Document:

Interest
      Rate Swap Transaction

    

    The
      purpose of this letter agreement is to confirm the terms and conditions of
      the Transaction entered into between:

    

    JPMORGAN
      CHASE BANK, N.A.

    ("JPMorgan")

    

    and

    

    LaSalle
      Bank National Association, not
      in
      its individual capacity, but solely as Supplemental Interest Trust Trustee
      on
      behalf of the Supplemental Interest Trust with respect to C-BASS 2007-CB5 Trust,
      C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5 

    (the
      “Supplemental Interest Trust“ or the “Counterparty”)

    

    on
      the
      Trade Date and identified by the JPMorgan Deal Number specified below
      (the "Transaction"). This letter agreement constitutes a "Confirmation" as
      referred to in the Master Agreement specified below, and supersedes any previous
      confirmation or other writing with respect to the transaction described
      below.

    

    The
      definitions and provisions contained in the 2000 ISDA Definitions (the
      "Definitions"), as published by the International Swaps and Derivatives
      Association, Inc. are incorporated into this Confirmation. In the event of
      any
      inconsistency between those definitions and provisions and this Confirmation,
      this Confirmation will govern.

    

    This
      Confirmation supplements, forms part of, and is subject to, the ISDA Master
      Agreement dated as of May
      31,
      2007, as
      amended and supplemented from time to time (the "Agreement"),
      between JPMORGAN CHASE BANK, N.A. ("JPMorgan") and LaSalle
      Bank National Association, not
      in
      its individual capacity, but solely as Supplemental Interest Trust Trustee
      on
      behalf of the Supplemental Interest Trust with respect to C-BASS 2007-CB5 Trust,
      C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5
      (the
“Supplemental Interest Trust“ or the “Counterparty”). All
      provisions contained in the Agreement govern this Confirmation except as
      expressly modified below.

     

    
      
        
        

      

      
        Page
          1 of
          5

        
          

        

      

      
        
        

      

    

     

     

    

    
      	
              The
                terms of the particular Interest Rate Swap Transaction to which
                this Confirmation relates are as
                follows:

            

    

    

    
      	
              A. TRANSACTION
                DETAILS

            	 

    

    

    
      	
              JPMorgan Deal
                Number(s):

            	
              #6900037652779
                / 0095008862

            

    

    

    
      	
              Notional
                Amount:

            	
              Per
                attached schedule in Exhibit A

            
	 	 

    

    

    
      	
              Trade
                Date:

            	
              May
                23, 2007

            

    

    

    
      	
              Effective
                Date:

            	
              May
                31, 2007  

            

    

    

    
      	
              Termination
                Date:

            	
              April
                25, 2011 

            
	 	 
	
              Premium:
                

            	 
	
               

            	 
	
              Premium
                Payer:

            	
              Counterparty

            

    

    

    
      	
              Premium
                Amount:

            	
              USD 275,000.00

            

    

    

    
      	
              Premium
                Payer Payment Date:

            	
              31
                May 2007

            

    

     

    
      	
              Fixed
                Amounts: 

            	 
	 	 
	
              Fixed
                Rate Payer:

            	
              Counterparty

            

    

    

    
      	
              Fixed
                Rate Payer Period End Dates:

            	
              The
                25th
                of
                each month in each year commencing with June 25, 2007 to and
                including the Termination Date, subject to no adjustment
                

            
	 	 
	
              Fixed
                Rate Payer Payment Dates:

            	
              The
                Fixed Rate Payer Period End Date, subject to adjustment in accordance
                with
                the Following Business Day
                Convention

            

    

    

    
      	
              Fixed
                Rate:

            	
              5.20 percent

            

    

    

    
      	
              Fixed
                Rate Day Count Fraction:

            	
              30/360

            

    

    

    
      	
              Business
                Days:

            	
              New
                York

            

    

     

    
      	
              Floating
                Amounts:

            	 
	 	 
	
              Floating
                Rate Payer:

            	
              JPMorgan

            
	 	 
	Floating Rate
              Payer
              Period End Dates:	The 25th
              of
              each month in each year commencing with June 25, 2007 to and
              including the Termination Date, subject to adjustment in accordance
              with
              the Following Business Day
              Convention

    

     

    
      	
              Floating
                Rate for initial Calculation Period:

            	
              5.32 percent

            
	 	 
	Floating Rate
              Payer Payment Dates:	
              One
                (1) Business days preceding each Floating Rate Payer Period End
                Date.

            

    

     

    
      
        
        

      

      
        Page
          2 of
          5

        
          

        

      

      
        
        

      

    

     

    

     

    
      	
              Floating
                Rate Option:

            	
              USD-LIBOR-BBA

            

    

    

    
      	
              Designated
                Maturity:

            	
              1
                Month

            

    

    

    
      	
              Spread:

            	
              None

            

    

    

    
      	
              Floating
                Rate Day Count Fraction:

            	
              Actual/360

            

    

    

    
      	
              Reset
                Dates:

            	
              The
                first day of
                each Calculation Period.

            

    

    

    
      	
              Compounding:

            	
              Inapplicable

            

    

    

    
      	
              Business
                Days:

            	
              New
                York, London

            

    

     

    
      	
              Calculation
                Agent:

            	
              JPMorgan,
                unless otherwise stated in the
                Agreement.

            

    

     

    
      	
              B. ACCOUNT
                DETAILS

            	 
	 	 
	
              Payments
                to JPMorgan in USD:

            	
              JPMORGAN
                CHASE BANK NA

            
	 	
              JPMORGAN
                CHASE BANK NA

            
	 	
              BIC: CHASUS33XXX

            
	 	
              ABA:
                021000021

            
	 	
              AC
                No: 099997979

            
	 	
              Ref:
                #6900037652779
                / 0095008862 C-BASS 2007-CB5

            
	 	 
	
              Payments
                to Counterparty in USD:

            	
              LaSalle
                Bank N.A.

              ABA
                # 071000505

              LaSalle
                CHGO/CTR/BNF:/LaSalle Trust

              Trust
                Acct # 724770.2

              Ref:
                C-BASS 2007-CB5 Supp Int Trust

            

    

    

    
      	
              C. OFFICES

            	 

    

    

    
      	
              JPMorgan:

            	
              NEW
                YORK

            

    

    

    
      	
              Counterparty:

            	
              CHICAGO

            

    

    

    
      	
              D. RELATIONSHIP
                BETWEEN PARTIES

            

    

    

    Each
      party will be deemed to represent to the other party on the date on which it
      enters into a Transaction that (absent a written agreement between the parties
      that expressly imposes affirmative obligations to the contrary for that
      Transaction):

    

    (a) Non-Reliance. It
      is acting for its own account, and it has made its own independent decisions
      to
      enter into that Transaction and as to whether that Transaction is appropriate
      or
      proper for it based upon its own judgment and upon advice from such advisers
      as
      it has deemed necessary. It is not relying on any communication (written or
      oral) of the other party as investment advice or as a recommendation to enter
      into that Transaction; it being understood that information and explanations
      related to the terms and conditions of a Transaction shall not be considered
      investment advice or a recommendation to enter into that Transaction. No
      communication (written or oral) received from the other party shall be deemed
      to
      be an assurance or guarantee as to the expected results of that Transaction.
      LaSalle
      Bank National Association is acting not in its individual capacity but solely
      as
      Supplemental Interest Trust Trustee and has been directed to enter into the
      transaction.

    

    (b) Assessment
      and Understanding. It
      is capable of assessing the merits of and understanding (on its own behalf
      or
      through independent professional advice), and understands and accepts, the
      terms, conditions and risks of that Transaction. It is capable of assuming,
      and
      assumes the risks of that Transaction.

    

    (c) Status
      of Parties. The
      other party is not acting as a fiduciary for or an adviser to it in respect
      of
      that Transaction.

    

    
      
        
        

      

      
        Page
          3 of
          5

        
          

        

      

      
        
        

      

       

      

       

    

    E. 
      TRUSTEE CAPACITY

    

    It
      is
      expressly understood and agreed by the parties hereto that (i) this Confirmation
      is executed and delivered by LaSalle
      Bank National Association
      not
      individually or personally but solely as Supplemental Interest Trustee of the
      Supplemental Interest Trust in the exercise of the powers and authority
      conferred and vested in it under the terms of the Pooling and Servicing
      Agreement, dated as of May 1, 2007 (the “Pooling and Servicing Agreement”),
      among Asset Backed Funding Corporation, as depositor, Credit-Based Asset
      Servicing and Securitization LLC, as seller, Litton Loan Servicing LP, as
      servicer, and LaSalle
      Bank National Association,
      as
      trustee, (ii) each of the representations, undertakings and agreements herein
      made on the part of the Counterparty is made and intended not as personal
      representations, undertakings and agreements by LaSalle
      Bank National Association
      but is
      made and intended for the purpose of binding only the Supplemental Interest
      Trust, (iii) nothing herein contained shall be construed as creating any
      liability on the part of LaSalle
      Bank National Association,
      individually or personally, to perform any covenant, either expressed or
      implied, contained herein, all such liability, if any, being expressly waived
      by
      the parties hereto and by any Person claiming by, through or under the parties
      hereto, and (iv) under no circumstances shall LaSalle
      Bank National Association
      be
      personally liable for the payment of any indebtedness or expenses of the
      Counterparty or be liable for the breach or failure of any obligation,
      representation, warranty or covenant made or undertaken by the Counterparty
      under this Confirmation or any other related documents, as to all of which
      recourse shall be had solely to the assets of the Supplemental Interest Trust
      in
      accordance with the terms of the Pooling and Servicing Agreement.

    

    Please
      confirm that the foregoing correctly sets forth the terms of our agreement
      by
      executing a copy of this Confirmation and returning it to us or by sending
      to us
      a letter, telex or facsimile substantially similar to this letter, which letter,
      telex or facsimile sets forth the material terms of the Transaction to which
      this Confirmation relates and indicates agreement to those terms. When referring
      to this Confirmation, please indicate: JPMorgan Deal
      Number(s): #6900037652779
      / 0095008862

    

    
      	
              JPMorgan
                Chase Bank, N.A.

            	 

    

    

    
      	
              

            

    

     

    
      
 

    
      Name: 
        /s/
        Linda Spivak

      
        

      

       

      Title:  
        Associate

      
        

      

       

      
        Accepted
          and confirmed as of the date first written:

         

      

      
        LaSalle
          Bank National Association, not
          in
          its individual capacity, but solely as Supplemental Interest Trust Trustee
          on
          behalf of the Supplemental Interest Trust with respect to C-BASS 2007-CB5
          Trust,
          C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5

         

      

      
        
 

        Name: 
          /s/
          Susan L. Feld

        
          

        

         

        
          Title: 
            Vice
            President

          
            

          

           

          
            Your
              reference number:

            
              

            

          

           

        

      

      
        
          
          

        

        
          Page
            4 of
            5

          
            

          

        

        
          
          

        

      

    

     

    

     

    Client
      Service Group

     

    
      	
              All
                queries regarding confirmations should be sent
                to:

            

    

    

    
      	
              JPMorgan
                Chase Bank, N.A.

            

    

    

    
      	
              Contacts

            
	 	 	 
	
              JPMorgan
                Contact

            	
              Telephone
                Number

            	 

    

    

    
      	
              Client Service
                Group

            	
              (001
                ) 3026344960

            	 

    

     

    
      	
              Group
                E-mail address:

            	 
	
              Facsimile:

            	
              (001
                ) 8888033606

            
	
              Telex:

            	 
	
              Cable:

            	 

    

    

    
      	
              Please
                quote the JPMorgan deal number(s):  #6900037652779
                / 0095008862

            

    

    

    
      
        
        

      

      
        Page
          5 of
          5Interest
      Rate Cap Transaction

     

    The
      purpose of this letter agreement is to confirm the terms and conditions of
      the Transaction entered into between:

    

    JPMORGAN
      CHASE BANK, N.A.

    ("JPMorgan")

    

    and

    

    LaSalle
      Bank National Association, not
      in
      its individual capacity, but solely as Supplemental Interest Trust Trustee
      on
      behalf of the Supplemental Interest Trust with respect to C-BASS 2007-CB5 Trust,
      C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5 

    (the
      “Supplemental Interest Trust“ or the “Counterparty”)

    

    on
      the
      Trade Date and identified by the JPMorgan Deal Number specified below
      (the "Transaction"). This letter agreement constitutes a "Confirmation" as
      referred to in the Master Agreement specified below, and supersedes any previous
      confirmation or other writing with respect to the transaction described
      below.

    

    The
      definitions and provisions contained in the 2000 ISDA Definitions (the
      "Definitions"), as published by the International Swaps and Derivatives
      Association, Inc. are incorporated into this Confirmation. In the event of
      any
      inconsistency between those definitions and provisions and this Confirmation,
      this Confirmation will govern.

    

    This
      Confirmation supplements, forms part of, and is subject to, the ISDA Master
      Agreement dated as of May
      31,
      2007, as
      amended and supplemented from time to time (the "Agreement"),
      between JPMORGAN CHASE BANK, N.A. ("JPMorgan") and LaSalle
      Bank National Association, not
      in
      its individual capacity, but solely as Supplemental Interest Trust Trustee
      on
      behalf of the Supplemental Interest Trust with respect to C-BASS 2007-CB5 Trust,
      C-BASS Mortgage Loan Asset-Backed Certificates, Series 2007-CB5
      (the
“Supplemental Interest Trust“ or the “Counterparty”). All
      provisions contained in the Agreement govern this Confirmation except as
      expressly modified below.

     

    
      
        
        

      

      
        Page
          1 of 5

        
          

        

      

      
        
        

      

    

    

      
        	 	
                

              

      

    

    
 

    
      	 
	
              The
                terms of the particular Interest Rate Cap Transaction to which
                this Confirmation relates are as
                follows:

            

    

    

    
      	
              A. TRANSACTION
                DETAILS

            	 

    

    

    
      	 	 
	
              JPMorgan Deal
                Number(s):

            	
              #2000005092465

            

    

    

    
      	
              Notional
                Amount:

            	
              With
                respect to any Calculation Period, the lesser of (i) the Calculation
                Amount set forth for such period on Schedule I attached hereto in
                Exhibit
                A and (ii) the excess, if any, of (a) the aggregate Certificate Principal
                Balance of the Floating Rate Certificates immediately
                preceding the Distribution Date which occurs in the calendar month
                of the
                Floating Rate Payer Payment Date for such Calculation Period (determined
                for this purpose without regard to any adjustment of the Floating
                Rate
                Payer Payment Date or Distribution Date relating to business
                days)
                over (b) the Calculation Amount set forth for such period on Schedule
                II
                attached hereto in Exhibit A.

            

    

    

    
      	
              Trade
                Date:

            	
              May
                23, 2007

            

    

    

    
      	
              Effective
                Date:

            	
              June
                25, 2007

            

    

    

    
      	
              Termination
                Date:

            	
              May
                25, 2012 subject to adjustment in accordance with the Modified Following
                Business Day Convention

            

    

     

    
      	
              Fixed
                Amounts: 

            	 
	 	 
	
              Fixed
                Rate Payer:

            	
              Counterparty

            

    

    

    
      	
              Premium
                Amount:

            	
              USD 1,085,000.00

            

    

    

    
      	
              Fixed
                Rate Payer Payment Date:

            	
              31
                May 2007

            

    

    

    
      	
              Floating
                Amounts:

            	 
	 	 
	
              Floating
                Rate Payer:

            	
              JPMorgan

            
	 	 
	
              Strike
                Rate:

            	
              5.32%

            
	 	 
	 Floating Rate
              Payer Period End Dates:	
              The
                25th of each month in each year commencing with April 25,
                2007 to and including the Termination Date, subject to adjustment in
                accordance with the Modified Following Business Day
                Convention

            
	 	 
	Floating Rate
              for
              initial Calculation Period:	
               To
                be determined

            
	 	 
	 Floating Rate
              Payer Payment Dates:	
              One
                (1) Business days preceding each Floating Rate Payer Period End
                Date.

            
	 	 

    

     

    
      
        
        

      

      
        Page
          2 of 5

        
          

        

      

      
        
        

      

    

     

      

        
          	 	
                  

                

        

      

      

    

     

    
      	   
              Floating Rate Option: 	
              USD-LIBOR-BBA

            

    

     

    
      	
              Designated
                Maturity:

            	
              1
                Month

            

    

    

    
      	
              Spread:

            	
              None

            

    

    

    
      	
              Floating
                Rate Day Count Fraction:

            	
              Actual/360

            

    

    

    
      	
              Reset
                Dates:

            	
              The
                first day of
                each Calculation Period.

            

    

    

    
      	
              Compounding:

            	
              Inapplicable

            

    

    

    
      	
              Business
                Days:

            	
              New
                York

            

    

     

    
      	
              Calculation
                Agent:

            	
              JPMorgan,
                unless otherwise stated in the
                Agreement.

            

    

     

    
      	
              B. ACCOUNT
                DETAILS

            	 
	 	 
	
              Payments
                to JPMorgan in USD:

            	
              JPMORGAN
                CHASE BANK NA

            
	 	
              JPMORGAN
                CHASE BANK NA

            
	 	
              BIC: CHASUS33XXX

            
	 	
              ABA:
                021000021

            
	 	
              AC
                No: 099997979

            
	 	
              Ref:
                #2000005092465
                C-BASS 2007-CB5

            
	
               

              Payments
                to Counterparty in USD:

            	
               

              LaSalle
                Bank N.A.

              ABA
                # 071000505

              LaSalle
                CHGO/CTR/BNF:/LaSalle Trust

              Trust
                Acct # 724770.4

              Ref:
                C-BASS 2007-CB5 Cap Carryover
                Reserve

            

    

    

    
      	
              C. OFFICES

            	 

    

    

    
      	
              JPMorgan:

            	
              NEW
                YORK

            

    

    

    
      	
              Counterparty:

            	
               CHICAGO

            

    

    

    
      	
              D. RELATIONSHIP
                BETWEEN PARTIES

            

    

    

    Each
      party will be deemed to represent to the other party on the date on which it
      enters into a Transaction that (absent a written agreement between the parties
      that expressly imposes affirmative obligations to the contrary for that
      Transaction):

    

    (a) Non-Reliance. It
      is acting for its own account, and it has made its own independent decisions
      to
      enter into that Transaction and as to whether that Transaction is appropriate
      or
      proper for it based upon its own judgment and upon advice from such advisers
      as
      it has deemed necessary. It is not relying on any communication (written or
      oral) of the other party as investment advice or as a recommendation to enter
      into that Transaction; it being understood that information and explanations
      related to the terms and conditions of a Transaction shall not be considered
      investment advice or a recommendation to enter into that Transaction. No
      communication (written or oral) received from the other party shall be deemed
      to
      be an assurance or guarantee as to the expected results of that Transaction.
      LaSalle
      Bank National Association is acting not in its individual capacity but solely
      as
      Supplemental Interest Trust Trustee and has been directed to enter into the
      transaction.

    

    (b) Assessment
      and Understanding. It
      is capable of assessing the merits of and understanding (on its own behalf
      or
      through independent professional advice), and understands and accepts, the
      terms, conditions and risks of that Transaction. It is capable of assuming,
      and
      assumes the risks of that Transaction.

    

    (c) Status
      of Parties. The
      other party is not acting as a fiduciary for or an adviser to it in respect
      of
      that Transaction.

    
      
         

      

    

    
      
        
        

      

      
        Page
          3 of 5

        
          

        

      

      
        
        

      

    

    
      

        
          	 	
                  

                

        

      

       

    

    E. 
      TRUSTEE CAPACITY

    

    It
      is
      expressly understood and agreed by the parties hereto that (i) this Confirmation
      is executed and delivered by LaSalle
      Bank National Association
      not
      individually or personally but solely as Supplemental Interest Trustee of the
      Supplemental Interest Trust in the exercise of the powers and authority
      conferred and vested in it under the terms of the Pooling and Servicing
      Agreement, dated as of May 1, 2007 (the “Pooling and Servicing Agreement”),
      among Asset Backed Funding Corporation, as depositor, Credit-Based Asset
      Servicing and Securitization LLC, as seller, Litton Loan Servicing LP, as
      servicer, and LaSalle
      Bank National Association,
      as
      trustee, (ii) each of the representations, undertakings and agreements herein
      made on the part of the Counterparty is made and intended not as personal
      representations, undertakings and agreements by LaSalle
      Bank National Association
      but is
      made and intended for the purpose of binding only the Supplemental Interest
      Trust, (iii) nothing herein contained shall be construed as creating any
      liability on the part of LaSalle
      Bank National Association,
      individually or personally, to perform any covenant, either expressed or
      implied, contained herein, all such liability, if any, being expressly waived
      by
      the parties hereto and by any Person claiming by, through or under the parties
      hereto, and (iv) under no circumstances shall LaSalle
      Bank National Association
      be
      personally liable for the payment of any indebtedness or expenses of the
      Counterparty or be liable for the breach or failure of any obligation,
      representation, warranty or covenant made or undertaken by the Counterparty
      under this Confirmation or any other related documents, as to all of which
      recourse shall be had solely to the assets of the Supplemental Interest Trust
      in
      accordance with the terms of the Pooling and Servicing Agreement.

     

    Please
      confirm that the foregoing correctly sets forth the terms of our agreement
      by
      executing a copy of this Confirmation and returning it to us or by sending
      to us
      a letter, telex or facsimile substantially similar to this letter, which letter,
      telex or facsimile sets forth the material terms of the Transaction to which
      this Confirmation relates and indicates agreement to those terms. When referring
      to this Confirmation, please indicate: JPMorgan Deal
      Number(s): #2000005092465

    

    
      	
              JPMorgan
                Chase Bank, N.A.

            	 

    

    

    
      	
              

            

    

     

    
      	 
	 	 
	
              Name:

            	
              ./s/
                Jack Cunha 

                

              

            

    

    

    
      	
              Title:

            	
              Associate

            

    

    

    
      	
               

              Accepted
                and confirmed as of the date first written:

            
	
               

              LaSalle
                Bank National Association, not
                in its individual capacity, but solely as Supplemental Interest Trust
                Trustee on behalf of the Supplemental Interest Trust with respect
                to
                C-BASS 2007-CB5 Trust, C-BASS Mortgage Loan Asset-Backed Certificates,
                Series 2007-CB5

            

    

    

     

    
      	 
	 	 
	
              Name:

            	
              /s/
                Susan L. Feld

              
                

              

            

    

    

    
      	
              Title:

            	
              Vice
                President

            

    

    

    
      	
              Your
                reference number:

            	 

    

    
       

    

    
      
        
        

      

      
        Page
          4 of 5

        
          

        

      

      
        
        

      

    

    

      
        	 	
                

              

      

    

     

    Client
      Service Group

    
      	 
	
              All
                queries regarding confirmations should be sent
                to:

            

    

    

    
      	
              JPMorgan
                Chase Bank, N.A.

            

    

    

    
      	
              Contacts

            
	 	 	 
	
              JPMorgan
                Contact

            	
              Telephone
                Number

            	 

    

    

    
      	
              Client Service
                Group

            	
              (001
                ) 3026344960

            	 

    

    

    

    
      	
              Group
                E-mail address:

            	 
	
              Facsimile:

            	
              (001
                ) 8888033606

            
	
              Telex:

            	 
	
              Cable:

            	 

    

    

    
      	
              Please
                quote the JPMorgan deal number(s):  #2000005092465

            

    

    
      
         

      

    

    
      
        
        

      

      
        Page
          5 of 5

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