Document:

CREDIT SUISSE FIRST BOSTON INTERNATIONAL

6 February 2007

U.S. Bank National Association, not in its individual capacity but solely as Trustee on behalf of the Supplemental Interest Trust created under the Pooling and Servicing Agreement in respect of Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 2007-HE1

External ID: 9357467N3

______________________________________________________________________________

Dear Sir/Madam

The purpose of this letter agreement (this "Confirmation") is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the "Transaction").  This Confirmation constitutes a "Confirmation" as referred to in the Agreement specified below.

In this Confirmation "CSIN" means Credit Suisse International and "Counterparty" means U.S. Bank National Association, not in its individual capacity but solely as Trustee on behalf of the Supplemental Interest Trust created under the Pooling and Servicing Agreement in respect of Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 2007-HE1.

1.

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

Any term used herein but not defined herein shall have the meaning specified in the Pooling and Servicing Agreement for Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 2007-HE1 (the "PSA") dated as of 1 January 2007, by and among DLJ Mortgage Capital, Inc. as the seller, Asset Backed Securities Corporation as the depositor, Select Portfolio Servicing, Inc. as the servicer, OfficeTiger Global Real Estate Services Inc. as the loan performance advisor and U.S. Bank National Association as the trustee, as amended and supplemented from time to time.

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA Master Agreement dated as of 6 February 2007 as amended and supplemented from time to time (the "Agreement"), between you and us.  All provisions contained in the Agreement govern this Confirmation except as expressly modified below.  

CSIN and Counterparty each represents to the other that it has entered into this Swap Transaction in reliance upon such tax, accounting, regulatory, legal, and financial advice as it deems necessary and not upon any view expressed by the other.

2.

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

Notional Amount:         

For any Payment Date, the Notional Amount will be determined based on the following:      

1.

If the aggregate Certificate Principal Balance of the Class A Certificates and Mezzanine Certificates for the immediately preceding Distribution Date after giving effect to distributions on such Distribution Date (or for the Effective Date with respect to the first Payment Date) divided by 100 is greater than the Lower Bound as set forth in the Additional Terms for such Payment Date and less than the Upper Bound as set forth in the Additional Terms for such Payment Date, the Notional Amount will equal such aggregate Certificate Principal Balance of the Class A Certificates and Mezzanine Certificates divided by 100.

2.

If the aggregate Certificate Principal Balance of the Class A Certificates and Mezzanine Certificates for the immediately preceding Distribution Date after giving effect to distributions on such Distribution Date (or for the Effective Date with respect to the first Payment Date) divided by 100 is less than or equal to the Lower Bound as set forth in the Additional Terms for such Payment Date, the Notional Amount will equal such Lower Bound.

3.

If the aggregate Certificate Principal Balance of the Class A Certificates and Mezzanine Certificates for the immediately preceding Distribution Date after giving effect to distributions on such Distribution Date (or for the Effective Date with respect to the first Payment Date) divided by 100 is greater than or equal to the Upper Bound as set forth in the Additional Terms for such Payment Date, the Notional Amount will equal such Upper Bound.

Trade Date:

20 December 2006

Effective Date:

6 February 2007

Termination Date:

25 January 2012, subject to adjustment in accordance with the Following Business Day Convention.

Fixed Amounts:

Fixed Rate Payer:

Counterparty 

Fixed Rate Payer

Period End Dates:

The 25th calendar day of each month commencing on 25 February 2007, using No Adjustment.

Fixed Rate Payer

Payment Dates:

One Business Day prior to each Fixed Rate Payer Period End Date.

Fixed Rate Payer

Initial Calculation Period:

From and including 6 February 2007 up to but excluding the Fixed Rate Payer Period End Date scheduled to occur on 25 February 2007.  

Fixed Rate:

5.1485 per cent.

Fixed Amount:

The amount calculated pursuant to Section 5.1(a) of the 2000 ISDA Definitions as the Fixed Amount shall be multiplied by 100 for each Calculation Period and the resulting product shall be the actual Fixed Amount for such Calculation Period.

Fixed Rate

Day Count Fraction:

30/360

Floating Amounts:

Floating Rate Payer:

CSIN

Floating Rate Payer 

Period End Dates:

The 25th calendar day of each month commencing on 25 February 2007, subject to adjustment in accordance with Following Business Day Convention.

Floating Rate Payer

Payment Dates:

One Business Day prior to each Floating Rate Payer Period End Date

Floating Rate Payer

Initial Calculation Period:

From and including 6 February 2007 up to but excluding the Floating Rate Payer Period End Date scheduled to occur on 26 February 2007, subject to adjustment in accordance with Following Business Day Convention.  

Floating Amount:

The amount calculated pursuant to Section 6.1(a) of the 2000 ISDA Definitions as the Floating Amount shall be multiplied by 100 for each Calculation Period and the resulting product shall be the actual Floating Amount for such Calculation Period.

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, except that the Designated Maturity in respect of the initial Calculation Period shall be the Linear Interpolation of 2 weeks and 1 month

Compounding:

Inapplicable 

Business Day:

New York

Calculation Agent:

CSIN

4. 

Account Details:

Payments to CSIN:

As advised separately in writing 

Payments to Counterparty:

US Bank N.A.

ABA:  091000022

DDA:  173103322058

Ref:  Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 2007-HE1

Trust A/C:108944002 Supplemental Interest Trust

5.

Calculation of Market Quotation or Loss following a designation of an Early Termination   Date:  

Upon designation of an Early Termination Date with respect to this Transaction, the relevant party in calculating the Market Quotation or Loss, as appropriate, for this Transaction shall take into account the anticipated amortization of the aggregate Certificate Principal Balance of the Class A and Mezzanine Certificates for all Calculation Periods that would otherwise have ended on Payment Dates that would otherwise have fallen after such Early Termination Date.

For the purpose of facilitating this Transaction, an Affiliate of CSIN, which is organized in the United States of America (the “Agent”), has acted as agent for CSIN.  The Agent is not a principal with respect to this Transaction and shall have no responsibility or liability to the parties as a principal with respect to this Transaction.

Credit Suisse International is authorized and regulated by the Financial Services Authority and has entered into this transaction as principal.  The time at which the above transaction was executed will be notified to Counterparty on request.

ADDITIONAL TERMS 

			
	Calculation Period ending on the Period End Date Scheduled to occur on:

	Lower Bound

	Upper Bound

	February 25, 2007

	6,565,000

	6,565,000

	March 25, 2007

	6,451,623

	6,498,894

	April 25, 2007

	6,319,780

	6,424,814

	May 25, 2007

	6,169,886

	6,342,910

	June 25, 2007

	6,002,516

	6,253,366

	July 25, 2007

	5,818,408

	6,156,426

	August 25,2007

	5,618,461

	6,052,297

	September 25, 2007

	5,403,794

	5,941,248

	October 25, 2007

	5,176,695

	5,823,574

	November 25, 2007

	4,956,831

	5,699,552

	December 25, 2007

	4,746,369

	5,569,620

	January 25, 2008

	4,544,921

	5,434,120

	February 25, 2008

	4,352,097

	5,293,448

	March 25, 2008

	4,167,586

	5,148,022

	April 25, 2008

	3,990,957

	4,998,304

	May 25, 2008

	3,821,871

	4,845,193

	June 25, 2008

	3,660,003

	4,695,893

	July 25, 2008

	3,505,043

	4,551,186

	August 25,2008

	3,356,695

	4,410,938

	September 25, 2008

	3,214,011

	4,274,717

	October 25, 2008

	3,065,291

	4,141,277

	November 25, 2008

	2,748,205

	3,944,423

	December 25, 2008

	2,455,298

	3,753,590

	January 25, 2009

	2,199,404

	3,572,965

	February 25, 2009

	1,980,846

	3,401,965

	March 25, 2009

	1,870,757

	3,240,228

	April 25, 2009

	1,774,790

	3,087,351

	May 25, 2009

	1,684,110

	2,986,083

	June 25, 2009

	1,598,317

	2,891,008

	July 25, 2009

	1,517,137

	2,798,972

	August 25,2009

	1,439,623

	2,708,346

	September 25, 2009

	1,362,786

	2,612,791

	October 25, 2009

	723,990

	1,234,311

	November 25, 2009

	657,482

	1,105,141

	December 25, 2009

	630,593

	1,061,327

	January 25, 2010

	604,870

	1,019,485

	February 25, 2010

	580,260

	979,560

	March 25, 2010

	556,711

	941,453

	April 25, 2010

	534,175

	907,109

	May 25, 2010

	512,605

	878,967

	June 25, 2010

	491,957

	852,816

	July 25, 2010

	472,188

	827,477

	August 25,2010

	453,257

	802,894

	September 25, 2010

	416,751

	719,780

	October 25, 2010

	357,050

	557,423

	November 25, 2010

	341,815

	534,308

	December 25, 2010

	329,193

	518,423

	January 25, 2011

	317,303

	503,862

	February 25, 2011

	305,846

	489,706

	March 25, 2011

	294,805

	475,947

	April 25, 2011

	284,164

	462,571

	May 25, 2011

	273,910

	449,569

	June 25, 2011

	264,028

	436,931

	July 25, 2011

	254,505

	424,645

	August 25,2011

	245,326

	412,703

	September 25, 2011

	236,480

	401,095

	October 25, 2011

	227,952

	389,807

	November 25, 2011

	219,731

	378,834

	December 25, 2011

	211,808

	368,166

	January 25, 2012

	204,170

	357,795

Please confirm that the foregoing correctly sets forth the terms of our agreement by signing and returning this Confirmation.

Yours faithfully,

Credit Suisse International

By: /s/ Carole Villoresi

Name: Carole Villoresi

Title: Authorized Signatory

Confirmed as of the date first written above:

U.S. Bank National Association, not in its individual capacity but solely as Trustee on behalf of the Supplemental Interest Trust created under the Pooling and Servicing Agreement in respect of Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 2007-HE1.

By: /s/ Sheryl Christopherson

Name: S. Christopherson

Title: Vice PresidentEXHIBIT C to 2004 ISDA Novation Definitions

Novation Confirmation

Date:

6 February 2007

To:  

U.S. Bank National Association, not in its individual capacity but solely as Trustee on behalf of the Supplemental Interest Trust created under the Pooling and Servicing Agreement in respect of Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 2007-HE1

To:

Credit Suisse Management LLC

From:  

Credit Suisse International (“CSIN”)

Re:  

Novation Transaction

External ID: 9357467NOV

______________________________________________________________________________

Dear Sir/Madam:

The purpose of this letter is to confirm the terms and conditions of the Novation Transaction entered into between the parties and effective from the Novation Date specified below.  This Novation Confirmation constitutes a "Confirmation" as referred to in the New Agreement specified below.

1.  

The definitions and provisions contained in the 2004 ISDA Novation Definitions (the "Definitions") and the terms and provisions of the 2000 ISDA definitions (the "Product Definitions"), each as published by the International Swaps and Derivatives Association, Inc. and amended from time to time, are incorporated in this Novation Confirmation.  In the event of any inconsistency between (i) the Definitions, (ii) the Product Definitions and/or (iii) the Novation Agreement and this Novation Confirmation, this Novation Confirmation will govern.  In the event of any inconsistency between the Novation Confirmation and the New Confirmation, the New Confirmation will govern for the purpose of the New Transaction.

2.

Any term used herein but not defined herein shall have the meaning specified in the Pooling and Servicing Agreement for Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 20070-HE1 (the "PSA").

3.

The terms of the Novation Transaction to which this Novation Confirmation relates are as follows:

			
	 
	Novation Date:

	6 February 2007

	 
	Novated Amount:

	100% of the Notional Amount of the Old Transaction

	 
	Transferor:

	Credit Suisse Management LLC

	 
	Transferee:

	The Supplemental Interest Trust created under the Pooling and Servicing Agreement for Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 2007-HE1

	 
	Remaining Party:

	Credit Suisse International

	 
	New Agreement (between Transferee and Remaining Party):

	1992 ISDA Master Agreement dated as of 

6 February 2007

4.  

The terms of the Old Transaction to which this Novation Confirmation relates, for identification purposes, are as follows:

			
	 
	Trade Date of Old Transaction:

	20 December 2006

	 
	Effective Date of Old Transaction:

	6 February 2007

	 
	Termination Date of Old Transaction:

	25 January 2012

5.

The terms of the New Transaction to which this Novation Confirmation relates shall be as specified in the New Confirmation attached hereto as Exhibit A.

			
	 
	Full First Calculation Period:

	Applicable 

6.

Miscellaneous Provisions:

			
	 
	Non-Reliance:

	Applicable

For the purpose of facilitating this Transaction, an Affiliate of CSIN, which is organized in the United States of America (the "Agent"), has acted as agent for CSIN.  The Agent is not a principal with respect to this Transaction and shall have no responsibility or liability to the parties as a principal with respect to this Transaction.

Credit Suisse International is authorized and regulated by the Financial Services Authority and has entered into this transaction as principal.  The time at which the above transaction was executed will be notified to the parties on request.

The parties confirm their acceptance to be bound by this Novation Confirmation as of the Novation Date by executing a copy of this Novation Confirmation and returning it to us. The Transferor, by its execution of a copy of this Novation Confirmation, agrees to the terms of the Novation Confirmation as it relates to the Old Transaction.  The Transferee, by its execution of a copy of this Novation Confirmation, agrees to the terms of the Novation Confirmation as it relates to the New Transaction. 

Credit Suisse International

By: /s/ Carole Villoresi

Name: Carole Villoresi

Title: Authorized Signatory

Credit Suisse Management LLC

By:  /s/ Yolanda Perez-Wilson

 Name: Yolanda Perez-Wilson

 Title: Assistant Vice President

          Complex Product Support

U.S. Bank National Association, not in its individual or corporate capacity, but solely as Trustee on behalf of the Supplemental Interest Trust created under the Pooling and Servicing Agreement in respect of Asset Backed Securities Corporation Home Equity Loan Trust, Series RFC 2007-HE1.

By: /s/ Sheryl Christopherson

Name: S. Christopherson

Title: Vice President 

Our Reference No: External ID: 9357467NOV / Risk ID: 563240043

EXHIBIT A

This New Confirmation amends, restates and supersedes in its entirety all Confirmation(s) dated prior to the date hereof in respect of this New Transaction.

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