Although master servicer approval may have been obtained
          as
          outlined above, the master servicer reserves the right to approve or
          deny
          losses at the time of claim submission due to servicer performance related
          issues.

        2. 
            The
          Servicer agrees to provide to the Master Servicer copies of executed
          modifications within 10 days of execution.

        3. 
            The
          Owner
          / Master Servicer reserve the right to remove all authority to complete
          loan
          modifications to ensure compliance with limitations outlined in governing
          agreements. 

        4. 
            The
          Servicer is to ensure that lien position is maintained in completing
          alternatives to foreclosure.

        5. 
            The
          Servicer agrees to provide to the Master Servicer copies of marketing plans
          for
          all REO loans. Although the servicer may have asset authority as outlined
          above,
          the Master Servicer reserves the right to modify anticipated courses of
          action.

        6. 
            Special
          notice of the task is required to be provided to the Master
          Servicer.

        7. 
            The
          Servicer assumes all
          risks in
          addition to financial liability for amounts beyond 100% severity of the
          Owner /
          Master Servicer’s original position.

        

          

        

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        R-3

      

      FORM
        OF
        WELLS FARGO ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      
        

          ASSIGNMENT,
            ASSUMPTION AND RECOGNITION AGREEMENT

           

          THIS
            ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (the “Assignment
            and Assumption Agreement”), dated as of January 30, 2007, among EMC Mortgage
            Corporation, a Delaware corporation (the “Assignor”), U.S. Bank National
            Association, not individually but solely as trustee for the holders of
            Bear
            Stearns Asset Backed Securities I Trust, Asset-Backed Certificates, Series
            2007-AC1 (the “Assignee”) and Wells Fargo Bank, N.A. as company (the
“Company”).

           

          Whereas
            the Assignor purchased certain mortgage loans listed on Exhibit A attached
            hereto (the “Mortgage Loans”) from the Company pursuant to that certain (i)
            Amended and Restated Master Seller’s Warranties and Servicing Agreement dated as
            of November 1, 2005 (the “Warranties and Servicing Agreement” or the
“Agreement”) and (ii) Assignment
            and Conveyance Agreement dated as of October 24, 2006 (WFHM 2006-W81)
            between
            the Company and the Assignor (the “Assignment and Conveyance Agreement”);

           

          Whereas
            the Assignor and the Company entered into that certain Warranties and
            Servicing
            Agreement pursuant to which the Company agrees to service the Mortgage
            Loans.

           

          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
            now
            serviced by the Company for the Assignor and its successors and assigns
            pursuant
            to the Warranties and Servicing Agreement shall be subject to the terms
            of this
            Assignment and Assumption Agreement. Capitalized terms used herein but
            not
            otherwise defined shall have the meanings assigned to them in the Warranties
            and
            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 in, to and under
            (a)
            the
            Mortgage Loans and (b) the Warranties and Servicing Agreement with respect
            to
            the Mortgage Loans; provided, however, that the Assignor is not assigning
            to the
            Assignee any of its right, title and interest, to and under the Warranties
            and
            Servicing Agreement with respect to any mortgage loan other than the
            Mortgage
            Loans listed on Exhibit
            A.
            Notwithstanding anything to the contrary contained herein, the Assignor
            specifically reserves and does not assign to the Assignee any right,
            title and
            interest in, to or under the representations and warranties contained
            in Section
            3.01 and Section 3.02 of the Warranties and Servicing Agreement, and
            any
            obligation of the Company to cure, repurchase or substitute for a mortgage
            loan,
            and to indemnify the Assignor with respect to a breach of such representations
            and warranties pursuant to Section 3.03 of the Warranties and Servicing
            Agreement, and the Assignor is retaining the right to enforce the
            representations and warranties and the obligations of the Company set
            forth in
            those sections against the Company. 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 Warranties and Servicing Agreement
            or
            otherwise relating to the transaction contemplated herein (including,
            but not
            limited to, any obligation to indemnify the Assignee).

           

          Representations
            Warranties and Covenants

           

          2.  The
            Assignor warrants and represents to, and covenants with, the Assignee
            that as of
            the date hereof:

           

          	(a)  	
                  Attached
                    hereto as Exhibit
                    B
                    are true and accurate copies of the Warranties and Servicing
                    Agreement and
                    the Assignment and Conveyance Agreement, which agreements are
                    in full
                    force and effect as of the date hereof and the provisions of
                    which have
                    not been waived, further amended or modified in any 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 Warranties and Servicing 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 Assignee’s interests,
                    rights and obligations under the Warranties and Servicing Agreement
                    as
                    they relate to the Mortgage 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 Mortgage Loans or the Warranties and Servicing
                    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 Assignment and Assumption
                    Agreement,
                    and to consummate the transactions set forth herein. The consummation
                    of
                    the transactions contemplated by this Assignment and Assumption
                    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 Assignor or its
                    property is
                    subject. The execution, delivery and performance by the Assignor
                    of this
                    Assignment and Assumption 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 Assignment
                    and
                    Assumption 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 Assignment and Assumption
                    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 Warranties and Servicing
                    Agreement with respect to the Mortgage Loans and has not received,
                    and has
                    not requested from the Company, any additional documents.
                    

                

           

          3.  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 on behalf of the holders
                    of Bear
                    Stearns Asset Backed Securities I Trust, Asset-Backed Certificates,
                    Series
                    2007-AC1;

                

           

          	(b)  	
                  The
                    Assignee has full corporate power and authority to execute, deliver
                    and
                    perform under this Assignment and Assumption Agreement, and to
                    consummate
                    the transactions set forth herein. The consummation of the transactions
                    contemplated by this Assignment and Assumption 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
                    Assignment and Assumption 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 Assignment
                    and
                    Assumption 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 Assignment and Assumption
                    Agreement,
                    or the consummation by it of the transactions contemplated hereby;
                    and

                

           

          	(d)  	
                  The
                    Assignee assumes all of the rights of the Purchaser under the
                    Warranties
                    and Servicing Agreement with respect to the Mortgage Loans other
                    than the
                    right to enforce the obligations of the Company under the Warranties
                    and
                    Servicing Agreement.

                

           

          4.  The
            Company
            warrants and represents to, and covenants with, the Assignor and the
            Assignee as
            of the date hereof:

           

          	(a)  	
                  Attached
                    hereto as Exhibit
                    B
                    are true and accurate copies of the Warranties and Servicing
                    Agreement and
                    the Assignment and Conveyance Agreement, which agreements are
                    in full
                    force and effect as of the date hereof and the provisions of
                    which have
                    not been waived, further amended or modified in any respect,
                    nor has any
                    notice of termination been given
                    thereunder;

                

           

          	(b)  	
                  The
                    Company is a national banking association duly organized, validly
                    existing
                    and in good standing under the laws of the United States, and
                    has all
                    requisite power and authority to service the Mortgage Loans and
                    otherwise
                    to perform its obligations under the Warranties and Servicing
                    Agreement;

                

           

          	(c)  	
                  The
                    Company has full power and authority to execute, deliver and
                    perform its
                    obligations under this Assignment and Assumption Agreement, and
                    to
                    consummate the transactions set forth herein. The consummation
                    of the
                    transactions contemplated by this Assignment and Assumption 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
                    Assignment and Assumption Agreement and the consummation by it
                    of the
                    transactions contemplated hereby, have been duly authorized by
                    all
                    necessary action on part of the Company. This Assignment and
                    Assumption
                    Agreement has been duly executed and delivered by the Company,
                    and, upon
                    the due authorization, execution and delivery by Assignor and
                    Assignee,
                    will constitute the valid and legally binding obligation of Company,
                    enforceable against the Company in accordance with its terms
                    except as
                    enforceability may be limited by the effect of insolvency, liquidation,
                    conservatorship and other similar laws administered by the Federal
                    Deposit
                    Insurance Corporation affecting the enforcement of contract obligations
                    of
                    insured banks and subject to the application of the rules of
                    equity;

                

           

          	(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 Assignment and Assumption
                    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 Warranties and Servicing Agreement in favor of the Assignee
                    with
                    respect to the Mortgage Loans separate from the Custodial Account
                    and
                    Escrow Account previously established under the Warranties and
                    Servicing
                    Agreement in favor of the Assignor; and

                

           

          	(f)  	
                  Pursuant
                    to Section 9.01 of the Warranties and Servicing Agreement, the
                    Company
                    hereby restates the representations and warranties set forth
                    in Section
                    3.01 of the Warranties and Servicing Agreement with respect to
                    the Company
                    as of the date hereof as amended by Section 10.

                

           

          5.  The
            Company warrants and represents to, and covenants with, the Assignor
            and
            Structured Asset Mortgage Investments II Inc. (“SAMI II”) 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 Warranties and
                    Servicing
                    Agreement and this Assignment and Assumption Agreement for mortgage
                    loans
                    of a type similar to the Mortgage 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 Warranties and Servicing Agreement and
                    this
                    Assignment and Assumption 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.

                

           

          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 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 Assignment and Assumption Agreement or the breach of
            any
            covenant or condition contained herein.

           

          7.  The
            Company hereby acknowledges that EMC Mortgage Corporation and any successor
            thereto (the “Master Servicer”), has been appointed as master servicer of the
            Mortgage Loans pursuant to the Pooling and Servicing Agreement dated
            as of
            January 1, 2007 the “Pooling and Servicing Agreement”), among SAMI II, the
            Assignor, as seller and Master Servicer and the Assignee, and therefore
            has the
            right to enforce all obligations of the Company under the Warranties
            and
            Servicing Agreement. Such right will include, without limitation, the
            right to
            receive all remittances required to be made by the Company under the
            Warranties
            and Servicing Agreement, the right to receive all monthly reports and
            other data
            required to be delivered by the Company under the Warranties and 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 hereby
            acknowledges that the Master Servicer shall be obligated to notify the
            Assignee
            in accordance with the Pooling and Servicing Agreement upon the discovery
            of an
            event of default by the Company of its obligations under the Warranties
            and
            Servicing Agreement and the Assignee shall have the right to terminate
            the
            Company as servicer under the Warranties and Servicing Agreement upon
            the
            occurrence of such an event of default.

           

          8.  Notwithstanding
            any term hereof to the contrary, the execution and delivery of this Assignment
            and Assumption Agreement by the Assignee is solely in its capacity as
            trustee
            for Bear Stearns Asset Backed Securities I Trust, Asset-Backed Certificates,
            Series 2007-AC1 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
            Assignment and Assumption Agreement shall be limited solely to the assets
            it may
            hold as trustee of Bear Stearns Asset Backed Securities I Trust, Asset-Backed
            Certificates, Series 2007-AC1.

           

          Recognition
            of Assignee

           

          9.  From
            and
            after the date hereof,
            the
            Company shall recognize the Assignee as owner of the Mortgage Loans and
            will
            service the Mortgage Loans for the Assignee as if the Assignee and the
            Company
            had entered into a separate servicing agreement for the servicing of
            the
            Mortgage Loans in the form of the Warranties and Servicing Agreement
            (as
            modified herein), the terms of which are incorporated herein by reference.
            Notwithstanding anything to the contrary contained herein or in the Warranties
            and Servicing Agreement, the Company acknowledges that the Mortgage Loans
            will
            be part of a REMIC and hereby agrees that in no event will it service
            the
            Mortgage Loans 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 Assignment and Assumption 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, waive, or otherwise alter any of the terms or provisions of the
            Warranties and Servicing Agreement which amendment, modification, waiver
            or
            other alteration would in any way affect the Mortgage Loans without the
            prior
            written consent of the Assignee.

           

          The
            Company shall prepare for and deliver to the Master Servicer for the
            benefit of
            the Assignee a statement with respect to each mortgaged property acquired
            through foreclosure or deed-in-lieu of foreclosure in connection with
            a
            defaulted Mortgage
            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 Asset Backed Securities I Trust, Asset-Backed Certificates, Series
            2007-AC1 acquires any REO Property as aforesaid or otherwise in connection
            with
            a default or default becoming reasonably foreseeable on an Mortgage Loan,
            the
            Company shall cause such REO Property to be disposed prior to three (3)
            years
            after its acquisition by Bear Stearns Asset Backed Securities I Trust,
            Asset-Backed Certificates, Series 2007-AC1 or, at the expense of Bear
            Stearns
            Asset Backed Securities I Trust, Asset-Backed Certificates, Series 2007-AC1,
            request more than sixty (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 Asset Backed Securities
            I Trust,
            Asset-Backed Certificates, Series 2007-AC1 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 Asset
            Backed
            Securities I Trust, Asset-Backed Certificates, Series 2007-AC1 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 Asset Backed Securities I Trust, Asset-Backed
            Certificates, Series 2007-AC1 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 Asset Backed Securities I Trust, Asset-Backed Certificates, Series
            2007-AC1 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 Asset Backed Securities
            I
            Trust, Asset-Backed Certificates, Series 2007-AC1 with respect to the
            imposition
            of any such taxes.

           

          Modification
            of the
            Warranties and
            Servicing Agreement

           

          10.  The
            Company and the
            Assignor hereby amend the Warranties
            and Servicing
            Agreement as follows:

           

          	(a)  	
                  The
                    following definitions shall be added to Article I of the Warranties
                    and Servicing
                    Agreement: 

                

           

          Assignee:
            U.S.
            Bank National Association, as trustee for the holders of Bear Stearns
            Asset
            Backed Securities I Trust, Asset-Backed Certificates, Series
            2007-AC1.

           

          Master
            Servicer:
            With
            respect to any Securitization Transaction, the “master servicer,” if any,
            identified in the related transaction documents.

           

          Nonrecoverable
            Advance:
            Any
            advance previously made by the Company pursuant to Section 5.03 or any
            Servicing
            Advance which, in the good faith judgment of the Company, may not be
            ultimately
            recoverable by the Company from Liquidation Proceeds or otherwise. The
            determination by the Company that it has made a Nonrecoverable Advance
            shall be
            evidenced by an Officer’s Certificate of the Company delivered to the Purchaser
            and the Master Servicer and detailing the reasons for such
            determination.

           

          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.

           

          Trustee:
            U.S.
            Bank National Association.

           

          	(b)  	
                  The
                    definition of Servicing Fee Rate in Article I of
                    the Warranties and Servicing Agreement is deleted in its entirety
                    and
                    replaced with the following:

                

           

          Servicing
            Fee Rate:
            A per
            annum rate equal to 0.25%. 

           

          	(c)  	
                  The
                    definition of Principal Prepayment in Article I of the Warranties
                    and
                    Servicing Agreement is deleted in its entirety and replaced with
                    the
                    following:

                

           

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

           

          	(d)  	
                  The
                    definition of Remittance Date in Article I of the Warranties
                    and Servicing
                    Agreement is deleted in its entirety and replaced with the
                    following:

                

           

          Remittance
            Date:
            The
            18th calendar day (or if such 18th calendar day is not a Business Day,
            then the
            preceding Business Day) of any month.

           

          	(e)  	
                  The
                    definition of “Qualified Depository” in the Warranties and Servicing
                    Agreement shall be modified by deleting the word “A-1” and replacing it
                    with the word “A-1+”.

                

           

          	(f)  	
                  Article
                    III of the Agreement is hereby amended effective as of the date
                    hereof as
                    follows:

                

           

          	(1)  	
                  Section
                    3.01(b) is amended by replacing the “,” after the word “loans” in the
                    third line, with a “.”, and deleting the remainder of the
                    sentence.

                

           

          	(2)  	
                  Section
                    3.01(c) is amended by deleting, “the sale of the Mortgage Loans to the
                    Purchaser”.

                

           

          	(3)  	
                  Section
                    3.01(f) is amended by adding a “.” after, “The Company is solvent.” And
                    deleting the remainder of the paragraph.

                

           

          	(4)  	
                  Section
                    3.01(h) is amended by deleting, “or the sale of the Mortgage Loans as
                    evidenced by the consummation of the transactions contemplated
                    by this
                    Agreement.

                

           

          	(5)  	
                  Section
                    3.01(i) is deleted in its entirety.

                

           

          	(6)  	
                  Section
                    3.01(k) is deleted in its entirety.

                

           

          	(7)  	
                  by
                    deleting Section 3.01(l) in its entirety and replacing it with
                    the
                    following:

                

           

          (1)  No
            Material Change. 

           

          There
            has
            been no material adverse change in the servicing policies and procedures,
            business, operations, financial condition 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;

           

          	(8)  	
                  Section
                    3.01(m) is deleted in its entirety.

                

           

          	(g)  	
                  Article
                    IV of the Agreement is hereby amended effective as of the date
                    hereof by
                    adding “, other than Servicing Advances,” after “future advances” in the
                    second paragraph of Section 4.01.

                

           

          	(h)  	
                  Article
                    IV of the Agreement is hereby amended effective as of the date
                    hereof by
                    deleting “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
                    three (3) Business Days of receiving such notice” in first paragraph of
                    Section 4.02.

                

           

          	(i)  	
                  Article
                    IV of the Agreement is hereby amended effective as of the date
                    hereof by
                    adding the following as the last paragraph of Section
                    4.02:

                

           

          The
            Company shall fully reimburse itself, from the Custodial Account, 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
            K hereto
            to the Master Servicer seeking approval within ninety (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
            nonrecoverable and submits an officer’s certificate in accordance with Section
            5.03.

           

          	(j)  	
                  Article
                    IV of the Agreement is hereby amended effective as of the date
                    hereof by
                    adding the following
                    paragraph to Section 4.03:

                

           

          The
            Company 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 Company, maximize recovery of
            total
            proceeds taking into account the value of such Prepayment Charge and
            the related
            Mortgage Loan. If a Prepayment Charge is waived, but does not meet the
            standards
            described above, then the Company is required to pay the amount of such
            waived
            Prepayment Charge by remitting such amount to the Purchaser by the Remittance
            Date.

           

          With
            respect to any Mortgage Loan that contains a provision permitting imposition
            of
            a premium upon a prepayment prior to maturity, such prepayment penalty
            shall not
            be imposed in any instance where the mortgage loan is accelerated or
            paid off in
            connection with the workout of a delinquent mortgage or due to the borrower’s
            default, notwithstanding that the terms of the mortgage loan or state
            or federal
            law might permit the imposition of such penalty.

           

          	(k)  	
                  Article
                    IV
                    of the Agreement is hereby amended by replacing the second paragraph
                    of
                    Section 4.04 with the following:

                

           

          The
            Company shall deposit in a mortgage clearing account on a daily basis,
            and in
            the Custodial Account within (2) Business Days after the Company’s receipt of
            such funds, 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:

           

          	(l)  	
                  Article
                    IV of the Agreement is hereby amended effective as of the date
                    hereof by
                    deleting “Liquidation Proceeds,” after “limited to related” in Subsection
                    4.05(iii).

                

           

          	(m)  	
                  The
                    following is added as Subsection 4.05(x) of the Warranties
                    and
                    Servicing Agreement:

                

           

          “(x)
            to
            reimburse itself for any Nonrecoverable Advances 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.”

           

          	(n)  	
                  Article
                    IV
                    of
                    the Agreement is hereby amended by replacing the second paragraph
                    of
                    Section 4.06 with the following:

                

           

          The
            Company shall deposit in a mortgage clearing account on a daily basis,
            and in
            the Escrow Account or Accounts within two (2) Business Days after the
            Company’s
            receipt of such funds, and retain therein:

           

          	(o)  	
                  Article
                    IV of the Agreement is hereby amended by replacing Section 4.25
                    with the
                    following:

                

           

          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 Reconstitution Agreement unless the Company complies with the
            provisions
            of paragraph (a) of this Section 4.25. 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
            Reconstitution Agreement unless the Company complies with the provisions
            of
            paragraph (b) of this Section 4.25.

           

          (a) It
            shall
            not be necessary for the Company to seek the consent of the Purchaser,
            any
            Master
            Servicer or any Depositor to the utilization of any Subservicer. 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 4.25 and with Sections 6.04, 6.06, 9.01(e)(iii), 9.01(e)(v),
            9.01(e)(vi), 9.01(e)(vii), 9.01(e)(viii) and 9.01(f) of this Agreement
            to the
            same extent as if such Subservicer were the Company, and to provide the
            information required with respect to such Subservicer under Section 9.01(e)(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
            6.04 and any assessment of compliance and attestation required to be
            delivered
            by such Subservicer under Section 6.06 and any certification required
            to be
            delivered to the Person that will be responsible for signing the Sarbanes
            Certification under Section 6.06 as and when required to be
            delivered.

           

          (b) It
            shall
            not be necessary for the Company to seek the consent of the Purchaser,
            any
            Master Servicer or any Depositor to the utilization of any Subcontractor.
            The
            Company shall promptly upon request provide to the Purchaser, any 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
            Purchaser, such Depositor and such Master Servicer) of the role and function
            of
            each Subcontractor utilized by the Company 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.

           

          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 Company shall cause any such Subcontractor used by
            the
            Company (or by any Subservicer) for the benefit of the Purchaser and
            any
            Depositor to comply with the provisions of Sections 6.06 and 9.01(f)
            of this
            Agreement to the same extent as if such Subcontractor were the Company.
            The
            Company shall be responsible for obtaining from each Subcontractor and
            delivering to the Purchaser and any Depositor any assessment of compliance
            and
            attestation and the other certifications required to be delivered by
            such
            Subservicer and such Subcontractor under Section 6.06, in each case as
            and when
            required to be delivered.

           

          	(p)  	
                  Article
                    V of the Agreement is hereby amended effective as of the date
                    hereof by
                    deleting Section 5.02 in its entirety and replacing it with the
                    following:

                

           

          Section
            5.02 Statements
            to the Purchaser.

           

          No
            later
            than the tenth (10th) calendar day, the Company shall furnish to the
            Master
            Servicer an electronic file containing the data specified in Exhibit
            I, which
            data shall reflect information as to the period ending on the last day
            of the
            preceding month, Exhibit J with respect to defaulted mortgage loans,
            Exhibit K
            with respect to realized losses and gains, Exhibit L with respect to
            modified
            mortgage loans and Exhibit M with respect to claims submitted, with each
            such
            report.

           

          	(q)  	
                  Section
                    5.03 (Monthly Advances by the Company) is hereby amended by adding
                    as the
                    last sentence of the paragraph:

                

           

          “The
            Company shall not have an obligation to advance amounts in respect to
            shortfalls
            in excess of what is required under the Servicemembers Civil Relief Act
            or
            similar state and local laws for all applicable Mortgage Loans.”

          

          	(r)  	
                  Section
                    6.02 (Satisfaction of Mortgages and Release of Mortgage Loan
                    Documents) is
                    hereby amended by adding “(other than as a result of a modification of the
                    Mortgage pursuant to this Agreement or a liquidation of the Mortgaged
                    Property pursuant to the terms of this Agreement)” after “secured by the
                    Mortgage” in the second paragraph.

                

           

          	(s)  	
                  Section
                    6.04 (Annual Statements as to Compliance) is hereby amended as
                    follows:

                

           

          	(1)  	
                  delete
                    paragraph (i) in its entirety;

                

           

          	(2)  	
                  delete
                    the reference to “(ii)” at the beginning of the section paragraph;
                    

                

           

          	(3)  	
                  delete
                    the references to “the Purchaser and any Depositor” and replace each with
                    “the Master Servicer”; and

                

           

          	(4)  	
                  add
                    the following paragraph to the end of the section:
                    

                

           

          “In
            the
            event the Company 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.” 

           

          	(t)  	
                  Section
                    6.05 (Annual Independent Public Accountants’ Servicing Report) is deleted
                    in its entirety.

                

           

          	(u)  	
                  Section
                    6.06 (Report on Assessment of Compliance and Attestation) is
                    hereby
                    amended by replacing the references to “the Purchaser and any Depositor”
                    with “the Master Servicer”, “the Purchaser and such Depositor” with “the
                    Master Servicer”, “Section 425(b)” with “Section 4.25(b)” and “paragraphs
                    (a) and (b)” with “paragraphs (i) and
                    (ii)”.

                

           

          	(v)  	
                  Section
                    6.06 is hereby amended by adding the following paragraph at the
                    end of the
                    section:

                

           

          “In
            the
            event the Company 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 6.06 or to the related section of such other applicable
            agreement, as the case may be, notwithstanding any such termination,
            assignment
            or resignation.”

           

          	(w)  	
                  Section
                    6.07(i) is hereby amended by replacing the reference to “Section
                    9.01(e)(iv)(A)” with “Section 9.01(e)(vi)(A)”, “Section 9.01(e)(iv)(B)”
                    with “Section 9.01(e)(vi)(B)” and deleting the reference to “Section
                    6.05”.

                

           

          	(x)  	
                  Section
                    6.07(ii) is hereby amended by replacing the references to “Purchaser or
                    Depositor” with “Purchaser, any Master Servicer or any Depositor”,
                    “Subcontract” with “Subcontractor” and deleting the reference to “Section
                    6.05”.

                

           

          	(y)  	
                  The
                    following are added as the second, third and fourth paragraphs
                    of Section
                    6.09 of the Warranties and Servicing
                    Agreement:

                

           

          “Notwithstanding
            anything in this Agreement to the contrary, the Company (a) shall not
            permit any
            modification with respect to any Mortgage Loan that would change the
            Mortgage
            Interest Rate and (b) shall not (unless the Mortgagor is in default with
            respect
            to the Mortgage Loan or such default is, in the judgment of the Company,
            reasonably foreseeable) make or permit any modification, waiver or amendment
            of
            any term of any Mortgage Loan that would both effect an exchange or reissuance
            of such Mortgage Loan under Section 1001 of the Code (or Treasury regulations
            promulgated thereunder).

           

          Prior
            to
            taking any action with respect to the Mortgage Loans which is not contemplated
            under the terms of this Agreement, the Company will obtain an Opinion
            of Counsel
            reasonably acceptable to the Trustee with respect to whether such action
            could
            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) (either such event, an “Adverse REMIC Event”), and the Company shall not
            take any such action or cause the Trust Fund to take any such action
            as to which
            it has been advised that an Adverse REMIC Event could occur.

           

          The
            Company shall not permit the creation of any “interests” (within the meaning of
            Section 860G of the Code) in the REMIC. The Company shall not enter into
            any
            arrangement by which the REMIC will receive a fee or other compensation
            for
            services nor permit the REMIC to receive any income from assets other
            than
“qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
            investments” as defined in Section 860G(a)(5) of the Code.”

           

          	(z)  	
                  Article
                    IX
                    of
                    the Warranties
                    and Servicing
                    Agreement is hereby amended effective as of the date hereof by
                    deleting in
                    its entirety Section 9.01(d).

                

           

          	(aa)  	
                  Article
                    IX of the Warranties
                    and Servicing
                    Agreement is hereby amended effective as of the date hereof by
                    replacing
                    Section 9.01(e)(iv) with the following:

                

           

          (iv) For
            the
            purpose of satisfying the reporting obligation under the Exchange Act
            with
            respect to any class of asset-backed securities, the Company shall (or
            shall
            cause each Subservicer to) (1) provide prompt notice to the Purchaser,
            any
            Master Servicer and any Depositor in writing of (A) any material litigation
            or
            governmental proceedings involving the Company or any Subservicer, (B)
            any
            affiliations or relationships that develop following the closing date
            of a
            Securitization Transaction between the Company or any Subservicer and
            any of the
            parties specified in Section 9.01(e)(iii)(J) (and any other parties identified
            in writing by the requesting party) with respect to such Securitization
            Transaction, (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 Company, and (E) 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 this Agreement or any Reconstitution Agreement, and
            (2) provide to the Purchaser and any Depositor a description of such
            proceedings, affiliations or relationships.

           

          Each
            such
            notice/update pursuant to this Section 9.01(e)(iv) should be sent by
            e-mail to
            regABnotifications@bear.com. Additionally, all notifications pursuant
            to this
            Section 9.01(e)(iv), other than those pursuant to Section 9.01(e)(iv)(A),
            should
            be sent to:

           

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            TX 75067-3884

          Attention:
            Michelle Viner

          Facsimile:
            (214) 626-4889

          

          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

          

           

          Notifications
            pursuant to Section 9.01(e)(iv)(A) should be sent to: 

           

          EMC
            Mortgage Corporation

          2780
            Lake
            Vista Drive

          Lewisville,
            Texas 75067

          Attention:
            General Counsel

          Facsimile:
            (469) 759-4714

          

          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:
            Michelle Viner

          Facsimile:
            (214)
            626-4889

          

           

          	(bb)  	
                  Section
                    9.01(e)(v) of the Warranties and Servicing Agreement is hereby
                    amended
                    effective as of the date hereof, by replacing the references
                    to “the
                    Purchaser and any Depositor” with “the Purchaser, the Master Servicer and
                    any Depositor” and “the Purchaser and such Depositor” with “the Purchaser,
                    the Master Servicer and such Depositor”.

                

           

          	(cc)  	
                  The
                    third paragraph of Section 9.01 of
                    the Warranties and Servicing Agreement is hereby amended effective
                    as of
                    the date hereof by replacing such section with the
                    following:

                

           

          The
            Purchaser and the Company acknowledge and agree that the purpose of Section
            9.01(e)
            is to
            facilitate compliance by the Purchaser and any Depositor with the provisions
            of
            Regulation AB and related rules and regulations of the Commission. Although
            Regulation AB is applicable by its terms only to offerings of asset-backed
            securities that are registered under the Securities Act, the Company
            acknowledges that investors in privately offered securities may require
            that the
            Purchaser or any Depositor provide comparable disclosure in unregistered
            offerings. References in this Agreement to compliance with Regulation
            AB include
            provision of comparable disclosure in private offerings. 

           

          Neither
            the Purchaser, the Master Servicer 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 (or the provision in a private offering of disclosure comparable
            to
            that required under the Securities Act). 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,
            consensus among participants in the asset-backed securities markets,
            advice of
            counsel, or otherwise, and agrees to comply with requests made by the
            Purchaser,
            the Master Servicer 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 Securitization Transaction, the Company shall
            cooperate fully with the Purchaser and any Master Servicer to deliver
            to the
            Purchaser (including any of its assignees or designees), any Master Servicer
            and
            any Depositor, any and all statements, reports, certifications, records
            and any
            other information necessary in the good faith determination of the Purchaser,
            the Master Servicer or any Depositor to permit the Purchaser, such Master
            Servicer or such Depositor to comply with the provisions of Regulation
            AB,
            together with such disclosures relating to the Company, any Subservicer,
            any
            Third-Party Originator and the Mortgage Loans, or the servicing of the
            Mortgage
            Loans, reasonably believed by the Purchaser or any Depositor to be necessary
            in
            order to effect such compliance.

           

          The
            Purchaser (including any of its assignees or designees) shall cooperate
            with the
            Company by providing timely notice of requests for information under
            these
            provisions and by reasonably limiting such requests to information required,
            in
            the Purchaser’s reasonable judgment, to comply with Regulation AB.

           

          	(dd)  	
                  Section
                    9.01(e)(vii) of the Warranties and Servicing Agreement is hereby
                    amended
                    effective as of the date hereof by replacing such section with
                    the
                    following: 

                

           

          (vii)
            In
            addition to such information as the Company, as servicer, is obligated
            to
            provide pursuant to other provisions of this Agreement, not later than
            ten (10)
            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 or any Subservicer, the Company
            or such
            Subservicer, as applicable, shall, to the extent the Company 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).

           

          	(ee)  	
                  Article
                    IX of the Agreement is hereby amended effective as of the date
                    hereof by
                    inserting the following new Section 9.01(e)(viii) as
                    follows:

                

           

          (viii)
            The Company shall provide to the Purchaser, any 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 Company
            or
            any Subservicer or the Company or such Subservicer’s performance
            hereunder.

           

          	(ff)  	
                  Article
                    IX
                    of
                    the Agreement is hereby amended effective as of the date hereof
                    by
                    inserting the following after Section 9.01(e)(iii)(H) in its
                    entirety as
                    follows:

                

           

          (I) a
            description of any material legal or governmental proceedings pending
            (or known
            to be contemplated) against the Servicer; and

           

          (J) a
            description of any affiliation or relationship between the Servicer and
            any of
            the following parties to a Securitization Transaction, as such parties
            are
            identified to the Servicer by the Purchaser or any Depositor in writing
            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.

           

          	(gg)  	
                  Article
                    IX of this Agreement is hereby amended by replacing Section 9.01(f)
                    with
                    the following:

                

           

          
            	 	
                    (f)

                  	
                    the
                      Company shall indemnify the Purchaser, each affiliate of the
                      Purchaser,
                      and each of the following parties participating in a Securitization
                      Transaction; each sponsor and issuing entity; each Person (including,
                      but not limited to, any 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 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 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 Sections 4.25,
            5.02, 6.04, 6.06 or
            9.01(c) or (e) by or on behalf of the Company, or provided under Sections
            9.01(c) or (e) by or on behalf of any Subservicer, Subcontractor or Third-Party
            Originator (collectively, the “Company Information”), or (B) 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 (B) 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;

           

          	(ii)  	
                  any
                    breach by the Company of its obligations under this Section 9.01(f),
                    including any failure by the Company, any Subservicer, any Subcontractor
                    or any Third-Party Originator to deliver any information, report,
                    certification, accountants’ letter or other material when and as required
                    under Sections 4.25, 5.02, 6.04, 6.06 or 9.01(c) or (e), including
                    any
                    failure by the Company to identify any Subcontractor “participating in the
                    servicing function” within the meaning of Item 1122 of Regulation AB;
                    

                

          

          	(iii)  	
                  any
                    breach by the Company of a representation or warranty set forth
                    in Section
                    9.01(e)(vi)(A) or in a writing furnished pursuant to Section
                    9.01(e)(vi)(B) 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
                    9.01(e)(vi)(B) to the extent made as of a date subsequent to
                    such closing
                    date; or

                

          

          	(iv)  	
                  the
                    negligence, bad faith or willful misconduct of the Company in
                    connection
                    with its performance under Sections 4.25, 6.04, 6.06, 6.07 or
                    9.01.

                

          

          If
            the
            indemnification provided for herein is unavailable or insufficient to
            hold
            harmless an Indemnified Party, then the Company 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
            ins
            such proportion as is appropriate to reflect the relative fault of such
            Indemnified Party on the one hand and the Company on the other.

          

          In
            the
            case of any failure of performance described in sub-clause (ii) of this
            Section
            9.01(f), the Company shall promptly reimburse the Purchaser, 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
            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
            Subcontractor or any Third-Party Originator. 

          

          This
            indemnification shall survive the termination of this Agreement or the
            termination of any party to this Agreement.

           

          	(hh)  	
                  Article
                    X of the Agreement is hereby amended effective as of the date
                    hereof by
                    replacing the reference to “Custodial Agreement” in Section 10.01(ii) with
                    “Custodial Agreement (if no specific grace period or notification
                    requirement is applicable therein)”.

                

           

          	(ii)  	
                  Article
                    X of the Agreement is hereby amended effective as of the date
                    hereof by
                    replacing the last paragraph of Section 10.01 with the following
                    paragraph
                    (new next underlined):

                

           

          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 Servicing Files, and do or cause to be done all other
            acts or
            things necessary or appropriate to effect the termination
            of the Company as servicer and the transfer of servicing of the Mortgage
            Loans
            to a successor servicer,
            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, Subsidy Account or Escrow Account or thereafter received
            with
            respect to the Mortgage Loans. The
            provisions of this paragraph shall not limit whatever rights 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.

           

          	(jj)  	
                  The
                    first sentence of Section 12.03 of the Warranties
                    and Servicing 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
            (other than Section 5-1401 of the New York General Obligations Law) 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.

           

          	(kk)  	
                  A
                    new Section 12.12 (Third Party Beneficiary) is hereby added to
                    the
                    Warranties and Servicing Agreement.

                

           

          Section
            12.12 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.

           

          	(ll)  	
                  Exhibit
                    D of the Warranties
                    and Servicing
                    Agreement is hereby amended as of the date hereof by deleting
                    in its
                    entirety and inserting a new Exhibit D, a copy of which is annexed
                    hereto
                    as Exhibit H.

                

           

          	(mm)  	
                  The
                    Warranties
                    and Servicing
                    Agreement is hereby amended as of the date hereof by inserting
                    a new
                    Exhibit I, a copy of which is annexed hereto as Exhibit
                    C.

                

           

          	(nn)  	
                  The
                    Warranties
                    and Servicing
                    Agreement is hereby amended as of the date hereof by inserting
                    a new
                    Exhibit J, a copy of which is annexed hereto as Exhibit
                    D.

                

           

          	(oo)  	
                  The
                    Warranties
                    and Servicing
                    Agreement is hereby amended as of the date hereof by inserting
                    a new
                    Exhibit K, a copy of which is annexed hereto as Exhibit E, or
                    such other
                    format as mutually agreed upon between the Company and the Master
                    Servicer.

                

           

          	(pp)  	
                  The
                    Warranties
                    and Servicing
                    Agreement is hereby amended as of the date hereof by inserting
                    a new
                    Exhibit L, a copy of which is annexed hereto as Exhibit
                    F.

                

           

          	(qq)  	
                  The
                    Warranties and Servicing Agreement is hereby amended as of the
                    date hereof
                    by inserting a new Exhibit M, a copy of which is annexed hereto
                    as Exhibit
                    G.

                

           

          11.  A
            copy of
            all assessments, attestations, reports and certificates required to be
            delivered
            by the Servicer under this Assignment and Assumption Agreement and the
            Agreement
            shall be delivered to the Master Servicer by the date(s) specified herein
            or
            therein, and where such documents are required to be addressed to any
            party,
            such addresses shall include the Master Servicer and the Master Servicer
            shall
            be entitled to rely on such documents.

           

          12.  Distributions
            shall be made 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 for Wells Fargo Bank, N.A.

          Attention:
            LSBO Group-MS

          

          and
            the
            Company shall deliver all reports required to be delivered under the
            Warranties
            and Servicing Agreement to the Master Servicer at:

           

          EMC
            Mortgage Corporation 

          2780
            Lake
            Vista Drive

          Lewisville,
            Texas 75067 

          Attention:
            Michelle Viner

           

          Facsimile:
            (214)
            626-4889

           

          13.  Notices:

           

          The
            Assignor’s
            address for purposes of all notices and correspondence related to the
            Mortgage
            Loans and this Assignment and Assumption Agreement is:

           

          EMC
            Mortgage Corporation 

          2780
            Lake
            Vista Drive

          Lewisville,
            Texas 75067 

          Attention:
            Michelle Viner

          Facsimile:
            (214) 626-4889

           

          With
            a
            copy to:

           

          Bear
            Stearns & Co. Inc. 

          383
            Madison Avenue

          New
            York,
            New York 10179

          Attention:
            Robert Durden

          

           

          The
            Assignee’s
            address for purposes of all notices and correspondence related to the
            Mortgage
            Loans and this Assignment and Assumption Agreement is:

           

          U.S.
            Bank
            National Association,

          as
            trustee

          One
            Federal Street, 3rd
            Floor

          Boston,
            MA 02110

          Attention:
            Corporate Trust Services

           

          BSABS
            2007-AC1

           

          Telecopy:
            (617) 603-6413

           

          The
            Company’s
            address for purposes of all notices and correspondence related to the
            Mortgage
            Loans and this Assignment and Assumption Agreement is:

           

          Wells
            Fargo Bank, N.A.

          1
            Home
            Campus

          MAC
            X2302-033

          Des
            Moines, Iowa 50328-0001 

          Attention:
            John B. Brown

           

          

           

          With
            a
            copy to: 

           

          Wells
            Fargo Bank, N.A.

          1
            Home
            Campus

          Des
            Moines, Iowa 50328-0001

          Attention:
            General Counsel - MAC X2401-06T

          

           

          Miscellaneous:

           

          14.  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 Assignment and Assumption
            Agreement.

           

          15.  This
            Assignment and Assumption Agreement shall be construed in accordance
            with the
            laws of the State of New York, including
            Sections 5-1401 and 5-1402 of the New General Obligations Law, but otherwise
            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.

           

          16.  No
            term
            or provision of this Assignment and Assumption 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.

           

          17.  This
            Assignment and Assumption 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.

           

          18.  This
            Assignment and Assumption Agreement shall survive the conveyance of the
            Mortgage
            Loans and the assignment of the Warranties and Servicing Agreement to
            the extent
            of the Mortgage Loans by the Assignor to the Assignee and the termination
            of the
            Warranties and Servicing Agreement.

           

          19.  This
            Assignment and Assumption 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.

           

          20.  In
            the
            event that any provision of this Assignment and Assumption Agreement
            conflicts
            with any provision of the Warranties and Servicing Agreement with respect
            to the
            Mortgage Loans, the terms of this Assignment and Assumption Agreement
            shall
            control.

           

          21.  Any
            new
            loan number assigned to a Mortgage Loan by the Assignee shall be provided
            to the
            Company at the following address: Wells Fargo Bank, N.A., 1 Home Campus,
            MAC
            X2302-033, Des Moines, Iowa 50328-0001 Attention: John B. Brown. In addition,
            if
            Assignee has changed its document custodian from the previous custodian,
            such
            new custodian’s name, address and contact information shall be provided to the
            Company at the aforementioned address.

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the parties have caused this Assignment and Assumption
            Agreement to be executed by their duly authorized officers as of the
            date first
            above written.

           

          

           

          
            	 	 	 	 	 	 	 	
                    U.S.
                      BANK NATIONAL ASSOCIATION, not individually but solely as trustee
                      for the
                      holders of Bear Stearns Asset Backed Securities I Trust, Asset-Backed
                      Certificates, Series 2007-AC1

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

           

          
            	 	 	 	 	 	 	 	
                    EMC
                      MORTGAGE CORPORATION

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

           

          
            	 	 	 	 	 	 	 	
                    WELLS
                      FARGO BANK, N.A.,

                    as
                      Company

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                    By:

                  	 
	 	 	 	 	 	 	 	
                    Name:

                  	 
	 	 	 	 	 	 	 	
                    Title:

                  	 

          

          

           

          
            	
                    Acknowledged
                      and Agreed

                  	 
	 	 
	
                    EMC
                      MORTGAGE CORPORATION,

                    as
                      Master Servicer

                  	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    By:

                  	 	 	 
	
                    Name:

                  	 	 	 
	
                    Title:

                  	 	 	 

          

          

           

          
            	
                    STRUCTURED
                      ASSET MORTGAGE INVESTMENTS II INC.

                  	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    By:

                  	 	 	 
	
                    Name:

                  	 	 	 
	
                    Title:

                  	 	 	 

          

          

           

          

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Exhibit
            A

           

          Mortgage
            Loans

           

          

           

          [Provided
            upon request]

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Exhibit
            B

           

          Amended
            and Restated Master Seller’s Warranties and Servicing Agreement dated as of
            November 1, 2005, between Wells Fargo and EMC.

           

          [Provided
            upon request]

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Exhibit
            C

           

          EXHIBIT
            I
            to the Warranties and Servicing Agreement

           

          REMITTANCE
            OVERVIEW REPORT

           

          
            	
                     

                  	
                     

                  	
                     

                  
	
                    FIELD

                  	
                    FIELD

                  	
                    FIELD

                  
	
                    #

                  	
                    NAME

                  	
                    DEFINITION

                  
	 	 	 
	
                    Current
                      Monthly Remit File reported by Investor Services to Master
                      Servicers &
                      Investors:

                  
	
                    1

                  	
                    S50YDATE

                  	
                    Cutoff
                      Date

                  
	
                    2

                  	
                    CLIENT

                  	
                    WF
                      Client Number

                  
	
                    3

                  	
                    INVNUM

                  	
                    WF
                      Investor Number

                  
	
                    4

                  	
                    CATNUM

                  	
                    WF
                      Category Number

                  
	
                    5

                  	
                    POOLNUM

                  	
                    Pool
                      Number

                  
	
                    6

                  	
                    LOANNUMBER

                  	
                    WF
                      Loan Number

                  
	
                    7

                  	
                    INVLNNO

                  	
                    Investor
                      Loan Number

                  
	
                    8

                  	
                    SCHPRIN

                  	
                    Scheduled
                      Principal Payment

                  
	
                    9

                  	
                    SCHNETINT

                  	
                    Scheduled
                      Net Interest Amount

                  
	
                    10

                  	
                    CURTDATE

                  	
                    Curtailment
                      Date

                  
	
                    11

                  	
                    CURTCOL

                  	
                    Total
                      Curtailment Amount

                  
	
                    12

                  	
                    CURTADJ

                  	
                    Total
                      Curtailment Int Adjustment Amount

                  
	
                    13

                  	
                    CURTREMIT

                  	
                    Total
                      Curtailment Remittance Amount

                  
	
                    14

                  	
                    INTRATE

                  	
                    Interest
                      Rate

                  
	
                    15

                  	
                    SFRATE

                  	
                    Service
                      Fee Rate

                  
	
                    16

                  	
                    YIELD

                  	
                    Pass
                      Through Rate

                  
	
                    17

                  	
                    PANDI

                  	
                    Principal
                      and Interest Payment

                  
	
                    18

                  	
                    BEGSCHPB

                  	
                    Beginning
                      Scheduled Balance

                  
	
                    19

                  	
                    ENDSCHPB

                  	
                    Ending
                      Scheduled Balance

                  
	
                    20

                  	
                    BEGPB

                  	
                    Beginning
                      Principal Balance

                  
	
                    21

                  	
                    ENDPB

                  	
                    Ending
                      Principal Balance

                  
	
                    22

                  	
                    DUEDATE

                  	
                    Due
                      Date

                  
	
                    23

                  	
                    PRINCOL

                  	
                    Principal
                      Collected

                  
	
                    24

                  	
                    INTCOL

                  	
                    Interest
                      Collected

                  
	
                    25

                  	
                    SFCOL

                  	
                    Service
                      Fee Collected

                  
	
                    26

                  	
                    BUYDOWN

                  	
                    Buydown
                      Amount

                  
	
                    27

                  	
                    SCHREMIT

                  	
                    Schedule
                      Principal and Net Interest Remittance Amount

                  
	
                    28

                  	
                    TYPE

                  	
                    Populated
                      if "ARM" loan

                  
	
                    29

                  	
                    PIFDATEPAID

                  	
                    Payoff
                      Date

                  
	
                    30

                  	
                    PIFPRINPAID

                  	
                    Payoff
                      Principal Paid

                  
	
                    31

                  	
                    PIFNETINTPAID

                  	
                    Payoff
                      Net Interest Paid

                  
	
                    32

                  	
                    PIFPENALTYINTPAID

                  	
                    Payoff
                      Prepayment Penalty Paid

                  
	
                    33

                  	
                    PIFREMIT

                  	
                    Total
                      Payoff Remittance Amount

                  
	
                    34

                  	
                    PENDING

                  	
                    Pending
                      Transfer Flag

                  
	
                    35

                  	
                    MESSAGE

                  	
                    Messages

                  
	
                    36

                  	
                    SORTABLELOANNUMBER

                  	
                    Loan
                      Number

                  
	
                    37

                  	
                    NOTES

                  	
                    Loan
                      Notes from Reporter

                  
	
                    38

                  	
                    PRINDIFF

                  	
                    Loan
                      Sale Difference

                  
	
                    39

                  	
                    PRINADJ

                  	
                    Loan
                      Sale Difference Interest Adjustment

                  

          

           

          
            	
                    Additional
                      Fields to be added as a result of REG AB (per
                      CTS):

                  
	
                    40

                  	
                    SSCRAREMIT

                  	
                    Soldiers
                      and Sailors Remittance Amount

                  
	
                    41

                  	
                    CLAIMSREMIT

                  	
                    Claims
                      Remittance Amount

                  
	
                    42

                  	
                    MISCREMIT

                  	
                    Miscellaneous
                      Remittance Amount

                  
	
                    43

                  	
                    TOTALREMIT

                  	
                    Total
                      Remittance Amount

                  
	
                    44

                  	
                    PPPAMOUNT

                  	
                    Prepayment
                      Penalty Calculated Amount

                  
	
                    45

                  	
                    PPPWAIVED

                  	
                    Prepayment
                      Penalty Waived Amount

                  
	
                    46

                  	
                    PPPPAIDBYBORROWER

                  	
                    Prepayment
                      Penalty Paid by the Borrower

                  
	
                    47

                  	
                    PPPPAIDBYSERVICER

                  	
                    Prepayment
                      Penalty Paid by the Servicer

                  
	
                    48

                  	
                    MODEFFDATE

                  	
                    Modification
                      Effective Date

                  
	
                    49

                  	
                    MODTYPE

                  	
                    Modification
                      Type (See Mod Type tab)

                  
	
                    50

                  	
                    ACTIONCODE

                  	
                    Action
                      Code (See Action Code Tab - Just 63 & 65)

                  
	
                    51

                  	
                    ACTUALDUEDATE

                  	
                    Actual
                      loan due date

                  
	
                    52

                  	
                    ACTUALPRINBAL

                  	
                    Actual
                      Loan Principal Balance

                  
	 	 	 
	 	
                    Calculation:

                  	
                     

                  
	 	
                    TotalRemit
                      = Remit + PIFRemit + CurtRemit + SSCRARemit + ClaimsRemit +
                      MiscRemit

                  

          

          

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Exhibit
            D

           

          EXHIBIT
            J
            to the Warranties and Servicing Agreement

           

          STANDARD
            FILE LAYOUT - DEFAULT DETAIL REPORT

           

          
            	
                    WF
                      Client ID

                  
	
                    WF
                      Loan Number

                  
	
                    MAN

                  
	
                    Bankrupt_Status

                  
	
                    Delq_Paymt_Count

                  
	
                    %
                      of MI Coverage

                  
	
                    Actual
                      MI Claim Filed Date

                  
	
                    Actual
                      Bankruptcy Start Date

                  
	
                    Actual
                      MI Claim Amount Filed

                  
	
                    Actual
                      Discharge Date

                  
	
                    Actual
                      Due Date

                  
	
                    Actual
                      Eviction Complete Date

                  
	
                    Actual
                      Eviciton Start Date

                  
	
                    Actual
                      First Legal Date

                  
	
                    Actual
                      Redemption End Date

                  
	
                    Bankruptcy
                      Chapter

                  
	
                    Bankruptcy
                      Flag

                  
	
                    Bankruptcy
                      Case Number

                  
	
                    MI
                      Claim Amount Paid

                  
	
                    MI
                      Claim Funds Received Date

                  
	
                    Current
                      Loan Amount

                  
	
                    Date
                      FC Sale Scheduled

                  
	
                    Date
                      Relief_Dismissal Granted

                  
	
                    Date
                      REO Offer Accepted

                  
	
                    Date
                      REO Offer Received

                  
	
                    Delinquency
                      Value

                  
	
                    Delinquency
                      Value Source

                  
	
                    Delinquency
                      Value Date

                  
	
                    Delinquency
                      Flag

                  
	
                    Foreclosure
                      Flag

                  
	
                    Corporate
                      Expense Balance

                  
	
                    Foreclosure
                      Attorney Referral Date

                  
	
                    Foreclosure
                      valuation amount

                  
	
                    Foreclosure
                      Valuation Date

                  
	
                    Foreclosure
                      Valuation Source

                  
	
                    FHA
                      27011A Transmitted Date

                  
	
                    FHA
                      27011B Transmitted Date

                  
	
                    VA
                      LGC_FHA Case Number

                  
	
                    FHA
                      Part A Funds Received Date

                  
	
                    Foreclosure
                      Actual Sale Date

                  
	
                    Servicer
                      Loan Number

                  
	
                    Loan
                      Type

                  
	
                    Loss
                      Mit Approval Date

                  
	
                    Loss
                      Mit Flag

                  
	
                    Loss
                      Mit Removal Date

                  
	
                    Loss
                      Mit Type

                  
	
                    Loss
                      Mit Value

                  
	
                    Loss
                      Mit Value Date

                  
	
                    Loss
                      Mit Value Source

                  
	
                    MI
                      Certificate Number

                  
	
                    LPMI
                      Cost

                  
	
                    Occupancy
                      Status

                  
	
                    First
                      Time Vacancy_Occupancy Status Date

                  
	
                    Original
                      Loan Amount

                  
	
                    Original
                      Value Amount

                  
	
                    Origination
                      Date

                  
	
                    FHA
                      Part B Funds Received Date

                  
	
                    Post
                      Petition Due Date

                  
	
                    Property
                      Condition

                  
	
                    Property
                      Type

                  
	
                    Reason
                      for Default

                  
	
                    REO
                      Repaired Value

                  
	
                    REO
                      List Price Adjustment Amount

                  
	
                    REO
                      List Price Adjustment Date

                  
	
                    REO
                      Value As Is

                  
	
                    REO
                      Actual Closing Date

                  
	
                    REO
                      Flag

                  
	
                    REO
                      Original List Date

                  
	
                    REO
                      Original List Price

                  
	
                    REO
                      Net Sales Proceeds

                  
	
                    REO
                      Sales Price

                  
	
                    REO
                      Scheduled Close Date

                  
	
                    REO
                      Value Date

                  
	
                    REO
                      Value Source

                  
	
                    Repay
                      First Due Date

                  
	
                    Repay
                      Next Due Date

                  
	
                    Repay
                      plan broken/reinstated/closed date

                  
	
                    Repay
                      Plan Created Date

                  
	
                    SBO
                      Loan Number

                  
	
                    Escrow
                      Balance/advance balance

                  
	
                    Title
                      approval letter received date

                  
	
                    Title
                      Package HUD/VA Date

                  
	
                    VA
                      Claim Funds Received Date

                  
	
                    VA
                      claim Submitted Date

                  
	
                    VA
                      First Funds Received Amount

                  
	
                    VA
                      First Funds Received Date

                  
	
                    VA
                      NOE Submitted Date

                  
	
                    Zip
                      Code

                  
	
                    FNMA
                      Delinquency status code

                  
	
                    FNMA
                      Delinquency Reason Code

                  
	
                    Suspense
                      Balance

                  
	
                    Restricted
                      Escrow Balance

                  
	
                    Investor
                      Number

                  
	
                    Acq_Date

                  

          

          

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Exhibit
            E

           

          EXHIBIT
            K
            to the Warranties and Servicing 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.

           

          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?

                  	 	 
	
                    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. 

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Exhibit
            F

           

          EXHIBIT
            L
            to the Warranties and Servicing Agreement

           

          MODIFIED
            LOANS REPORT

           

          
            	
                    Servicer
                      Loan Number

                  	
                    SBO
                      Number

                  	
                    Modification
                      Date 

                  	
                    Modification
                      Reason

                  	
                    New
                      effective Interest Rate Date

                  	
                    New
                      effective Modified Payment amount date

                  	
                    Modification
                      Effective date

                  	
                    Modified
                      Balance

                  	
                    New
                      Effective Modified Interest Rate

                  	
                    New
                      Effective Modified Payment Amount

                  	
                    Modified
                      Maturity Date

                  	
                    Capitalized
                      Interest

                  	
                    New
                      Modified Servicer Service Fee Rate 

                  	
                    New
                      Modified Investor Serivce Fee Rate

                  	
                    Fixed
                      Service Fee Rate 

                  	
                    Convert
                      to Fixed Rate Loan 

                  	
                    Modify
                      to Fixed Rate Characteristics

                  	
                    Total
                      Amount Capitalized

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

          

          

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Exhibit
            G

           

          EXHIBIT
            M
            to the Warranties and Servicing Agreement

           

          CLAIMS
            SUBMITTED REPORT

           

          
            	
                    Client

                  	
                    Loan
                      Number

                  	
                    Inv_Loan_Number

                  	
                    Mortgagor
                      Name

                  	
                    Inv
                      Id

                  	
                    Inv
                      Name

                  	
                    Claim
                      type

                  	
                    F/C
                      Sale Held

                  	
                    Prop
                      Sold To 3rd
                      Pty

                  	
                    Ratified

                  	
                    Rcv
                      3rd
                      Party Sale $

                  	
                    Eviction
                      Rq To Atty

                  	
                    Tenants
                      Vacated

                  	
                    Part
                      A Submit

                  	
                    Partial
                      Funds Rec’d

                  	
                    Title
                      Pkg To Hud

                  	
                    Title
                      Aprvl

                  	
                    Part
                      B-E Submit

                  	
                    Final
                      Funds Rec’d

                  	
                    Claim
                      To Inv

                  	
                    Remittance
                      Letter

                  	
                    Report
                      Date

                  	
                    Aged
                      Days

                  	
                    WFHM
                      Status

                  	
                    WFHM
                      Comment

                  
	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  
	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  

          

          

           

          

           

          
            	
                    EMC
                      Claims Pending Payment

                  
	
                    Total
                      Claims Filed

                  	 
	
                     

                  	
                    0-29

                  	 
	
                     

                  	
                    30-59

                  	 
	
                     

                  	
                    60-89

                  	 
	
                     

                  	
                    90
                      +_

                  	 

          

          

           

          

           

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          Exhibit
            H

           

          EXHIBIT
            D
            to the Warranties and Servicing Agreement

           

          SERVICING
            CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

           

          The
            assessment of compliance to be delivered by [the Servicer] [Name of Subservicer]
            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.

                  	
                    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.

                  	 
	
                     

                  	
                     

                  	
                     

                  

          

          

           

        

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        S-1

      

      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
        S-2 

      

      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
        T

      

      DEFAULT
        DETAIL REPORT

      

      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)

              

      

      

      

      

      

      EXHIBIT
        U

      

      CALCULATION
        OF GAIN/LOSS

      

      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. 

      

      EXHIBIT
        V

      

      CLAIMS
        SUBMITTED

      

      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
        W

      

      EMC
        MASTER SERVICING ASSET AUTHORITY LEVELS

      

      
        	
                All
                  asset management decisions and claim submissions for both standard
                  and
                  delegated authority levels require the servicer to comply with
                  

                all
                  agency (ie: FNMA, FHLMC, HUD and VA) and insuring company requirements.
                  

              
	
                TASK

              	
                STANDARD
                  AUTHORITY LEVEL

              	
                DELEGATED
                  AUTHORITY LEVEL

              
	 	
                APPROVAL
                  NEEDED? 

              	
                APPROVAL
                  NEEDED IF....

              	
                APPROVAL
                  NEEDED? 

              	
                APPROVAL
                  NEEDED IF....

              
	
                Partial
                  Releases2 

              	
                Yes

              	
                ·  In
                  all instances

              	
                Yes

              	
                ·  In
                  all instances

              
	
                Assumptions1

              	
                Yes

              	
                ·  In
                  all instances

              	
                Yes

              	
                ·  In
                  all instances

              
	
                Relief
                  Provisions1

              	
                Yes

              	
                ·  In
                  all instances

              	
                Yes

              	
                ·  In
                  all instances

              
	
                Forbearance
                  Plans1

              	
                Yes

              	
                ·  Plan
                  exceeds 6 months or

                ·  Proposes
                  to suspend payments

              	
                Yes

              	
                ·  Plan
                  exceeds 12 months or

                ·  Plan
                  proposes to suspend payments

              
	
                Modifications1,
                  2, 3, 4 

              	
                Yes

              	
                ·  In
                  all instances

              	
                Yes

              	
                ·  Only
                  if the terms of the proposed modification exceed the parameters
                  of the
                  governing agreements or the loan is changed from an ARM to fixed
                  rate or
                  the rate is reduced by more than 2%

              
	
                Pre-Foreclosure
                  (short sales)1,
                  6

              	
                Yes

              	
                ·  In
                  all instances

              	
                Yes

              	
                ·  The
                  loss severity experienced is expected to be greater than
                  20%

              
	
                Foreclosure
                  Referral (1st
                  liens)1

              	
                Yes

              	
                ·  

                ·  The
                  UPB is less than $30k or greater than $400k or

                ·  The
                  mortgagor has paid less than 6 installments

              	
                Yes

              	
                ·  The
                  UPB is less than$50k or greater than$750k or

                ·  The
                  mortgagor has paid less than 6 installments

              
	
                Foreclosure
                  Referral (2nd
                  liens)1,7

              	
                Yes

              	
                ·  In
                  all instances

              	
                Yes

              	
                ·  In
                  all instances

              
	
                Charge
                  Offs

              	 	
                ·  In
                  all instances

              	 	
                ·  If
                  combined LTV is less than 80%

              
	
                Buyout
                  of 1st
                  lien1,
                  4 ,6

              	
                Yes

              	
                ·  In
                  all instances

              	
                Yes

              	
                ·  In
                  all instances

              
	
                Foreclosure
                  Bid1,
                  6

              	
                Yes

              	
                ·  The
                  UPB is less than $30k or greater than $400k or

                ·  The
                  mortgagor has paid less than 6 installments

              	
                Yes

              	
                ·  The
                  UPB is less than $50k or greater than $750k or

                ·  The
                  mortgagor has paid less than 6 installments

              
	
                Third
                  Party Sales1,
                  6

              	
                Yes

              	
                ·  In
                  all instances

              	
                Yes

              	
                ·  In
                  all instances

              
	
                Note
                  Sales1,
                  6

              	
                Yes

              	
                ·  In
                  all instances

              	
                Yes

              	
                ·  In
                  all instances

              
	
                Deed-in-Lieu
                  1,
                  6

              	
                Yes

              	
                ·  In
                  all instances

              	
                Yes

              	
                ·  In
                  all instances

              
	
                REO
                  Listing Price1,
                  5

              	
                Yes

              	
                ·  The
                  UPB was less than $50k or greater than $400k or

                ·  The
                  mortgagor has paid less than 6 installments

              	
                Yes

              	
                ·  The
                  UPB was less than $50k or greater than $750k or

                ·  The
                  mortgagor has paid less than 6 installments

              
	
                REO
                  Repairs (excluding property preservation)1

              	
                Yes

              	
                ·  The
                  necessary repairs total more than 1% of the UPB and an estimated
                  return of
                  less than 15% of cost

              	
                Yes

              	
                ·  The
                  necessary repairs total more than 2% of the UPB 

              
	
                REO
                  Offers
                  1, 6

              	
                Yes

              	
                ·  The
                  loss severity of accepting the offer exceeds 25%

              	
                Yes

              	
                ·  The
                  loss severity of accepting the offer exceeds
                  25%

              

      

      

      FOOT
        NOTES: 

      1.  To
        request approval, the servicer may be required to submit the following
        documentation to the Master Servicer: property appraisals, BPOs, equity analysis
        documentation, correspondence from/to title insurance companies, copies of
        insurer approval, loss mitigation documents and agreements with mortgagors,
        hardship documentation, closing/settlement documents, value reconciliations
        and
        repair estimates. Although master servicer approval may have been obtained
        as
        outlined above, the master servicer reserves the right to approve or deny
        losses
        at the time of claim submission due to servicer performance related
        issues.

      2.  The
        Servicer agrees to provide to the Master Servicer copies of executed
        modifications within 10 days of execution.

      3.  The
        Owner
        / Master Servicer reserve the right to remove all authority to complete loan
        modifications to ensure compliance with limitations outlined in governing
        agreements. 

      4.  The
        Servicer is to ensure that lien position is maintained in completing
        alternatives to foreclosure.

      5.  The
        Servicer agrees to provide to the Master Servicer copies of marketing plans
        for
        all REO loans. Although the servicer may have asset authority as outlined
        above,
        the Master Servicer reserves the right to modify anticipated courses of action.
        

      6.  Special
        notice of the task is required to be provided to the Master
        Servicer.

      7.  The
        Servicer assumes all
        risks in
        addition to financial liability for amounts beyond 100% severity of the Owner
        /
        Master Servicer’s original position.

      

      

      

        

      

      EXHIBIT
        X

      

      DELINQUENCY
        SUMMARY REPORT

      

      Delinquency
        Summary Report:
        Provides summary data at the servicer investor level regarding loan performance
        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)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Performance
                  type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                  or
                  PIF)

              	
                VARCHAR
                  (6)

              
	
                Count
                  of Loans

              	
                NUMERIC
                  (10,0)

              
	
                Percent
                  of Investor Number

              	
                NUMERIC
                  (7,7)

              
	
                Deal
                  UPB

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Deal UPB

              	
                NUMERIC
                  (7,7)

              
	
                Arrears
                  Balance

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Arrears Balance

              	
                NUMERIC
                  (7,7)

              
	
                Foreclosure
                  Quick Sale

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  Book Value

              	
                NUMERIC
                  (12,2)

              

      

      

      

       

      EXHIBIT
        Y

      

      LOSS
        SEVERITY SUMMARY REPORT

       

      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)

              

      

      

      

      

      EXHIBIT
        Z

      

      MODIFIED
        LOANS

       

      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)

              

      

      

      

      

      

      

      EXHIBIT
        AA

      

      FORM
        OF
        CERTIFICATION TO BE

      PROVIDED
        BY THE SECURITIES ADMINISTRATOR TO DEPOSITOR

      

      
        	 	
                Re:

              	
                Bear
                  Stearns Asset Backed Securities I Trust 2007-AC1 (the “Trust”), Mortgage
                  Pass-Through Certificates, Series 20006-AC5, issued pursuant to
                  the
                  Pooling and Servicing Agreement, dated as of June 1, 20006 among
                  Bear
                  Stearns Asset Backed Securities I LLC, as Depositor, EMC Mortgage
                  Corporation, as master servicer, seller and company, Wells Fargo
                  Bank,
                  National Association, as Securities Administrator, and U.S. Bank
                  National
                  Association, as trustee.

              

      

      

      The
        Securities Administrator 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 Securities Administrator’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
        Securities Administrator 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 Securities
        Administrator under the Pooling and Servicing Agreement, and based on my
        knowledge and the compliance review conducted in preparing the compliance
        statement of the Securities Administrator required by the Pooling and Servicing
        Agreement, and except as disclosed in the Reports, the Securities Administrator
        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
        Securities Administrator for asset-backed securities of the Securities
        Administrator and each Subcontractor utilized by the Securities Administrator
        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 Securities Administrator 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]

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